British insurance firm Legal & General has reached an agreement in principle with Chesnara, the owner of Countrywide Assured, to sell its Dutch business unit, Legal & General Netherlands for €160m, in a bid to improve its coverage ratio.
Mark Gregory, Group CFO at Legal & General said: “Our strategy is focused on having scalable businesses in growth markets. As a consequence, over the last two years, we have disposed of a number of operations we no longer regard as core, including our Irish, French, Egyptian and Gulf businesses, and now we are doing the same with our Dutch business. We have also disposed of the Suffolk Life SIPP business in the UK and agreed a sale of Cofunds.”
Legal & General Netherlands is headquartered in Hilversum, Netherlands and offers adviser-led risk strategies and investment linked products sold through independent financial advisers. It was established in 1984, and Pieter Glas has been CEO since April 2016. It currently has over 170,000 policy holders and €2.2bn in funds under management.
In accordance with Dutch legislation, the transaction is subject to works council advice and regulatory approval.