L&G in talks to sell French business to Apicil
French insurer Apicil has entered into exclusive negotiations with Legal & General at the end of July in order to acquire L&G activities in France.
Established in 1934, L&G France is headquartered in Paris, with 19 branches located across France, and specialised in unit-linked savings and group risk.
Its client base reaches around 37,000 individual savings customers and 4,000 group risk small and medium-sized enterprises customers.
Premiums in 2014 have amounted to €371.8m in savings and €214.9m in group risk.
Mark Gregory, chief financial officer at Legal & General said : “We have an increasingly focused strategy and our French business is no longer a core operation for us. Legal & General France has strong potential which can be realised by combining it with Apicil’s established strengths in the French market.”
Philippe Barret, managing director of Apicil group added : “Once the transaction is confirmed, we will be pleased to welcome L&G France, its successful teams and business partners within the Apicil group. This acquisition will definitely accelerate Apicil’s growth in its two strategic markets: Life Insurance and Medical, death and disability Insurance. The acquisition will nicely complement our recent acquisition of Skandia (France/ Luxembourg) and our existing businesses”.
Oliver Potellet, president and CEO of Legal & General France commented: “Legal & General has been a great owner, and helped us become a key player in the French insurance market. I’m excited about our next phase of development, and look forward to achieving it in partnership with Apicil.”
The transaction is subject to the signing of a definitive agreement and the approval of regulatory authorities.
Founded in 1938 and based in Lyon, Apicil remains the fifth largest health & protection mutual and paritarian insurer in France, with assets under management of €6.8bn and 1.5 million clients.