Legal & General has sold its Dublin-based offshore business, L&G International, to Canada Life Group for an undisclosed sum.
Launched in 2007, the unit is a subsidiary of Legal & General, based in Dublin. It provides investment and tax planning solutions, primarily focused on the UK high net worth market, with over 4,000 UK offshore bond policies and assets under administration of £2.5bn.
The transaction is expected to close in the second quarter of 2015 and is subject to regulatory approvals, including approvals from the European Commission under the EU Merger Regulation, as well as certain closing conditions.
Mark Gregory, L&G Group’s chief financial officer, said: “LGII falls outside L&G’s focused strategy; this transaction is part of our ongoing disposal programme of our peripheral assets.”
Paul Mahon, president and chief executive of Canada Life parent company Great-West Lifeco, said: “Canada Life is a highly regarded offshore bond provider and has been selling into the UK for over 27 years through its offshore companies, based in the Isle of Man and, more recently, also based in Dublin.”
peter.walker@ft.com
