Legal & General has agreed to sell its Dutch arm Legal & General Nederlands to pensions and life insurer Chesnara for €160m (£135.7m).
Legal & General Netherlands is headquartered in Hilversum, Netherlands. It was established in 1984. It provides risk and investment-linked products, sold through independent financial advisers.
Mark Gregory, group chief financial officer at Legal & General, said: "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", he added.
John Deane, chief executive of Chesnara , commented: "As with our Swedish subsidiary Movestic, we will be writing protection and pension policies. This will complement our closed block consolidation business Waard. We see great opportunities for both organisations within the Chesnara group to deliver value to our customers, their advisers and our shareholders."
The Legal & General Netherlands' Works Council has been asked to consult on the transaction, as required under Dutch law. The transaction is subject to the signing of a "definitive agreement" and subject to Dutch regulatory approval.
