Legal & General Group is to sell its closed mature savings business to the ReAssure division of Swiss Re for £650m, including its £21.4bn with-profits fund.
The insurer said the business being sold was largely made up of retail customers who hold traditional insurance-based pensions, savings and investment products. Its assets at H1 2017 of £33bn include both unit-linked business and Legal & General's £21.4bn with-profits fund. The firm said the operation has about a million customers and had largely been closed to new business. It will be sold to Swiss Re's ReAssure division, which is a life and pensions business designed to manage closed and non-core in-force portfolios. L&G added it was confident the sale would result in posit...
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