MUNICH (dpa-AFX) - Legal & General Group Plc (LGEN.L) said Friday that it agreed to sell its General Insurance business to Allianz Holdings plc. The company expects to complete the sale in the second half of 2019.
According to the company, the financial consideration from the proposed sale consists of a base price of 242 million pounds payable at completion and potential further payments over a three year period from ongoing commercial arrangements.
The company will reinvest the proceeds from the disposal in its core businesses, Legal & General said in a statement.
It is expected that the Group's Solvency II ratio will increase by about 2% following completion of the transaction.
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