Legal & General Group Plc: Non-core business disposal
LEGAL & GENERAL: Non-core business disposal
Legal & General Group plc (“Legal & General”) has today entered into an agreement to sell Legal & General International (Ireland) Limited (“Legal & General International”) to Canada Life Group. The transaction is expected to take place during the second quarter of 2015 and is subject to approval from the Central Bank of Ireland and other regulatory bodies.
Legal & General International, established in 2007, is a Dublin based subsidiary of Legal & General with £2.5 billion assets under management and 35 employees (as at 30 October 2014), providing offshore bonds and other investment solutions.
Mark Gregory, Group Chief Financial Officer said:
“We have decided that Legal & General International’s business falls outside Legal & General core strategy of building scalable, long-term businesses. This transaction is part of our ongoing disposal programme of peripheral assets.”
For further information, please contact:
Head of Investor Relations
020 3124 2088
Investor Relations Manager
020 3124 2047
Group Communications Director
020 3124 2090
Head of Group Corporate Communications
020 3124 2095
Notes to editors:
1. Legal & General Group Plc
Established in 1836, Legal & General is a leading provider of insurance, savings and investment management products in the UK. The Group has a market capitalisation of £15.9bn (as at 6th February 2015) and is responsible for investing £676bn worldwide (as at 30th September 2014) on behalf of investors, policyholders and shareholders. We have over seven million customers in the UK for life assurance, pensions, investments and general insurance plans and over one million customers in the US who rely on us for life assurance. In 2013, Legal & General's profits before tax (on the IFRS basis) were £1,134m and earnings per share were 15.20p for the period, an increase of 10% for both respectively.
Forward looking statements
Nothing in this announcement should be construed as a profit forecast. This document may contain certain forward-looking statements relating to Legal & General Group, its plans and its current goals and expectations relating to future financial condition, performance and results. By their nature forward-looking statements involve uncertainty because they relate to future events and circumstances which are beyond Legal & General's control, including, among others, UK domestic and global economic and business conditions, market related risks such as fluctuations in interest rates and exchange rates, the policies and actions of regulatory and Governmental authorities, the impact of competition, the timing impact of these events and other uncertainties of future acquisition or combinations within relevant industries. As a result, Legal & General Group's actual future condition, performance and results may differ materially from the plans, goals and expectations set out in these forward-looking statements and persons reading this announcement should not place reliance on forward-looking statements. These forward-looking statements are made only as at the date on which such statements are made and Legal & General Group Plc does not undertake to update forward-looking statements contained in this document or any other forward-looking statement it may make.