Completion of sale of Egyptian Life Insurance JV

RNS Number : 4203H

Legal & General Group Plc

30 November 2015

 

30 November 2015

Legal & general completes sale of egyptian life INSURANCE joint Venture to AXA

As previously announced on the 13 July 2015, Legal & General Group plc ("Legal & General") and Commercial International Bank SAE (CIB) have today jointly announced the completion of the sale of Commercial International Life Insurance Company SAE (CIL) to AXA. Our proceeds from the sale are $54m USD.

Legal & General is disposing of non-core businesses, and focusing on core activities where we believe we can achieve significant scale and attractive returns on capital. We are in the process of disposing of Legal & General France, and have disposed of Legal & General Ireland.

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For further information, please contact:

Investors:

Laura Doyle                     Head of Investor Relations                                                                                        020 3124 2088

Stephen Thomas           Investor Relations Manager                                                                                       020 3124 2047

Media:

John Godfrey                    Corporate Affairs Director                                                                                             020 3124 2090

Richard King                     Head of Group Corporate Communications                                                            020 3124 2095

Notes to editors:

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 £16.2bn (as at 27 November 2015) and is responsible for investing £728bn worldwide (as at 30^th September 2015) 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 2014, Legal & General's operating profit (on the IFRS basis) was £1,275m and earnings per share were 16.70p for the period, an increase of 10% for both respectively.

For more information on Legal & General, please see http://www.legalandgeneralgroup.com/

Forward-looking statements

This announcement may contain certain forward-looking statements relating to Legal & General, 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'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 announcement or any other forward-looking statement it may make.

 

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