L&G completes disposal of Legal & General France

RNS Number : 6896K

Legal & General Group Plc

04 January 2016

 

LEGAL & GENERAL COMPLETES the SALE TO APICIL

Prévoyance OF LEGAL & GENERAL FRANCE

As previously announced on the 30 July 2015, Legal & General Group plc ("Legal & General") has today announced the completion of the sale of Legal & General Holdings (France) S.A. to APICIL Prévoyance on 31^st December 2015.

Legal & General continues to dispose  of non-core businesses, and focus on core activities where we believe we can achieve significant scale and deliver attractive returns on capital. We disposed of Legal & General Ireland and Egypt in 2015.

L&G France is headquartered in Paris, with 19 agency branches situated across France. It was established in 1934, and Olivier Potellet has been President and CEO since 2010. It is a specialist player in unit-linked savings and group risk, with an established presence in the affluent savings market and the group health and protection market for SMEs. It has a client base of circa 37,000 individual savings customers, circa 4,000 group risk SME customers, and it wrote premiums in 2014 of €371.8m in savings and €214.9m in group risk.

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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 £16.0bn (as at 30 December 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/

APICIL Group

The APICIL Group is the fifth largest Health & Protection mutual and paritarian insurer in France, leader in the Rhône-Alpes region with €2,804 million in premiums in 2014 (Pension and health, death and disability insurance). The Group has combined assets under management of €6.8 billion. The 1,300 APICIL employees bring their skills to nearly 1.5 million active and retired people who benefit from the services of the Group which was established in 1938 in Lyon.

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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