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IL&P Group Holdings (283)

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Wednesday 23 February, 2011

IL&P Group Holdings

Sale of Irish Life International Ltd

RNS Number : 7455B
Irish Life & Permanent Grp HldgsPLC
23 February 2011
 



Irish Life & Permanent Group Holdings plc

 

Announcement re sale of Irish Life International Ltd.

 

4.30pm (GMT) 23rd February 2011

 

 

 

Irish Life & Permanent Group Holdings plc ("IL&PGH") has agreed to sell its wholly owned subsidiary, Irish Life International Ltd ("ILI"), to SEB Trygg Liv Holding AB ("SEB Life"). SEB Life is incorporated in Sweden and a subsidiary of the SEB Group, a leading Nordic financial services provider.

 

ILI sells life assurance and investment products in the European market through an international network of introducers and tied agents. The financial statements of ILI for the year ended 31 December 2009 (the latest audited accounts) show gross assets of the company of €1,732m at the year end. The business reported profits after tax of €1.1m for the 2009 financial year. Assets under management and premium income in 2010 amount to approximately €2bn and €370m respectively.

 

IL&PGH has agreed to sell the entire share capital of ILI for a consideration of €26m in cash.

 

The sale of ILI is consistent with IL&PGH's strategic focus on the Irish market. The proceeds of the sale of ILI will be available to contribute to an increase in the regulatory capital of Irish Life and Permanent plc, the Group's banking subsidiary.

 

Completion of the agreed sale of ILI is subject to regulatory approvals including that of the Central Bank of Ireland.

 

 

For further information contact:

 

 

Investor Relations

 

Barry Walsh, Head of Investor Relations

Tel: +353 1 704 2678

 

Orla Brannigan, Investor Relations    

Tel: +353 1 704 1345 

 

 

Media

 

Ray Gordon, Gordon MRM

Tel: +353 1 665 0450

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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