Saturday, September 10, 2016

antique Mutual Sells Skandia gadgets as it Pares european Operations



vintage Mutual percent, Africa’s biggest insurer, is selling its Skandia gadgets in Germany and Austria for €220 million ($303 million) in cash.
the two agencies, a part of the London-based totally insurer’s wealth department, are being received by way of a Cinven Ltd. and Hannover Re acquisition automobile, so that you can rename the belongings Heidelberger Leben group, in keeping with a assertion these days from vintage Mutual. Skandia Germany and Austria had mixed price range beneath control of €four.nine billion [$6.75 billion] at the end of 2013.
Former leader govt Officer Jim Sutcliffe sold Stockholm-primarily based Skandia AB for 56 billion Swedish kronor ($eight.4 billion) in 2006 to reduce antique Mutual’s dependence on South Africa. The insurer, which still makes most of its profit in Africa, is focusing extra at the continent seeing that Sutcliffe’s departure in 2008 and has additionally sold its Finnish and varnish Skandia units in the past  years.
The Germany and Austria sale can be completed by using the 1/3 region, in keeping with antique Mutual. The corporation is searching out extra acquisitions in Ghana, Kenya and Nigeria this year, CEO Julian Roberts said on Feb. 28.

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