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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