Life Insurance & Pensions ALL IBR | Life Insurance & Pensions Life Insurance & Pensions Home |News |White Papers |Suppliers |Companies Return to: IBR Home | Life Insurance & Pensions Select a Insurance sector ------------------------ Commercial Lines Personal Lines Claims Insurer ------------------------ Life Insurance & Pensions ------------------------ Brokerage Underwriting London Lloyds ------------------------ Reinsurance ------------------------ Technology in Insurance Outsourcing ------------------------ Regulatory & Risk Life Insurance & Pensions News Lloyds sells German insurance arm to Cinven, Hannover Re IBR Staff Writer Published 22 August 2013
Lloyds Banking Group has reached an agreement to divest its German life insurance business Heidelberger Lebensversicherung to a joint venture company owned by Cinven Partners and Hannover Ruck, in a cash transaction valued at €300m.
Based on the terms of the deal, funds advised by Cinven will purchase nearly 80% shares of Lloyds' Germany insurance operation, while remaining 20% stake will be owned by the reinsurer Hannover Re.
The sale of assets by the 39% UK government owned lender is part of its strategy to curtail global exposure, boost capital and return the state aid.
As at 31 December 2012, Heidelberger Leben managed a portfolio of approximately 600,000 policies, primarily unit-linked, and had €5.2bn assets.
The banking group is likely to sustain a loss of £330m on the proposed transaction, however together with disposal of assets, the proceeds will increase the group's common equity tier 1 capital by around £400m.
Concurrently, the British financial conglomerate has also inked an agreement to dispose of portfolio of leveraged loans to ELQ Investors II Limited, a wholly owned subsidiary of Goldman Sachs for a deal valued at £254m.
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Related Dates
2013> August
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Financial Services> Insurance> Life Insurance
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