Business
L&G to sell its closed Mature Savings business
L&G to sell its closed Mature Savings business.
About this update from Legal & General Group Plc
[{"type":"text","content":"\n \nRNS Number : 5241Y Legal & General Group Plc 06 December 2017 \n\nLegal & General Group plc\n6 December 2017\nThis announcement contains inside information.\n \nLegal & General to sell its closed Mature Savings business to Swiss Re\n \nLegal & General Group Plc (\"Legal & General\") announces that it has today reached agreement to sell its Mature Savings business to the ReAssure division of Swiss Re Ltd (\"Swiss Re\") for £650m. \n \nSwiss Re's ReAssure division is a life and pensions business designed to manage closed and non-core in-force portfolios, focusing on delivering excellent service and outcomes to policyholders. By transferring the Mature Savings business to Swiss Re we are confident that this will deliver positive results for the existing Legal & General customers who will benefit from this focus and economies of scale in the specialisms required. \n \nThe business being sold comprises principally retail customers who hold traditional insurance based pensions, savings and investment products. Its assets at H1 2017 of £33bn include both unit-linked business and Legal & General's £21.4bn with-profits fund. With around 1 million customers, it has largely been closed to new business. \n \nLegal & General's continued growth in these product areas will be through Legal & General Investment Management's (\"LGIM's\") workplace pension business which now has approximately 2.5 million customers, through its intermediated retail savings business and through its personal investing unit which offers ISAs and Unit Trusts directly to customers.\n \nFollowing this disposal Legal & General will accelerate its growth agenda in the following areas:\n· Investing & Annuities through Legal & General Retirement and Legal & General Capital; \n· Investment Management through LGIM; and\n· Insurance through Legal & General Insurance and General Insurance\n \nThe £650m proceeds, to be satisfied in cash, will be received by Legal & General at the start of January 2018 and all profits and transfers for the 2017 financial year will be retained by Legal & General. Swiss Re will assume the economic exposure of the business from 1 January 2018 via ...