Legal & General to Sell Investment Platform Cofunds to Aegon for GBP140 Million
August 11 2016 - 3:03AM
Dow Jones News
By Ian Walker
LONDON--Legal & General Group PLC (LGEN.LN) said Thursday it
is selling its investment platform Cofunds to Dutch insurer Aegon
N.V. (AEG) for 140 million pounds ($183 million).
The U.K. insurance and investment company said the deal includes
the investor portfolio service platform as well as Cofunds' retail
and institutional business.
Legal & General's Solvency II surplus, at June 30 was
estimated at GBP5.3 billion. The sale of Cofunds will increase this
by GBP125 million, and the company's economic capital surplus by
GBP105 million, it said.
Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
(END) Dow Jones Newswires
August 11, 2016 02:48 ET (06:48 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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