Legal & General (L&G) has sold its offshore bond operation to Canada Life's parent company Great-West Lifeco.
The sale terms of Legal & General International (Ireland) Limited (LGII) were not disclosed. Dublin-based LGII was launch in 2007 and specialises in investment and tax planning for the UK's high net worth market. It has more than 4,000 UK offshore bond policies with assets under administration of £2.5bn. L&G group chief financial officer Mark Gregory said the sale was part of its efforts to dispose of "peripheral assets". He said: "LGII falls outside L&G's focused strategy." Great-West Lifeco president and chief executive Paul Mahon said: "The proposed transaction will enhance the...
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