Canada Life buys Legal & General's offshore arm

Jenna Towler
clock

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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Fixed Income

Partner Insight: Vanguard's Fixed Income Update - Yields decline on dovish Fed rhetoric in November

Partner Insight: Vanguard's Fixed Income Update - Yields decline on dovish Fed rhetoric in November

The key themes in global bond markets over the past month.

Kunal Mehta, Head of Fixed Income Specialist Team, Vanguard, Europe and Suparna Sampath, Fixed Income Product Specialist, Vanguard, Europe
clock 01 February 2024 • 8 min read
Bond market: Forget the crystal ball and focus on the easy win

Bond market: Forget the crystal ball and focus on the easy win

Fixed income offers more value now than at any time in the last decade

Darius McDermott
clock 28 November 2023 • 5 min read
Why it pays to be nimble in the fixed interest market

Why it pays to be nimble in the fixed interest market

Agility and active management needed when 'the chips are down'

Jerry Wharton
clock 21 September 2023 • 4 min read