R&SA Completes Sale of U.K., Danish Life Business

October 4, 2004

The U.K.’s Royal & SunAlliance announced that it has completed the sale of both its UK and Danish life insurance businesses.

The U.K. sale to Resolution Life Group was completed following final approval from the Financial Services Authority, which was given a month ahead of schedule. It was “completed on the originally agreed terms, meaning Resolution Life Group has paid GBP850 million [$1.538 billion] for the businesses” said the bulletin. “The deal finalizes the strategic exit of Royal & SunAlliance from the UK Life market.”

R&SA Group CEO Andy Haste commented: “Having indicated that we anticipated the successful completion of the sale of the UK Life operations by the end of October, I am pleased to confirm that it has completed today. This is a good deal for the Group and clear evidence of our commitment to deliver on our strategic objectives.”

In a separate bulletin R&SA announced that regulatory approvals had also been received for the sale of Codan Life, its Danish life operation, to SEB Trygg Liv on the originally announced terms.

“The sale of Codan life together with the disposal of our UK life operations has completed our exit from the life industry – and done so on a basis that provides finality and certainty for our shareholders,” Haste noted. “It is another step in the delivery of our strategy of transforming the Group into a focused, high performing general insurance company.”

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