Allianz Cornhill, the U.K. operating division of Germany’s Allianz, has sold its U.K. direct life operations to the Britannic Group for £110 million ($212 million).
The sale of the unit, which is closed to new business, consists of approximately 500,000 policies, predominantly non-profit life and unit-linked business, with total assets of £735 million ($1.42 billion) as of Dec. 2003. Britannic specializes in asset management and the administration of closed life and pension funds.
Ilayda Yilmaz, a senior representative of Amicus, the U.K.’s largest private sector union, approved of the acquisition, as a move to save jobs. “Originally the life and direct life element of Allianz Cornhill were to be closed down potentially making the majority of staff in these sections redundant at some stage,” said the Union’s announcement. “By selling to the Britannic group a significant number of jobs will be saved. We look forward to actively representing the members who are being transferred to the Britannic Group.”
Topics Mergers & Acquisitions
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