Legal & General Sells Soho Office Asset to Shaftesbury for GBP87 Million
The business being sold comprises principally retail customers who hold traditional insurance based pensions, savings and investment products. Its assets at H1 2017 of
Following this disposal
* Investing & Annuities through Legal & General Retirement and
* Investment Management through LGIM; and
* Insurance through
The
The transaction is expected to generate a small increase in the group Solvency II coverage ratio at outset, increasing to approximately 2% on completion of the Part VII transfer. The sale of the business is expected to generate a one-off IFRS gain on completion of the Part VII transfer, anticipated in 2019, of c.
"This was a difficult decision as with-profits savings has been a part of
Under-saving, including for retirement, is an economic and social challenge for the
*Shareholder interest in Solvency II Own Funds as of H1 2017 adjusted for amounts to be retained by L&G in respect of the 2017 financial year.
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