As part of the company's plan to divest fringe activities

Fortis, a Belgian financial services group, has stated that it would sell its Luxembourg non-life activities to Luxembourg insurer, La Baloise for E23 million ($33.88 million) – reported Reuters.

Fortis had declared about its plans to divest fringe activities in the last month. The company has announced that all businesses would have to show that they could reach a critical size, contribute to earnings and generate returns exceeding the cost of equity.

Fortis stated that, in this context, it has decided to divest Fortis Luxembourg IARD (the Luxembourg non-life activities). The group added that it would focus on further improving its life operations in Luxembourg.

However, the transaction is subject to regulatory approval, quoted the news agency.