Irish Life & Permanent Group Holdings (IL&PGH), a provider of personal financial services, has agreed to sell its wholly owned subsidiary, Irish Life International (ILI), to SEB Trygg Liv Holding (SEB Life).
IL&PGH has agreed to sell the entire share capital of ILI for a consideration of EUR26m in cash.
SEB Life is incorporated in Sweden and a subsidiary of the SEB Group, a Nordic financial services provider.
ILI sells life assurance and investment products in the European market through an international network of introducers and tied agents.
The financial statements of ILI for the year ended 31 December 2009 show gross assets of the company of EUR1.73bn at the year end. The business reported profits after tax of EUR1.1m for the 2009 financial year. Assets under management and premium income in 2010 amount to approximately EUR2bn and EUR370m respectively.
IL&PGH said that the sale of ILI is consistent with its strategic focus on the Irish market.
The proceeds of the sale of ILI will be available to contribute to an increase in the regulatory capital of Irish Life and Permanent, the group’s banking subsidiary.
The transaction is subject to regulatory approvals including that of the Central Bank of Ireland.