Norwich Union has entered into a binding agreement to acquire 100 per cent of British Life, S.A.E. de Seguros sobre la Vida (British Life) from The Scottish Provident Institution.
Norwich Union has entered into a binding agreement to acquire 100 per cent of British Life, S.A.E. de Seguros sobre la Vida (British Life) from The Scottish Provident Institution.
At 31 December 1998 British Life had net assets of Ptas 2 billion (approximately Ł8 million), with a total premium income in 1998 of Ptas 6.7 billion (approximately Ł27 million).
Richard Harvey, Norwich Union's group chief executive, said: "Norwich Union has publicly stated its commitment to the rapidly expanding Spanish insurance market. Our wholly owned Spanish subsidiary, Plus Ultra, has developed an excellent range of innovative long-term savings and protection products and has a highly regarded broker-based distribution network. The acquisition of British Life, with its strong direct sales force, will significantly increase our ability to distribute these products throughout Spain, while providing the opportunity to improve efficiency."