Following an ongoing review of our business operations, CGU plc ("CGU") has reached agreement in principle to sell its Greek life assurance company to Aspis Pronia AEGA ("Aspis"), an insurance company listed on the Athens stock exchange.
Following an ongoing review of our business operations, CGU plc ("CGU") has reached agreement in principle to sell its Greek life assurance company to Aspis Pronia AEGA ("Aspis"), an insurance company listed on the Athens stock exchange.
The overall consideration is not material in the context of the consolidated net assets of CGU and we will be accepting a small part of the consideration as shares in Aspis.
Following completion of the transaction, which is subject to formal agreement and regulatory approval, Aspis will be a distributor in Greece for investment products of the CGU group.
Notes to Editors
- CGU is Europe's 5th largest insurance group and the largest in the UK (based on worldwide sales of some Ł18bn per annum).
- CGU's Greek life assurance premium income was Ł26m in 1998.