CGNU plc (“CGNU”) has agreed the sale of its general insurance business in Pakistan and its 51% stake in Commercial Union Life Assurance Company (Pakistan) Limited both to Old Mutual plc.
CGNU plc ("CGNU") has agreed the sale of its general insurance business in Pakistan and its 51% stake in Commercial Union Life Assurance Company (Pakistan) Limited both to Old Mutual plc.
The exit is in line with CGNU's strategy of withdrawing from markets where it does not have sufficient scale to generate satisfactory returns for its shareholders.
The combined net assets of these businesses were Ł3 million at 31 December 2000.
The sale is subject to regulatory approval and is expected to complete in the third quarter of 2001.
| Enquiries: | |
| Analysts/investors | |
| James Matthews, Head of Investor Relations | + 44 (0)20 7662 2137 |
| Media | |
| Hayley Stimpson, Director of External Affairs | +44 (0) 20 7662 7544 |
| Stuart Blackmore, Financial Dynamics | +44 (0) 20 7269 7241 |
Notes to editors:
- CGNU is the world's sixth-largest insurance group and the largest insurer in the UK. It has worldwide premium and investment sales from ongoing business of Ł27 billion and more than Ł210 billion in assets under management.
- The most recent financial reports are available on this website.