Thu, 02 Jan 2020 | DIVISION SALE
Wealth management firm Quilter has completed the sale of Quilter Life Assurance (QLA) to ReAssure Group for £445 million.
The deal was first announced in August of 2019 for an agreed fee of £425 million, the additional £20 million in the final sale amount represents accrued interest payable under the sale agreement up to the completion date.
Quilter also confirmed that it has earmarked £375 million of the fee as net surplus that will be returned to its shareholders. The company did not provide details of what form this would take, but said it would make an announcement when it reveals its full-year results in March 2020.
Under Quilter, QLA was comprised of pensions, investment and savings and protections products, with both retail and institutional offerings.
On the sale, Quilter said it expected it would allow the company to increase its focus on delivering its growth strategy along with "the execution of its optimisation initiatives".
ReAssure said it expected the deal to generate over £500 million of surplus, including around £200 million in synergies.
ReAssure, the UK business of Swiss Re, is currently under acquisition by Phoenix Group in a deal worth £3.2 billion in cash and shares. This proposed deal comes after Swiss Re withdrew plans in summer 2019 to float ReAssure on the London Stock Exchange amid weak economic conditions.
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