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L&G completes sale of Dutch insurer to Chesnara

Legal & General Group Plc said April 6 that it completed the sale of Legal & General Nederland Levensverzekering Maatschappij NV to Chesnara Plc for €161 million.

The total consideration paid for the Dutch insurer was approximately €161.2 million, comprising €160 million plus interest for the period to completion of €1.2 million, Chesnara said the same day.

L&G noted that the sale "marginally improved" its group coverage ratio while delivering a small IFRS profit. The transaction is part of L&G's plan to dispose of noncore businesses, having previously sold operations in Ireland, France, Egypt and the Gulf, as well as Suffolk Life and Cofunds in the U.K.