Johannesburg - Old Mutual PLC said on Friday it had agreed to sell its Skandia Leben business in Switzerland - which has funds under management of CHF 1.3 billion - to Life Invest Holding AG, as part of the Anglo-South African financial services group’s continued strategy to streamline operations.
Old Mutual said in a statement that it would not be disclosing the financial terms of the deal just yet.
Life Invest Holding is owned by the Mutschler Group and Hannover Re.
On December 31, Skandia had funds under management of CHF 1.3 billion. It made CHF 25 million of pre-tax adjusted operating profit in 2014.
Earlier this month, Old Mutual reported that gross sales rose at an above-forecast 18 percent to 7.3 billion pounds ($11.50 billion) in the first quarter, boosted by acquisitions, inflows and market gains.
ANA