Irish Life & Permanent has agreed the sale of its UK life business City of Westminster Assurance for €70m.
The buyer is British life assurance group Chesnara and the deal is subject to shareholder and regulatory approval. City of Westminster was acquired by the then Irish Life in 1993, but closed to new business in 1995.
The subsidiary contributed just over €10m to Irish Life & Permanent profits last year and has €1.1 billion in funds under management.
IL&P shares closed ten cent higher at €13.20 in Dublin this evening.
