Irish Life and Permanent Group Holdings has agreed a deal to sell its subsidiary Irish Life International to Swedish firm SEB Life for €26m.
ILI sells life assurance and investment products in the European market through an international network of tied agents and introducers. It reported profits after tax of €1.1m for 2009 and assets under management and premium income in 2010 amounted to about €2 billion and €370m respectively.
SEB Life is based in Sweden and is a subsidiary of the SEB Group, a leading Nordic financial services provider. The deal is subject to approval, including clearance from the Central Bank.
Irish Life and Permanent Group Holdings says the deal is consistent with its strategic focus on the Irish market. 'The proceeds of the sale of ILI will be available to contribute to an increase in the regulatory capital of Irish Life and Permanent, the group's banking subsidiary.
Irish Life and Permanent shares closed 2.8% higher at 89 cent in Dublin this evening.
