Legal & General completes the sale of Suffolk Life to Curtis Banks
As previously notified on the 15 January 2016, Legal & General Group plc ("Legal & General") has today announced the completion of the sale of Suffolk Life to Curtis Banks Group plc for £45 million.
Suffolk Life specialises in self-invested personal pensions ("SIPPs"), and administers around 26,500 plans, including 3,600 commercial properties. Assets under administration were £8.6 billion as at 31 December 2015. The business was established in 1971 and is based in Ipswich.
Legal & General continues to dispose of non-core businesses, and focus on core activities where we believe we can achieve significant scale and deliver attractive returns on capital.
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For further information, please contact:
Investors:
Laura Doyle Head of Investor Relations 020 3124 2088
Media:
John Godfrey Corporate Affairs Director 020 3124 2090
Richard King Head of Group Corporate Communications 020 3124 2095
Notes to editors:
Legal & General Group Plc:
Established in 1836, Legal & General is a leading provider of insurance, savings and investment management products in the UK. The Group has a market capitalisation of £14bn (as at 31 March 2016) and is responsible for investing £746bn worldwide (as at 31 December 2015) on behalf of investors, policyholders and shareholders. Legal & General has over seven million customers in the UK for life assurance, pensions, investments and general insurance plans and over one million customers in the US who rely on us for life assurance. In 2015, Legal & General's operating profit (on the IFRS basis) was £1,455m and adjusted earnings per share were 18.58p for the period, an increase of 14% and 11% respectively.
For more information on Legal & General, please see http://www.legalandgeneralgroup.com/
Forward-looking statements
This announcement may contain certain forward-looking statements relating to Legal & General, its plans and its current goals and expectations relating to future financial condition, performance and results. By their nature, forward-looking statements involve uncertainty because they relate to future events and circumstances which are beyond Legal & General's control, including, among others, UK domestic and global economic and business conditions, market related risks such as fluctuations in interest rates and exchange rates, the policies and actions of regulatory and Governmental authorities, the impact of competition, the timing impact of these events and other uncertainties of future acquisition or combinations within relevant industries. As a result, Legal & General's actual future condition, performance and results may differ materially from the plans, goals and expectations set out in these forward-looking statements and persons reading this announcement should not place reliance on forward-looking statements. These forward-looking statements are made only as at the date on which such statements are made and Legal & General Group Plc does not undertake to update forward-looking statements contained in this announcement or any other forward-looking statement it may make.
