Legal & General is reportedly considering selling its Dutch retail business, which provides life insurance, as part of an exit strategy from non-core businesses.
The insurer’s Netherlands protection business generated £51m of gross written premiums (GWP) on insurance business in 2014 compared to £54m (78.7m) in 2013.
By comparison, Legal & General’s UK retail protection business delivered £1.06bn of GWP on insurance business in 2014 compared to £990m in 2013.
It is said around 200,000 retail customers use the Legal & General’s pensions, savings and life insurance policies in the Netherlands.
Asked by Life Insurance International (LII) whether Legal & General is considering selling its Dutch retail business, a spokeswoman for Legal & General declined to comment.
If Legal & General sells its Dutch retail business, it will follow its announced sale in July 2015 of its Egyptian Life Insurance joint venture (JV), Commercial International Life Insurance Company (CIL), to French insurer AXA in a deal worth EGP763m ($97.5m).
In July 2015, LII also reported that Legal & General had entered into exclusive negotiations to divest its French insurance operation to French insurer APICIL Prevoyance.