Lloyds Banking Group had sold German life insurer Heidelberger Leben to a joint venture between private equity group Cinven and Hannover Re for around 300 mn euros, says media report.
While Heidelberger Leben has a portfolio of around 600,000 policies and 5.2 billion euros of assets as at 31 December 2012.
Reports said that the sale is expected to lead to a loss on disposal of around 330 mn pounds in Lloyds' group accounts.
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