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Lloyds Banking sells German life insurance unit: reports

While Heidelberger Leben has a portfolio of around 600,000 policies

August 21, 2013 1:15 IST | India Infoline News Service

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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