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LONDON, Oct 14 (Reuters) - Ageas said on Wednesday
it had agreed to sell its majority stake in Tesco Underwriting
Ltd to joint venture partner Tesco Bank for 104 million pounds
($134.23 million).
The UK-based partnership, which focused on motor and
household insurance, was set up in 2009 and extended for a
seven-year term in 2014. It had a book value of 100 million
euros as of end-June, Ageas said in a statement.
Ageas said the sale, which would allow it to focus on its
core business including its broker partnerships, is expected to
generate a capital gain of around 9 million euros and have a 3%
positive impact on its solvency position.
The deal is expected to close in the second quarter of 2021,
subject to regulatory approvals.
($1 = 0.7748 pounds)
(Reporting by Simon Jessop and Carolyn Cohn; Editing by Dhara
Ranasinghe)
