Fortis will sell off small units that lack market share
Fortis has sold its €22m GWP Luxembourg general insurance business, IARD, to Swiss group La Bâloise for €23m.
Fortis said: “In its recent strategic review, Fortis concluded that its activities should meet certain criteria. More specifically businesses must be capable of reaching a critical size and make a meaningful contribution to Fortis’ insurance earnings. It is in this context that Fortis has decided to divest Fortis Luxembourg IARD.”
Steven Braekeveldt, CEO continental Europe, said: “Our decision to divest Fortis Luxembourg IARD reflects the Group's refocused strategy and our intention to ensure that our business achieves the best possible returns for the group.
Luxembourg life market
“We plan to continue to focus on building strong partnerships that fulfil the agreed criteria and reflect the group's strengths. Going forward, we will concentrate our efforts in Luxemburg on further developing our life operations in the local as well as the international market.”
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