Royal & SunAlliance (R&SA) has sold its Pakistan operations to International General Insurance Company of Pakistan.
The deal has gone through for £700,000, paid in cash.
R&SA said it would retain net assets, mainly in cash and investments of around £3.1m, bringing the total proceeds to £4.1m.
As of 31 December 2003, the R&SA's Pakistan operations had gross written premiums of £2.4m, it said.
R&SA international business chief executive Simon Lee, said: “The disposal of our business in Pakistan is consistent with our strategic direction and I am pleased that we have been able to achieve an exit at a price which delivers value to our shareholders.”
The transaction is subject to regulatory approvals.
The subsidiary writes a general portfolio of mainly commercial business.
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