Royal & SunAlliance (R&SA) has agreed to sell its majority shareholding stake in its Polish life subsidiary T U na Zycie Royal PBK SA (Royal PBK).
Four financial investors, including 3GON Polska Spolka zoo and Trigon Group member Wspolnicy Spolka komandytowa are to purchase the 81.8% stake.
The business is to be sold as a going concern.
R&SA's chief executive for international businesses Simon Lee said: “I am pleased to announce this disposal, which is consistent with the group's strategy of withdrawing from the life assurance sector and concentrating on core markets.”
As at the end of December 2003, the net asset value of Royal PBK, on a UK GAAP basis, was approximately £1m.
