Old Mutual, the FTSE 100 savings and investment group, said it had agreed terms to sell the Finnish branch of Skandia Life Assurance Company to insurer OP-Pohjola osk.
The transaction is part of Old Mutual's plan to streamline its business, with net proceeds after tax going to reduce the group's debt.
However, it did not give details of how much the deal would be worth.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The sale is subject to regulatory approvals and other customary conditions and is anticipated to close by the end of Q2 2012, Old Mutual said.
The firm's shares leapt last week when it announced it would sell its Nordic business Skandia AB for £2.1bn.
That deal, which still needs regulatory and shareholder approval, is expected to complete during the first quarter of 2012.
The news of the Skandia AB sale sent Old Mutual's shares up almost 12% by mid-afternoon trading.
-
8 of the best houses for sale with home cinemasHouses for sale with home cinemas – from a modern oast-house style property in Kent to a house in Buckinghamshire with Dolby sound and bespoke seating
-
Rachel Reeves faces £23 billion capital gains tax “black hole” – will she be forced to look elsewhere?The fiscal watchdog has downgraded its forecast for capital gains tax revenues, leaving chancellor Rachel Reeves with £23 billion less than previously expected
