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The insurer Legal & General has agreed to sell its Dutch life and pension insurance business for €160 million, the latest in a string of disposals aimed at focusing on more scalable businesses.

The buyer is Chesnara, a London-listed life assurance and pensions consolidator that entered the Dutch market by completing the acquisition of closed block consolidation business Waard Group in May 2015.

Sale to London-listed Chesnara follows the disposal of other non-core businesses over the last two years

Samuel Agini

Legal & General

HSBC

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The lender reported a sharp decline in net profit due to a one-off hit related to the sale of its Brazilian subsidiary and an increase in loan loss allowances.

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The European Union still wants a deal, but with U.S. demands growing, the bloc is getting ready to push back.

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