L&G exits final non-UK eurozone base after selling Dutch firm to Chesnara

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Chesnara said it will be writing new business through Legal & General Nederlands (Source: Getty)

Legal & General has sold its last EU insurance business outside of the UK after completing the sale of its Dutch arm to life firm Chesnara.

The deal was first announced on 24 November and today the firms said all conditions precedent were met.

A total consideration of €161.2m (£137.8m) was paid by Chesnara.

Although L&G has a range of EU-domiciled investment funds, the FTSE 100 firm will no longer have a footprint on the continent. It is yet to announce plans on whether or where it will set up a post-Brexit EU base in order to sell insurance products to EU customers.

Read more: Legal & General takes tough stance on executive pay in UK companies

Meanwhile, John Deane, Chesnara's chief executive said: "Chesnara is delighted to have acquired another well-run and attractive business in the Dutch life assurance market and I am delighted to welcome the customers and employees of Legal & General Nederland to Chesnara.

"As with our Swedish subsidiary Movestic, we will be writing protection and pension new business and this will complement our closed book consolidation business Waard.

"We see great opportunities for both organisations within the Chesnara group to deliver value to our customers, their advisors and our shareholders."

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