The company said the deal, which is subject to regulatory approvals, is part of its commitment to “simplify its operations in Europe and focus on a select number of core growth markets”. It is expected to complete by the end of the third quarter this year.
Cinven and Hannover Re are also currently in the process of purchasing Heidelberger Leben, the German life insurance arm of UK lender Lloyds Banking Group. On completion of that deal, the Cinven and Hannover Re acquisition vehicle will be renamed Heidelberger Leben Group.
As at the end of December 2013, the Skandia Germany and Skandia Austria had combined funds under management of €4.9bn and post-tax adjusted operating profit for 2013 of €27m.
At the end of 2011, Old Mutual sold its Nordic Skandia business to Skandia Liv for £2.1bn ($3.3bn). Click here to read more about the deal in 2011.
