The deal means the company is more focused on its main life insurance business, Friends Provident.
In a statement,
The vendor loan note could then increase or decrease by up to
The deal is subject to antitrust and regulatory approvals, and the planned share buyback won't start until those have been received,
"Lombard formed part of the group's initial purchase of Friends Provident in 2009 and is a leading European provider of long-term wealth planning solutions for high and ultra-high net worth investors. It has always had a different profile to the rest of the Group and we believe its disposal is in the best interests of both
"This disposal further improves our cash coverage of the dividend and is in line with our strategy to maximise value from each part of the group. It also allows us to deliver on our commitment to return cash to shareholders when it is appropriate to do so. It moves the group further towards being a streamlined life insurance company, focused on serving our customers in the
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