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  legal & general group plc (legal & general) announces that it has today reached agreement to sell its mature savings business to the reassure division of swiss re ltd (swiss re) for 650m. Swiss res reassure division is a life and pensions business designed to manage closed and non-core in-force portfolios, focusing on delivering. On 6th december 2017, we (legal & general assurance company limited) entered into a sale agreement to transfer our older style individual life, savings and pensions products (the mature savings business) to swiss re. The expected date for the proposed transfer has been agreed by legal & general and reassure and re-scheduled for (previous expected transfer date was 4 november 2019). Our customer information pack and all of the important documents weve submitted to the court(s) as part of the legal transfer process can be found here.   legal & generals sale of its mature savings arm is the latest of a number of asset sales by the company in the last few years. In april, the group sold its dutch division and in august last year. Claire leads the team at legal & general home finance (lghf) one of the uks leading providers of later life borrowing. Having entered the market in 2015, lghf now supports one in three new lifetime mortgage originations in the uk, has over 20,000 customers, and has released 3 billion in total lending. Selling mature savings is the right decision for us another important, measured, step in growing our company and updating our products, said legal & general chief executive nigel wilson. View colin murphys profile on linkedin, the worlds largest professional community. See the complete profile on linkedin and discover colins connections and jobs at similar companies. Legal & general (l&g) is to sell its mature savings business to swiss re for 650m. The business is being bought by the reassure division of swiss re, according to an announcement to the stock. Legal & general assurance society limited (legal & general) has proposed to transfer its traditional insurance-based savings, pensions, life and with-profits policies to reassure under part vii of the financial services & markets act 2000. Legal & general group has reached agreement to sell its mature savings business to the reassure division of swiss re for 650m, it announced on wednesday.

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