Old Mutual, sale completion of Skandia France and Luxembourg subsidiaries

The sale of the two subsidiaries of the Anglo-South African giant Old Mutual group for the benefit of the French Insurance and mutual APICIL has been finalized.

Both subsidiaries are the Paris-based life insurance company Skandia Life and the investment company, Skandia Invest which is headquartered in Luxembourg. Both entities entered the sphere of Old Mutual in 2006.

The sales, announced since September 2014, are part of a global strategy designed to reposition Old Mutual in markets with higher growth potential. In return, this policy is meant to reduce activities in Europe.