Nestlé: set to sell Gerber Life Insurance
(CercleFinance.com) - Nestle yesterday announced the conclusion of an agreement to sell Gerber Life Insurance, its life insurance subsidiary, to the US Western & Southern Financial Group for 1.
55 billion dollars (about 1.3 billion euros) in cash.
Last year, Gerber Life's revenues reached 856 million dollars, while at 30 June 2018, its capital and regulatory reserves were around 285 million dollars.
The agreement does not concern Gerber baby products, which Nestlé will keep in its consolidation scope.
The transaction should be finalised by the end of 2018 or in early 2019, Nestlé said.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
55 billion dollars (about 1.3 billion euros) in cash.
Last year, Gerber Life's revenues reached 856 million dollars, while at 30 June 2018, its capital and regulatory reserves were around 285 million dollars.
The agreement does not concern Gerber baby products, which Nestlé will keep in its consolidation scope.
The transaction should be finalised by the end of 2018 or in early 2019, Nestlé said.
Copyright (c) 2018 CercleFinance.com. All rights reserved.