Groupama confirms pension fund injection ahead of sale
Groupama SA has confirmed that ahead of completion of the Ageas deal, £40m will be injected by Groupama Insurance Company Limited (GICL) into the pension fund which will be subsequently transferred to Groupama SA.
The news came as Ageas UK bought Groupama's UK non-life insurance business for £116m. The deal excludes Groupama's UK broking operations.
The transaction is expected to complete during the fourth quarter of 2012, subject to regulatory approvals.
Thierry Martel, chief executive officer of Groupama SA, said: "With this agreement, Groupama achieves its objective to adjust the group's business scope.
"This transaction allows GICL to benefit from Ageas' strong financial position and expertise in the
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