Groupama confirms pension fund injection ahead of sale

A syringe with a cash injection

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

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.

You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Insurance Age? View our subscription options

Register

Sign up and gain access to five complimentary news articles every month.

Already have an account? Sign in here

This address will be used to create your account

You need to sign in to use this feature. If you don’t have an Insurance Age account, please register now.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: