Irish Life & Permanent has agreed to sell its British-based life assurance business for €70 million.
In line with its "Ireland First" strategy, IL&P will sell City of Westminster Assurance (CWA) to British insurer, Chesnaram.
CWA was originally acquired by the-then Irish Life Group in 1993. The book was closed to new business in 1995, and in 1996 the business of Irish Life's UK Branch was integrated into the company.
The company has €1,100 million in funds under management. Irish Life Investment Managers will continue to manage these funds.