Provident Financial has confirmed the sale of its motor insurance business to a subsidiary of GMAC Insurance...
Provident Financial has agreed the sale of Provident Insurance, its motor insurance business, to Car Care Plan, a subsidiary of GMAC Insurance for approximately £170m in cash. The transaction is expected to complete in June 2007.
In 2006, Provident Insurance reported revenues of £160.9m and made a pre-tax profit of £41.0m. Gross assets at the end of the year amounted to £436.7m and net assets were £81.3m. The disposal will give rise to a pre-tax exceptional gain of approximately £70m.
The move forms part of the group's capital re-structuring ahead of the demerger of its international business. John van Kuffeler, chairman, said: “Completion of this disposal will allow the demerger of the International business to proceed rapidly.
“The price achieved for Provident Insurance reflects the quality of this business and we are delighted to see it pass into the ownership of GMAC which is a strong strategic buyer.”
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