Old Mutual has completed the sale of Skandia France and Skandia Luxembourg to APICIL.
Both the businesses are a part of Old Mutual Wealth.
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The sale forms part of Old Mutual Wealth’s commitment to simplify its operations in Europe.
The consideration for the transaction has not been disclosed yet.
Late last year, Old Mutual announced plans to sell Skandia Poland to Vienna’s AG Wierna Versicherung Gruppe.
Earlier last year, the firm sold its European units Skandia Germany and Skandia Austria for 220m to an acquisition vehicle, Cinven and Hannover Re.
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By GlobalDataThe firm has decided to sell these European units to focus on its core growth markets.
