Belgian-based financial services group Fortis said on Tuesday it would sell its Luxembourg non-life activities to Luxembourg insurer La Baloise for 23 million euros ($33.88 million).
Fortis said in a strategic review last month it planned to divest fringe activities.
All businesses would have to show they could reach a critical size, contribute to earnings and generate returns exceeding the cost of equity.
“It is in this context that Fortis has decided to divest Fortis Luxembourg IARD (the Luxembourg non-life activities), Fortis said in a statement.
The group would focus on further developing its life operations in Luxembourg, it added.
The transaction is subject to regulatory approval.
