By Ian Walker
LONDON--Barclays PLC (BARC.LN) said Tuesday it is selling its Irish insurance business to Monument Re Ltd. for an undisclosed sum, as it continues to dispose of non-core assets.
Barclays is selling Barclays Insurance (Dublin) Designated Activity Co. and Barclays Assurance (Dublin) Designated Activity Co. The two units provide underwriting services for payment-protection insurance and income-protection policies, which Barclays stopped selling between 2010 and 2012.
The sale includes a portfolio of 500,000 remaining policies and related licences, Barclays said, adding it will keep any PPI-related risks associated with the portfolio.
The sale is expected to be completed in the first quarter of 2017, subject to regulatory approval.
"This sale marks another step forward for Barclays Non-Core as we continue to manage down costs and risk-weighted assets, and simplify the activities of the Group more broadly," said Harry Harrison, head of Barclays Non-Core.
Barclays created Barclays Non-core in May 2014 to identify and reduce assets, and seek to exit non-strategic assets and businesses, so capital can be deployed for higher returns and to support innovation in its core business.
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(END) Dow Jones Newswires
November 08, 2016 06:05 ET (11:05 GMT)
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