Deutsche Bank today announced that its Global Markets division has acquired Abbey Life Assurance Company Ltd from Lloyds TSB Group. At completion, which is expected to occur in the second half of 2007, Deutsche Bank will pay cash consideration of EUR 1,445 million (GBP 977 million) for Abbey Life.
Abbey Life is a UK life assurance company which closed to new business in 2000. The company comprises primarily unit-linked life and pension policies and annuities. The total insurance-related reserves at the end of 2006 were EUR 17.3bn.
Michele Faissola, Head of Global Rates and Member of Global Markets Executive Committee at Deutsche Bank commented “We see significant convergence between insurance business and capital markets and believe that we are optimally placed to act as a principal to enhance yields and manage risk for the benefit of all stakeholders in the business.
“We are confident that Abbey Life will deliver stable returns that will meet our internal investment hurdles and will further advance Deutsche Bank’s position as a leading provider of capital markets solutions to the insurance industry.”
Deutsche Bank’s Financial Institutions Group acted as sole financial advisor to Global Markets on this transaction.
For further information, please call:
Elaine Bartleet (44 20) 7545 4907 (London)
Ronald Weichert (49 69) 9103 8664 (Frankfurt)
Press and media relations
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