Article date: 26 July 1999
Norwich Union has entered into a binding agreement to acquire100 per cent of British Life, S.A.E. de Seguros sobre la Vida(British Life) from The Scottish Provident Institution.
At 31 December 1998 British Life had net assets of Ptas 2billion (approximately £8 million), with a total premium income in1998 of Ptas 6.7 billion (approximately £27 million).
Richard Harvey, Norwich Union's group chief executive, said:"Norwich Union has publicly stated its commitment to the rapidlyexpanding Spanish insurance market. Our wholly owned Spanishsubsidiary, Plus Ultra, has developed an excellent range ofinnovative long-term savings and protection products and has ahighly regarded broker-based distribution network. The acquisitionof British Life, with its strong direct sales force, willsignificantly increase our ability to distribute these productsthroughout Spain, while providing the opportunity to improveefficiency."