Legal & General to sell Indian insurance asset

Insurance giant Legal & General (LON:LGEN) has reached an agreement in principle to sell its position in IndiaFirst Life to private equity outfit Warburg Pincus for around £79 million. The deal would remain subject to regulatory approval and would be expected to complete late this year.

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Shares in the company climbed by 1.89% to 274.90p on the news, but remain below the 280p level where they stood last Friday after a week of news including the announcement that Mark Zinkula, the Chief Executive of Legal & General Investment Management, would be leaving the company in August 2019.