Quilter PLC (LON:QLT) said it has completed the disposal of its Quilter Life Assurance (QLA) business to ReAssure Group on 31 December 2019 and plans to distribute the full net surplus proceeds from the transaction to shareholders.
The group said the total cash consideration for the QLA sale was around £445mln, representing the agreed cash consideration of £425mln together with accrued interest payable under the sale agreement up to the completion date of around £20mln.
READ: Quilter sales fall in third quarter as outflows continue
Quilter added that, after allowing for costs and the capital impact of the transaction together with other expenses associated with the sale, its board considers the net surplus proceeds from the sale to be £375mln which is available for return to shareholders, in full.
The company said it will update the market on the method and timing of the capital return as soon as practical and, in any event, no later than at the time of the announcement of its full year results announcement in March 2020.