By Max Bernhard

Assicurazioni Generali SpA (G.MI) said Friday that it agreed to sell the Life run-off portfolio of its UK branch to Reinsurance Group of America, Inc (RGA).

The portfolio corresponds to about 680 million euros ($758.6 million) in "Best Estimates Liabilities" BEL as at year-end 2018, the Italian insurer said.

The sale of the portfolio, which consists mainly of annuity business, strengthens Generali's capital position, it said. Generali said it estimates the deal will increase its Regulatory Solvency Ratio by around 1 percentage point.

"Thanks to the sale of this run-off portfolio, we are going to release resources that we can reinvest in new opportunities. The operation also further improves the operating efficiency of our UK Branch," Chief Financial Officer Cristiano Borean said.

Write to Max Bernhard at max.bernhard@dowjones.com; @mxbernhard

(END) Dow Jones Newswires

May 24, 2019 04:22 ET (08:22 GMT)

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