Australia's Wesfarmers Ltd has agreed to sell its insurance underwriting businesses to InsuranceAustralia Group Ltd for A$1.85 billion (1.01 billion pounds), the two companies said on Monday.
Wesfarmers, a coal-to-retail conglomerate, said in a statement that the sale was consistent with its focus on disciplined portfolio management.
The sale includes commercial lines of Wesfarmers' insurance underwriting operations, the Lumley and WFI brands, and a growing personal lines business sold through the Coles Insurance affinity partnership, the company said. The Coles part would continue with Coles Supermarkets with a remaining 10-year term.
The sale does not include Wesfarmers' insurance broking operations and its premium funding businesses, the company added.
Source: Reuters
