Legal & General said Friday that it would sell its United States protection business to Meiji Yasud great so far under the CEO António Simões.

Group’s actions won 8% in early negotiation. In general terms, they have had a lower trend in recent years, but have increased around 12% to date, surpassing the securities in London and broader Europeans.

Simoes told reporters that the transaction was the greatest in the company’s history, and added that it was part of its broader strategy announced last year to simplify the group, and would be followed by more and probably more provisions.

Companies will also form a strategic association, with Meiji Yasud His pension plans to insurers.

L&G said it planned to launch a shares of shares worth 1 billion additional pounds ($ 1.2 billion) after sale.

Simoes described Meiji Yasuda taking a participation in the group as a “vote of trust” and said he did not indicate a desire for a deeper integration in the future.

The transaction in the United States Protection Unit is expected to be subject to regulatory approval, it will be completed at the end of 2025.

“This strategic association brings together two highly complementary global businesses, with a shared ambition for growth,” he added in a statement.

L&G said it would help companies capitalize on opportunities in the US market and in global asset management.

After the sale of the United States protection business is closed, L&G will only serve retail customers in its local market in Great Britain, which Simoes said that L&G remained compromised.

The company said it would use 400 million pounds from the transaction revenues to finance the expansion of the United States pension risk transfer business.

L & G sold its housing builder from the United Kingdom Cala Group in an agreement worth 1.35 billion pounds last September to an acquisition vehicle led by the US private asset firm. UU. Sixth Street Partners.

He also promoted Laura Mason to lead her retail division and hired Katie Worgan de Lloyds Banking Group to become a group’s operations director.

($ 1 = 0.8046 pounds)

(Yadarisa Shabong report in Bengaluru, Amy-Jo Crowley and Iain Withers in London; Sherry Jacob-Phillips edition and Emelia Sithole-Matarise)