Skandia sells Skandia Vida in Spain
Skandia Insurance Company Ltd (“Skandia”), a subsidiary of Old Mutual plc (“Old Mutual”), announces that it has reached an agreement to sell its 94% stake in Skandia Vida S.A. de Seguros y Reaseguros (“Skandia Vida”) to CNP Assurances (“CNP”).The successful completion of this transaction will allow Skandia to deliver on plans already communicated in June 2006 at a Capital Markets day which are in line with Skandia's continental European strategy to focus on mutual fund and unit-linked business. Skandia Vida sells traditional life products, which is not Skandia's core business in the