- 31. Minority interests
- 32. Total equity
- 33. Insurance contract liabilities
- 34. Investment contract liabilities
- 35. Unallocated divisible surplus
- 36. Value of in-force non-participating contracts
- 37. Long term insurance valuation assumptions
- 38. Borrowings
- 39. Events after the balance sheet date
- 40. Provisions
Back to Notes to the Financial Statements
39. Events after the balance sheet date
On 7 February 2007, the Group entered into an agreement with the Nationwide Building Society to purchase Nationwide Life Limited and Nationwide Unit Trust Managers Limited for a consideration estimated at £285m. Consideration will be set by reference to the financial position of the two companies at the date of completion using an agreed basis of valuation. In addition, the arrangement provides access to Nationwide’s distribution network, through which it is anticipated that a wide range of the Group’s investment, pensions and life insurance products will be sold. The sale is conditional on the consent of the FSA to the change of control of the companies, and other customary conditions, and is expected to complete in the summer of 2007, when the distribution arrangements are expected to be launched.