MILAN (Reuters) – Assicurazioni Generali, Italy’s biggest insurer, said on Tuesday it had completed the sale of its U.S. life reinsurance business to France’s Scor for total gross proceeds expected to be $910 million.
In June, Generali said it had agreed to sell the assets to Scor for $920 million.
The deal is part of Generali’s strategy to dispose of non-core assets to shore up capital.
Earlier this year, Generali’s chief executive Mario Greco pledged to raise 4 billion euros ($5.41 billion) from non-core asset sales by 2015.
Generali said in a statement it had received a cash component of $779 million on Tuesday, adding $131 million of cash collateral was expected to be completed on Wednesday.
The deal corresponded to an implied multiple of 15 times 2012 earnings, Generali said.