Delta Lloyd has reached an agreement to sell Delta Lloyd Bank Belgium to Anbang Insurance Group for a consideration of €219m.

Anbang is a leading Chinese insurance company and offers a wide range of financial services.

The transaction will have an estimated positive effect of around 10 percentage points on IGD group solvency. The impact on the IFRS capital will be -4.5% (shareholders’ funds at FY 2013: € 2,621 million and at Q3 2014: € 2,734 million).

The distribution agreement between Delta Lloyd Life and Delta Lloyd Bank is part of the transaction. Completion of the transaction between Delta Lloyd and Anbang is subject to regulatory approvals and is expected to occur in the course of 2015.

Executive Board chairman Niek Hoek: "This decision is in line with our strategy, which includes the ambition to grow in the Belgian life insurance and pensions market. The proposed sale of the banking activities in Belgium will strengthen the group’s focus on insurance and unlock capital for investment in our strategic activities."

The sale process will not include Delta Lloyd’s banking activities in the Netherlands. Delta Lloyd Bank Belgium and Delta Lloyd Bank Netherlands are separate entities positioned directly under Delta Lloyd NV, and both report into the group’s Bank segment.