Italian insurer GENERALI has entered into an agreement with Reinsurance Group of America (RGA) for the sale of the life run-off portfolio of its UK branch.

GENERALI pointed out that the portfolio in question consists mainly of annuity business.

The company informed the deal is expected to strengthen its capital position, with an estimated increase of around 1 percentage point on the Group Regulatory Solvency Ratio and allow it to concentrate on the core business.