Business
Westpac (ASX:WBC) share price edges higher on $725 million general insurance sale
The Westpac Banking Corp (ASX: WBC) share price is trading higher on Wednesday following the release of a positive announcement.
In morning trade, the banking giant’s shares are up 0.5% to $20.30.
What did Westpac announce?
This morning Westpac announced that it will sell its Westpac General Insurance and Westpac General Insurance Services businesses to Allianz for $725 million.
The two parties have also entered into an exclusive 20-year agreement for the distribution of general insurance products to Westpac’s customers.
According to the release, the sale price represents a multiple of 1.3x FY 2020 gross written premium and is estimated to result in a small post-tax gain on sale in FY 2021.
Management advised that the sale of…
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