Legal & General has entered exclusive negotiations to sell its French operation to insurer Apicil Prévoyance.
L&G chief financial officer Mark Gregory says the firm has decided to sell the business because it no longer forms part of its core operation.
He adds: “Legal & General France has strong potential which can be realised by combining it with Apicil’s established strengths in the French market.”
The terms of the proposed deal have not been disclosed.
L&G France has around 37,000 individual savings clients and 4,000 group risk customers. It wrote premiums in 2014 of €371.8m (£260m) in savings and €214.9m (£151m) in group risk.