Isle of Man life arm sold by Aberdeen

Aberdeen Asset Management has sold its Isle of Man-based life company as it seeks to release more money to pay off debt and provide working capital. LCL Acquisitions will pay a total of £12.1m for Aberdeen International Life Assurance (AIL). This comprises an initial £7.4m and another £4.7m that will be paid on an annual basis up to 31 December 2010. AIL has also completed a capital reconstruction which has released £23.7m of surplus capital that had been held by the Isle of Man business. Aberdeen paid £36m for Old Mutual International's closed book of business at the end of 2001. At t...