After sale, ING holdings in the Brazilian insurer decreased to 10%.
As per the terms of the deal, the Amsterdam-based company sold about 37.7 million SulAmérica units for a total cash consideration of nearly 185m at the November 2013 exchange rates.
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ING fetched a net gain of nearly 100m, which represents the difference between the book value and the fair value for both the 11.3% stake in scope of the agreement with Swiss Re and the 10% stake retained by ING.
At the time of signing the deal in November 2013, the Netherlands-based company had said that it will use the proceeds to reduce its core debt.
In 2002, ING and the Larragoiti family established the insurance joint venture (JV) SulAmérica in Brazil, with operations in several insurance lines.
As of December 2011, the Brazilian insurance firm had over 30,000 independent insurance brokers, as well as partnerships with more than 20 financial- and retail institutions, adding a further 16,000 points of sale.
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