(August 31 – 15:35 ET) – CIBC has completed the sale of its property and casualty insurance companies to Desjardins-Laurentian Financial Corporation for approximately $365 million and an after-tax gain of approximately $100 million.
The sale transaction will be reflected in CIBC’s fourth quarter results. It has received the
required federal regulatory approval.
The decision to sell the property and casualty businesses is aligned with CIBC’s strategy to build shareholder value by focusing on and allocating capital to core businesses that offer the best returns on investment. CIBC remains committed to providing insurance products to its clients. CIBC Insurance Services Division will focus on distributing life insurance including creditor, travel medical and other related insurance products.
-IE Staff