Goldman Sachs Group Inc plans to sell a majority stake in its European insurance business over the next year, according to a regulatory filing on Thursday. The UK-based life insurer, Rothesay Life, was established in 2007 and is run by Goldman partner Addy Loudiadis, according to its website.As of June, Rothesay had $9.66 billion in assets, Goldman said in a quarterly filing with the U.S. Securities and Exchange Commission. Last year, the company earned a pretax operating profit of 266 million pounds ($430 million).Goldman sold 80 percent of another insurance business it owned, reinsurer Global Atlantic Financial Group, earlier this year because of the way new capital rules would treat its ownership of the business. The sale boosted Goldman's Tier 1 common capital ratio under Basel 3 rules by half a percentage point, Chief Executive Harvey Schwartz said last month.
The Goldman Sachs Group, Inc. (Goldman Sachs) is a global investment banking, securities and investment management firm that provides a range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Shares of GS traded higher by 0.24% or $0.4/share to $163.85. In the past year, the shares have traded as low as $102.12 and as high as $169.69. On average, 3517900 shares of GS exchange hands on a given day and today's volume is recorded at 1854851.
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