Sampo to pay reduced amount for Polish interests of Norwich Union

The amount paid by the Sampo Insurance Company for the Polish insurance and pension interests of Norwich Union is to be reduced. Finnish company Sampo bought the Norwich Union assets in November from Britain's CGNU group, offering euro 47.5 million for the insurance company and euro 177.7 for the pension fund. However, the transaction was conditional on the performance of the company. Payment was to be made in installments, and the amount involved could be altered. According to Aleksander Romanowski, president of Sampo PTE, "The reduction in the transaction price is a result of the agreement, which made the price conditional on the projected sales for this year. The projected sales value has not been achieved, therefore the price will be lowered." (Puls Biznesu, p. 3) K.K.