Lloyds Banking Group has sold off more than £500m of non-core assets as it seeks to strengthen its financial position and meet regulatory capital requirements.
The bank, which is 39% owned by the taxpayer following a financial bailout in 2008, has sold its loss-making German life insurance business Heidelberger Lebensversicherung AG for £250m and a portfolio of loans for £254m.
In June, the Bank of England told Lloyds it must find a further £8.6bn in provision funds against potential future losses.
Heidelberger Lebensversicherung AG, which has been bought subject to regulatory approval by a Cinven Partners and Hannover Ruck joint partnership, underwrites policies worth some £7.2bn.
The loan portfolio, which has been bought by Goldman Sachs subsidiary ELQ Investors II, has assets of £283m and generated a profit of £11m in 2012.
A Lloyds statement on the sale of the insurance business said: "The sale is in line with the Group's strategy of rationalising its international presence and ensuring value for shareholders."
In recent weeks Lloyds' share price has surged, prompting speculation that the government may seek to sell its stake in the bank, generating some £20bn for taxpayers.
In the first six months of this year, the bank announced a £2.1bn profit compared to a £456m loss during the same period last year.
Lloyds recently sold off its $5 billion US mortgage book, Spanish retail banking operations and international private banking business.
Lloyds says it aims to halve its non-core loan book by the end of 2014 from 141 billion at the end of 2011.
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