Friends Life Group Ltd., the insurer created by Clive Cowdery, plans to return cash to shareholders after Blackstone Group LP agreed to buy its European wealth- management unit for as much as 356 million pounds ($610 million).

The sale of Lombard includes a 56 million-pound deferred payment in the form of a vendor loan note and an estimated 7 million-pound interest equivalent, the London-based company said in a statement today. The insurer said it plans to return 261 million pounds to shareholders through a share buyback.

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