AUB Group has completed the sale of its shareholding in health and rehabilitation business Altius to The Riverside Company.

The broking group, which has received cash proceeds of about $57 million, has confirmed the sale will result in a post-tax profit on disposal of $10 million, which won’t be reflected in underlying net profit after tax.

The impact of the transaction on financial performance this year has been factored into previous earnings guidance, AUB says.

The decision to sell the stake in Altius is part of an AUB strategy to refocus on core insurance broking and underlying agency operations.