L&G put its home insurance business unit up for sale last year after disappointing figures
Allianz is in talks to buy Legal & General’s general insurance arm, according to Sky News.
L&G put the business unit up for sale last year. Sources told the broadcaster Allianz is in exclusive talks, with a deal thought to be close. Analysts told Sky the business is valued at between £250m and £350m.
Allianz is set to take up a majority stake in LV= later this year, but it is not clear if the business would be rebranded under LV=.
A spokesperson for Allianz declined to comment when contacted by Insurance Times.
L&G provides home and pet policies to thousands of customers in the UK, and it is thought the company sees this segment as non-core.
In December, Insurance Times reported that Direct Line Group was interested in buying the life insurer’s GI arm for £400m.
Three years ago, an auction was held to offload the insurer, but for reasons that never went public, it was stopped.
The general insurance arm recorded a £37m operating profit in 2017, down 29% on the year before. It blamed “non-weather related claims” as the reason, as they were higher than expected.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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