Allianz Snaps Up L&G General Insurance Unit For £242M

Allianz UK to become sole owner of LV= General Insurance

Allianz UK to become sole owner of LV= General Insurance

It is spending a further 242 million for L&G's general insurance business.

The sale of the general insurance business, which includes retail customers who hold household insurance policies, is part of the wider strategy to streamline the business.

L&G said the disposal will allow it to concentrate on its core businesses of asset management and life insurance.

Allianz is one of the world's largest insurers and traces its roots back to 1890, when it was...

Legal & General has confirmed plans to offload its insurance business to Germany's Allianz for £242m.

Allianz also announced on Friday that is also buying out the remaining 51% stake in LV General Insurance Group from Liverpool.

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Jon Dye, chief executive of Allianz UK, said: "This is a good outcome for all the parties involved and acquiring a high-quality business with two million customers to combine with the LV= General Insurance business is a strong result".

"We have successfully grown the value of our General Insurance business to in excess of £1 billion and this deal enables us to realise that value for the long-term benefit of our members as well as strengthening our overall capital position", Group Chief Executive Richard Rowney said.

The general insurance arm was put up for auction three years ago before being called off and the fresh sale is now being handled by Fenchurch Advisory Partners.

The deal is expected to close on 31 December 2019 and upon its completion, Alan Cook, Richard Rowney, David Neave and David Barral will step down from the board of LVGI. All four will remain on the board of LV=. We are market leaders in 10 United Kingdom markets and have a growing presence in the U.S. and an emerging presence in Asia.

"With these two transactions, we are pleased to demonstrate our further commitment to the United Kingdom market", said Allianz SE management board member Niran Peiris.

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