Allianz said to near deal to buy L&G's home insurance business

Allianz is reportedly in advanced talks to buy Legal & General's home insurance business.

According to Sky News, the German insurer is in exclusive talks to buy the business that was put up for sale by L&G at the end of last year.

Sky cited a source close to the bidder as saying that a deal - which could be worth more than £300m - was close but could still fall through.

In 2017, Allianz entered into a joint venture with LV to create the third largest personal insurer in the UK. Allianz paid £500m for a 49% stake in the UK insurer's general insurance businesses.

Back in December, Sky reported that Direct Line was among a group of potential bidders for L&G's home and contents arm. It said at the time that the company was lining up a £400m offer.