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.
Allianz SE
€296.90
17:30 03/01/25
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€0.10
Direct Line Insurance Group
256.00p
17:15 03/01/25
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0.00p
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Insurance (non-life)
3,974.09
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Legal & General Group
229.00p
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Life Insurance
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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.