Allianz to acquire L&G's general insurance division

Friday, 31. May 2019 09:55

German insurance giant Allianz SE said it will acquire Legal & General Group PLC (L&G) general insurance business for £242 million, the Financial Times reported on Friday. Allianz plans to expand its presence on the United Kingdom market, in line with its plans for further enlargement of its general insurance division.

L&G announced it will reinvest the capital in its core business. According to the British firm, the segment which it sold is mainly made up of home insurance policies

The deal should be concluded, pending regulatory approvals, during the second half of 2019.

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Breaking the News / MA