Allianz to buy Westpac's insurance unit for $500M - report

Wednesday, 14. October 2020 10:10

Allianz SE is negotiating with Westpac Banking Corp. to buy its general insurance business for around $500 million, the Australian Financial Review reported on Wednesday.

Westpac's insurance unit provides home and car insurance policies for Australians, and has recorded $600 million in premium revenue over the past year. According to analysts from Credit Suisse, the deal could be valued between $448 million and $672 million.

With revenue of around $5 billion, German insurer Allianz is ranked third in Australia's general insurance market.

Related Links: Allianz SE
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