Deals will push Allianz to No 2 spot in UK general insurance

The logo of insurer Allianz on the company building near Paris, France. Picture: REUTERS/CHARLES PLATIAU

Allianz said on Friday that its UK unit would pay up to £578m for the remaining 51% stake in its LV GIG joint venture with Liverpool Victoria Friendly Society. “With these two transactions, we are pleased to demonstrate our further commitment to the UK market,” said Allianz management board member Niran Peiris.

L&G’s decision to shed the “G” part of its name marks the end of a series of disposals for Britain’s third-biggest insurer. The deal is expected to increase L&G’s solvency II ratio, a key measure of its capital strength, by two percentage points, it said in a statement.“Selling the General Insurance business is the right decision for our customers and shareholders,” L&G CE Nigel Wilson said.

Source: News Formal (newsformal.com)

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