British insurers Legal & General (L&G) and LV= and have both agreed to sell their general insurance (GI) businesses to Germany’s Allianz.
L&G said the sale of its GI the sale of its business was for a base price of £242m. There are also possible further payments over a three-year period from ongoing commercial arrangements, the company said. The sale is expected to boost L&G’s Solvency II ratio by about 2%. In a separate statement, LV= said it’s selling its remaining 30.1% stake in LV=GI for as much as £365m, after it sold an initial 49% stake to Allianz in December 2017. The German insurer is also due to pay £213m for a further 20.9% stake through an agreed forward purchase at the end of 2019.