Allianz in talks over acquisition of LV GI unit: Sky News
Allianz Group is reportedly in early talks for the purchase of LV’s general insurance division.
Sky News reported that the German insurer has made an approach for the division, which it quoted as being worth £1bn.
A spokesman for Allianz Group said: “We do not comment on market speculation or rumour.”
A spokesman for LV did not respond to a request for comment.
LV saw a general insurance operating profit of £26m in 2016, a drop of 64% from the previous year’s figure of £72m.
If the discount rate had remained the same the company would have seen a GI profit rise of 57% to £113m and a combined ratio of 94.1%.
One market analyst, who declined to be named, said: “If there’s an insurer that needs capital or is performing poorly there’s always going to be speculation that Europe’s biggest insurer will buy it up. That’s normal.
“It’s also normal for investment bankers to pitch everything possible.”
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