Legal & General to sell its General Insurance business to Allianz

Legal & General Group Plc ("Legal & General") announces that it has agreed to sell its General Insurance (“GI”) business to Allianz holdings plc.

The proposed transaction, which is subject to customary regulatory approvals, is expected to complete in the second half of 2019.

The GI business being sold comprises principally retail customers who hold household insurance policies. In 2018 gross written premiums were £410 million and operating profit was nil.

Legal & General is confident that selling the GI business to one of the world’s largest property and casualty insurers will mean that customers can trust they are in safe hands.

The financial consideration from the proposed sale consists of a base price of £242 million payable at completion and potential further payments over a three year period from ongoing commercial arrangements.

Read the full press release via the link below

Nigel Wilson

... Selling the General Insurance business is the right decision for our customers and shareholders. And I would like to take this opportunity to thank our GI colleagues for their contribution to Legal & General.

Nigel Wilson, CEO of Legal & General

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