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Legal & General to sell general insurance unit to Allianz

Legal & General to sell general insurance unit to Allianz
FILE PHOTO: The logo of insurer Allianz SE is seen on the company building in Puteaux at the financial and business district of La Defense near Paris, outside Paris, France, May 14, 2018. REUTERS/Charles Platiau/File Photo   -   Copyright  Charles Platiau(Reuters)
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LONDON (Reuters) – Britain’s Legal & General Group will sell its general insurance business to a UK subsidiary of Germany’s Allianz for 242 million pounds, the companies said on Friday.

Legal & General will use the funds to reinvest in its core businesses, it said, and will complete the deal in the second half of 2019. The portfolio being sold comprises mainly retail customers who hold household insurance policies.

(Reporting by Lawrence White; Editing by Susan Fenton)

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