Allianz and Generali Plan to Sell Life Insurance Assets: Sources
June 9, 2020 by Jan-Henrik Förster and Sonia Sirletti
Two of Europe’s largest insurers are gearing up to sell billions of euros in life assets — a niche corner of dealmaking keeping bankers busy amid the coronavirus pandemic.
Allianz SE is planning to divest as much as 9 billion euros ($9.9 billion) of life insurance assets in countries including Italy, according to people familiar with the matter. The German firm has been working with Morgan Stanley to review the portfolio, the people said, asking not to be identified because the information is private.
The potential sale, which comes after a review by Allianz of its European life business outside its home market, may fetch about 500 million euros [US$549.2 million], the people said. Any divestment could help Allianz free up regulatory capital amid the coronavirus crisis.