Mutual LV= might just see its general insurance division valued at around £1 billion (NZ$1.78 billion) – if indeed a stake sale is concluded with German giant
Allianz, as reported.
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Sky News report said LV= is within days of closing the deal which supposedly involves not more than 49% of the friendly society’s general insurance business. According to the report, LV='s mutual status will not be changed.
It added that analysts believe Allianz’s acquisition would transform the German insurer’s position in the UK market. LV= – which is among the biggest financial services mutuals in the UK – has almost six million customers.
A month ago LV= restructured its life business to bring the protection, retirement solutions, and heritage businesses under one management team. The change, which took effect on July 01, was part of the future strategic direction of LV=’s overall life business.
As for general insurance, neither LV= nor Allianz confirmed the stake sale but sources cited by
Sky News said an announcement could be made as early as Friday.
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