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Sul America, an insurance company in Brazil, has revealed that it has received a non-binding offer from Allianz SE for its P&C and auto units.
In a filing yesterday, Sul America also announced that it has entered into negotiations with Allianz regarding the deal.
Reuters reported that if an agreement is reached, Sul America will refocus its operations to concentrate on health, dental, life, and pension insurance, as well as asset management products.
Read more: Allianz Group secures positive Q1 numbers
For the first quarter of 2019, Allianz reported total revenues of about $45.2 billion; around $3.37 billion in operating profit; and roughly $2.24 billion in net income attributable to shareholders.
The insurance group also revealed that its net income improved from nearly $8.12 billion in 2017 to around $8.68 billion in 2018 – representing a 6.9% leap. Allianz has attributed this increase to higher operating profit and lower income taxes.
