FRANKFURT, July 12 (Reuters) - Italian insurer Generali has put its 44 billion euro ($50.21 billion) German life insurance business Generali Leben up for sale as it seeks to restructure its European footprint, several people close to the matter said.
The insurer has tasked Morgan Stanley with evaluation options including a sale of Generali Leben, which ceased underwriting new business in 2015, while it continues to offer life insurance in the country under different brands, the sources said.
“A sale of certain portfolios within the German perimeter could be just one of several strategic options we said we would evaluate,” a Generali spokesman said on Wednesday. Morgan Stanley declined to comment. ($1 = 0.8763 euros) (Reporting by Arno Schuetze, Pamela Barbaglia and Alexander Huebner. Editing by Andreas Cremer.)