April 29, 2019 / 11:20 AM / 5 months ago

German insurer Allianz in talks to buy L&G unit: Sky News

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

(Reuters) - Germany’s biggest insurer Allianz is in advanced talks to buy Legal & General’s home insurance business, Sky News reported on Monday.

Sky News had reported in December that Direct Line had indicated its interest in making a 400-million pound ($517.08 million) bid to buy the British life insurer’s unit.

However, Monday’s report said Allianz was in exclusive talks to buy the unit, which was put up for sale late last year.

L&G declined to comment when contacted by Reuters, while Allianz could not be reached.

Reporting by Samantha Machado in Bengaluru and Carolyn Cohn in London; Editing by Arun Koyyur

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