Germanys’ insurance firm Allianz is reportedly planning to sell $5bn portfolio of life insurance policies in Italy.
Citing sources familiar with the matter, Reuters reported that the insurer has selected Goldman Sachs to manage the sale of the closed life policies.
Due to pressures from rock-bottom interest rates, Allianz has decided to divest a series of Italian life policies which pay a 2% minimum interest rate.
The news publication also reported that London-based private equity firm Cinven is interested to purchase the policies, which are expected to be valued at around €200m.
Representatives from both firms declined to comment on the deal.
Based in Munich, Allianz provides a broad range of insurance and fund products to about 85 million customers in around 70 countries.
The company provides property and casualty insurance, credit insurance, re-insurance and assistance services to its customers.
It is claimed to be one of the top five companies across the globe in life and health insurance market.
In April 2015, Ace group acquired Fireman’s Fund high net worth personal lines insurance business from Allianz, for around $365m.
Image: Allianz’s current head office is located in Munich. Photo: courtesy of Oliver Raupach.