UK-domiciled Legal & General Group has agreed to sell its general insurance business to Allianz’s UK subsidiary for £242m ($305m). The companies made the announcement on 31 May. Legal & General has said it will use the funds to reinvest in its core businesses. In a statement, Alliance chief executive John O’Neill said: “Legal’s global footprint and strong brand recognition make us an attractive partner with which we can continue our growth strategy as well as expand into new
UK-domiciled Legal & General Group has agreed to sell its general insurance business to Allianz’s UK subsidiary for £242m ($305m). The companies made the announcement on 31 May. Legal & General has said it will use the funds to reinvest in its core businesses. The deal is expected to be completed in H2 2019.