German insurer Allianz is reportedly planning to sell a large block of life insurance policies in the US
Allianz is eying a reinsurance deal, which could free up billions of dollars in capital, Bloomberg reported citing people familiar with the development.
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The insurer is working with advisors for the deal, which includes a portfolio with billions in assets and liabilities, the report added.
The news comes as Allianz faces lawsuits and probes into its group of funds.
Allianz did not comment on the deal. The undisclosed sources told the publication that the talks are still ongoing, and the details of the deal could change.
Insurance block deals have attracted private equity buyers such as Apollo Global Management, Blackstone Group and Carlyle Group.
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By GlobalDataLast week, Asian life insurer FWD Group revealed that Apollo Global Management’s Athene Life Re has agreed to buy its shares worth $400m through private placement.
In July this year, American International Group (AIG) agreed to sell a 9.9% equity stake in its Life & Retirement business to Blackstone for $2.2bn in cash.
Blackstone also entered into a ‘long-term strategic asset management relationship’ to manage an initial $50bn of Life & Retirement’s existing investment portfolio.
Around that same time, Principal Financial announced its plans to divest life insurance blocks with $25bn in reserves.
In January 2021, Allstate agreed to sell Allstate Life Insurance Company (ALIC) to entities managed by private equity giant Blackstone for $2.8bn.
