Allianz willing to cede a substantial life portfolio in Italy

Oliver Bate had already warned before he arrived at the top management of the group that he would be intent on parting ways with less profitable activities. According to Reuter agency, Allianz would be in search for a bidder interested in its Italian life insurance portfolio estimated at 4.5 billion EUR (4.9 billion USD). Solvency II constraints are encouraging life insurers to give up old contracts, namely those based on high interest rates.

Because of the situation of low interests, the German insurer had previously put an end to the sale of low-profitability contracts in Italy. The information agency has revealed that British investment fund, Cinven, would be interested in this bid.