The insurer, which ranks as Italy’s fourth largest life and health insurer, is understood to have picked Goldman Sachs to conduct the sale. The portfolio includes closed life policies that no longer accept new business but stay on the firm’s books as premium paying policies.
According to Reuters, the portfolio – comprised of Italian life policies that pay a 2% minimum interest rate – has attracted the attention of the London-based private equity fund Cinven as part of a deal that could be worth €200m.
Cinven made headlines earlier this week as a potential joint bidder for Old Mutual’s UK wealth division.
Meanwhile, US private equity house Apollo initially expressed interest in the Allianz closed-book but has now walked away from the negotiations.
Last year, Allianz announced that it was planning to offload portions of its sizable euro portfolio of old insurance policies located in markets abroad in order to focus on its domestic assets.
The German insurer’s plans come amid a general trends towards consolidation in the life and pensions sector. Last year, rival Aviva completed a £5.6bn (€7.12bn) buyout of Friends Life – a firm heavily focused on closed life books.
