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Legal & General to sell general insurance unit to Allianz

Reuters - UK Focus

LONDON, May 31 (Reuters) - Britain's Legal & General Group will sell its general insurance business to a UK subsidiary of Germany's Allianz for 242 million pounds ($305 million), the companies said on Friday.

Legal & General will use the funds to reinvest in its core businesses, it said, and will complete the deal in the second half of 2019. The portfolio being sold comprises mainly retail customers who hold household insurance policies. ($1 = 0.7930 pounds) (Reporting by Lawrence White; Editing by Susan Fenton)