Allianz Group and LV= have launched a strategic partnership in the UK, creating a general insurance business with over 6 million customers and gross premiums written in excess of £1.7 billion.
LV= said the deal would strengthen its capital position, leaving the insurer "well placed to continue to expand [the] Life and Pensions business and pursue new digital opportunities." The transaction also strengthens Allianz's position in the commercial market where it has over £1 billion in annual income. LV= will receive £500 million from Allianz in exchange for a 49% stake in LV='s General Insurance businesses. The new, long-term joint venture will acquire Allianz's personal home...
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