Allianz and LV= complete joint venture and strategic partnership

  • Acquisition of 49 percent stake in LV=’s UK General Insurance businesses by Allianz Group is now completed

  • Transaction creates third-largest personal insurer in the UK market

  • Allianz to pay another 213 million pounds for a further 20.9 percent stake in LV= GI in 2019

Downloads

Allianz Group and Liverpool Victoria Friendly Society (LV=) have completed the first stage in the creation of their joint venture and strategic partnership through the planned sale of 49 percent stake in LV=’s UK General Insurance businesses (LV=GI) to Allianz Group.

The venture creates a general insurance business with over 6 million customers and gross premiums written in excess of 1.7 billion pounds. It allows Allianz and LV= to take a leading role in the growing UK retail sector by creating a strong and customer-centric insurer in the personal home and motor insurance markets.

The second stage of the transaction will take place in 2019 when Allianz will pay an additional 213 million pounds for a further 20.9 percent stake in LV= GI through an agreed, forward purchase based on a total valuation of 1.020 billion pounds for 100 percent of LV= GI.

As announced in August, LV= has a put option under which it can sell all or part of its remaining shares to Allianz at any time.

About Allianz

The Allianz Group is one of the world's leading insurers and asset managers with more than 86 million retail and corporate customers. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing over 650 billion euros on behalf of its insurance customers while our asset managers Allianz Global Investors and PIMCO manage an additional 1.4 trillion euros of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we hold the leading position for insurers in the Dow Jones Sustainability Index. In 2016, over 140,000 employees in more than 70 countries achieved total revenues of 122 billion euros and an operating profit of 11 billion euros for the group.

These assessments are, as always, subject to the disclaimer provided below.

Forward Looking Statement disclaimer

As with all content published on this site, these statements are subject to our Forward Looking Statement disclaimer:

 

Disclaimer

Further information

Press contact

Thomas Atkins
Allianz SE
Phone +49 89 3800 2960
Send email

Daniela Markovic
Allianz SE
Phone +49 89 3800 2063
Send email

More at allianz.com

17.10.2018

Natural disasters: Recovery road

read more

Financials | Oct 10, 2018

Allianz Real Estate continues its growth story, reaching 60 bln euros AuM for Allianz companies and launching its first debt fund

read more

Oct 02, 2018

PIMCO to acquire industry-leading muni bond investment firm Gurtin Municipal Bond Management

read more