Once Allianz's purchase of L&G's UK business is complete, the plan is to combine it with LV GIG which it has been running jointly with Liverpool Victoria Friendly Society.
“Our joint venture has been a great success and taking 100% ownership of LV GIG creates the best platform for taking the business forward,” said Jon Dye, chief executive of Allianz Insurance.
But it's not clear investors will agree. Shares in Allianz are expected to be around 1% lower according to premarket indicators, Reuters reports.
Allianz Insurance CEO Jon Dye with Steve Treloar, the CEO of LV GIG