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LONDON/MUNICH/FRANKFURT (Reuters) – A consortium of German insurer Allianz (DE:ALVG) and private equity-backed life insurer Athora Holding is in advanced talks to take on Aviva ‘s (L:AV) French operations in a deal worth 2 billion to 3 billion euros ($3.49 billion), sources close to the matter said.
Aviva is working with JPMorgan (N:JPM) and Rothschild on selling the unit which provides life insurance to French clients, the sources said.
The business has also drawn interest from Axa (PA:AXAF), Assicurazioni Generali (MI:GASI) and French mutual insurer La Mondiale among others, the sources said.
Aviva said in a statement that it was “in the very early stages of developing its strategy for its continental European and Asian businesses.”
Allianz, Athora, Axa, Generali and the banks declined to comment.
($1 = 0.8591 euros)
