Allianz planning to offload large U.S. life portfolio -Bloomberg

FILE PHOTO: The logo of insurer Allianz SE is seen on the company building in Puteaux at the financial and business district of La Defense near Paris

(Reuters) – Allianz is in the process of offloading a large chunk of its U.S. life insurance policies, Bloomberg reported on Friday, citing people with knowledge of the matter.

The insurer, one of the world’s biggest money managers, is working with advisers on a possible reinsurance deal for a portfolio worth tens of billions of dollars in assets and liabilities, it reported, without naming sources.

A representative for Allianz was not immediately available to verify the report.

(Reporting by Victoria Waldersee; Editing by Chris Reese)