LONDON/MUNICH/FRANKFURT (Reuters) – A consortium of German insurer Allianz ALVG.DE and private equity-backed life insurer Athora Holding is in advanced talks to take on Aviva’s AV.L 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 JPM.N and Rothschild on selling the unit which provides life insurance to French clients, the sources said.
The business has also drawn interest from Axa AXAF.PA, Assicurazioni Generali GASI.MI 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)
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