Munich Re's ERGO pulls back on life insurance sale talks

Munich Re-owned ERGO has decided to end discussions concerning the sale of its German life insurance companies with traditional life insurance portfolios.

The company stated that its board of management has reached the decision following an in-depth assessment of non-binding offers submitted by potential buyers and a discussion of all the available options.

"In ERGO’s view, the current value of the portfolios and its potential appreciation is not adequately reflected in the offers submitted," said Markus Rieß, chairman of the board of management of ERGO Group AG. "We will therefore continue to manage our traditional life insurance portfolios ourselves."

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