LV= in advanced talks with Allianz over general insurance stake sale

The board of Liverpool Victoria Friendly Society (LV=) has confirmed on Aug. 3 that it is in advanced discussions with Allianz regarding a potential sale of a "significant minority" stake in LV='s general insurance operation.

The deal is valued at around £1 billion, according to Sky News.

The board of LV= is aware of press speculation, and had previously disclosed its consideration of strategic options with a view to strengthen the group’s capital position, the company said in a statement.

LV= added that discussions are currently ongoing and there can be no certainty that any transaction will be agreed, or any certainty as to the terms of which any such transaction might proceed.

Intelligent Insurer reached out to Allianz, which declined to comment.

A further announcement will be made if and when appropriate, LV= noted.