TELETRADER News
10/14/2020, 10:10 AM
(Source: TeleTrader)
Allianz+0.66%
Allianz to buy Westpac's insurance unit for $500M - report
Allianz SE is negotiating with Westpac Banking Corp. to buy its general insurance business for around $500 million, the Australian Financial Review reported on Wednesday.
Westpac's insurance unit provides home and car insurance policies for Australians, and has recorded $600 million in premium revenue over the past year. According to analysts from Credit Suisse, the deal could be valued between $448 million and $672 million.
With revenue of around $5 billion, German insurer Allianz is ranked third in Australia's general insurance market.