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Report: Legal & General revisits potential sale of general insurance arm

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Report: Legal & General revisits potential sale of general insurance arm

Legal & General Group PLC is considering selling its general insurance business in a deal that could be worth more than £300 million, insiders told Sky News.

CEO Nigel Wilson has asked investment bankers from Fenchurch Advisory Partners to manage the sale of the business.

The move comes three years after the U.K. insurer abandoned a previous attempt to sell the business, Sky News said, adding that potential buyers have already been informed about the potential sale.

The business saw a 29% year-over-year decline in operating profit in 2017, to £37 million, amid higher-than-expected household claims not related to weather events, Sky News said.