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Report: Allianz looks to divest Italian life insurance portfolio

AllianzGroup is looking to put up for sale a €4.5 billion portfolio oflife insurance policies in Italy amid the pressure of low interest rates,Reuters reported March 30, citing "sources familiar with the matter."

The policies pay a 2% minimum interest, according to thereport.

The insurer picked Goldman Sachs to run the sale process ofthe closed life policies, which has drawn interest from U.K. private equityfirm Cinven Ltd. Apollo GlobalManagement LLC has walked away from negotiations, the sourcesadded.

The sale of the portfolio could fetch approximately €200million, two of the sources told Reuters.