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ERGO abandons plans to sell German life insurance units

Munich Re insurance unit ERGO Group AG said it has ended discussions regarding the sale of its German life insurance units with traditional life insurance portfolios.

ERGO's management board made the decision after assessing nonbinding offers submitted by potential buyers and discussing all available options.

"In ERGO's view, the current value of the portfolios and its potential appreciation is not adequately reflected in the offers submitted," management board Chairman Markus Riess said, adding that the company has opted to continue managing its traditional life insurance portfolios instead.