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Stock Markets9 minutes ago (Sep 24, 2021 02:21PM ET)

(C) Reuters. FILE PHOTO: The logo of insurer Allianz SE is seen on the company building in Puteaux at the financial and business district of La Defense near Paris, outside Paris, France, May 14, 2018. REUTERS/Charles Platiau/File Photo

(Reuters) – Allianz (DE:ALVG) is in the process of offloading a large chunk of its U.S. life insurance policies, Bloomberg reported on Friday, citing people with knowledge of the matter.

The insurer, one of the world’s biggest money managers, is working with advisers on a possible reinsurance deal for a portfolio worth tens of billions of dollars in assets and liabilities, it reported, without naming sources.

A representative for Allianz was not immediately available to verify the report.

Allianz planning to offload large U.S. life portfolio -Bloomberg

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Allianz planning to offload large U.S. life portfolio -Bloomberg