Insurance major Allianz is looking to sell its €4.5bn (£3.5bn) asset portfolio for life insurance in Italy.
The German insurance firm, which is Italy's fourth biggest health and life insurer, has chosen Goldman Sachs to assist with the closure of various life policies, according to reports.
Pressures from low interest rates have prompted the company to sell life insurance policies that currently pay out a two per cent minimum interest rate. London-based private equity firm Cinven is one of the parties reportedly interested in the sale, Reuters has reported.
Despite indications the insurance division will divest in its Italian life assets, other areas of the global firm have continued to expand. In February Allianz's global investment division took over Rogge Global Partners, a London-based fixed income asset management unit previously owned by Old Mutual.