Legal & General has appointed an investment bank to sell its general insurance arm.
According to Sky News, L&G has hired Fenchurch Advisory Partners to sell the business in a deal that could be valued at more than £300m.
L&G previously tried to dispose of its general insurance arm three years ago, but that attempt was shelved.
General insurance is only a small part of L&G’s wider business which also includes asset management and pensions.
Under chief executive Nigel Wilson L&G has moved to sell non-core assets.
Earlier this year it sold its mature savings business to Swiss Re for £650m.
Panmure Gordon analyst Barrie Corns said: "L&G has been decluttering its business during the last five years and we see this as a logical move given its emphasis on retirement and investments."
L&G’s general insurance business had gross written premiums of £369m in 2017, delivering an operating profit of £37m.
It the first half of 2018 it was hit by bad weather in the form of the Beast from the East which led to an operating loss of £6m.
L&G was contacted for comment.