Allianz completed the acquisition of Legal & General's German insurance unit for £242m.

Allianz, one of the world's biggest insurers and asset managers, completed the acquisition of Legal & General's German insurance unit for £242m ($305m). Legal & General is one of the UK's financial services groups and a major global investor. "This is a good outcome for all the parties involved and acquiring a high quality business with 2m customers to combine with the LV= General Insurance business is a strong result. The Allianz Group has worldwide insurance experience, is robustly capitalised and has a strong reputation for customer service and these strengths will be applied to grow the business," Jon Dye, Allianz UK CEO.