Generali sells its $50 bn German life portfolio

Italy’s Generali has put its 44 billion euro (38.77 billion pounds) German life insurance portfolio up for sale as it restructures in Europe.

Morgan Stanley is evaluating options, including a sale, for Generali Leben which ceased underwriting new business in 2015 but still offers life insurance in Germany under different brands.

Generali and fellow insurers are struggling to pay guaranteed returns to clients because of record-low interest rates. Dutch insurer Aegon sold a 9 billion pound book of closed UK life business last year and Britain’s Standard Life has said it is open to the sale of its 16 billion pound closed annuity portfolio.