Spanish bank Banco Bilbao Vizcaya Argentaria (BBVA) has confirmed that it is in takeover talks with several parties for its non-life insurance business as part of a strategic review.
BBVA added that aims to establish bancassurance alliances following the takeover proposals.
Reuters had earlier reported that Allianz has emerged as a front-runner for the assets, while Generali has pulled out of the race. Liberty Mutual is also thought to be interested.
Reuters added that the deal is expected to be worth around EUR1bn ($1.1bn) and that it could be sealed by the end of the year.
BBVA’s 2018 report said the bank made EUR373mn from non-life insurance, including EUR110mn from household lines. Non-life insurance accounted for more than a third of BBVA’s total insurance income.