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Allianz confirms interest in buying UK life office

German insurer Allianz has confirmed its interets in buying CGNU or Royal & Sun Alliance to strengthen its position in the UK life assurance market, according to the Finanical Times.

It is already a major player in the UK through ownership of general insurer Cornhill but fears being left behind after the recent spate of mergers.

Allianz management board member Detley Brenkamp says:| “Buying a British company with a big life assurance business is now a top priority.”

“We are number five in UK life market but the other four have become bigger through mergers. Therefore we cannot be satisfied with our present position.”

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