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Westpac Group is selling its general insurance business to Allianz for $725 million.
The transaction includes several contingent payments subject to 'integration milestones' being achieved.
The deal covers Westpac General Insurance and Westpac General Insurance Services.
The sale is expected to complete in the second half of 2021.
Westpac Group CEO Peter King said: 'This transaction is another step in simplifying our business while continuing to help customers with their general insurance needs.
'General Insurance products are important for many Australians and we are pleased to be entering a long-term partnership with a global insurance expert to continue to help customers protect the things they value.'