LONDON (Reuters) - British banking group Lloyds (LLOY.L) is set to sell its German insurance business to Frankfurt-listed insurer Hannover Re (HNRGn.DE) for 400 million euros as it continues to streamline its business, according to a report on Sunday.
The lender, which is backed by the British taxpayer, is in talks to sell Heidelberger Leben, potentially ending an extended saga over the sale of the life insurance provider, the Sunday Telegraph said.
The reported 400 million euro price tag is less than half what Lloyds had hoped for, the report said, adding the lender was expected to announce the sale this week.
Lloyds and Hannover Re both declined to comment.
Reporting by Stephen Eisenhammer; additional reporting by Alexander Huebner in Frankfurt; Editing by David Cowell