LV= has agreed to sell the remainder of its general insurance business to the Allianz Group.

It will transfer its residual 30.1 per cent stake in LV= General Insurance Group for up to £365m, meaning Allianz will have acquired the whole business for a total of up to £1.07billion.

Allianz acquired 69.9 per cent of the business in a two-stage deal which started in December 2017, but LV= has exercised an option under which it could sell its remaining shares.

When the transaction closes on December 31, Alan Cook, Richard Rowney, David Neave and David Barral will step down from the board of LV=GI but remain on the board of LV=.

LV= chief executive Richard Rowney said: “We have successfully grown the value of our General Insurance business to in excess of £1billion and this deal enables us to realise that value for the long-term benefit of our members as well as strengthening our overall capital position.”