Postbank sells life insurance activities to Talanx

Postbank, the banking arm of the semi-privatised German postal service Deutsche Post, said Wednesday it has agreed to sell its life insurance activities, including the unit BHW Leben, to German insurer Talanx for 550 million euros (759 million dollars).

Hanover-based Talanx will also buy BHW Pensionskasse and Postbank’s 50-percent stakes in the two insurance joint ventures PB Leben and PB Versicherung, the two companies said in a joint statement.