Generali plans sale of $21 billion of its Italian life insurance portfolio -Bloomberg News

(Reuters) -Italian insurer Generali SpA is planning to sell roughly 20 billion euros ($21 billion) of its Italian life insurance portfolio, Bloomberg News reported on Wednesday, citing people familiar with the matter.

The company may start a sale process as soon as January, the report said citing people.

The sale includes legacy policies from Societa Cattolica di Assicurazioni, the report said, adding that it is unclear how much the portfolio would fetch during the sale. Genarali had acquired Cattolica last year.

The deliberations on the deal is ongoing and no final decision on the deal size and timing have been taken, the Bloomberg report said.

Generali declined to comment.

($1 = 0.9534 euros)

(Reporting by Anirudh Saligrama and Rishabh Jaiswal in Bengaluru; editing by David Evans)