Allahabad Bank (BSE:532480) has been in talks with Sompo Japan Nipponkoa Insurance Service Co., Ltd. for offloading its stake in the joint venture Universal Sompo General Insurance Company Limited, preferably ahead of its merger with Indian Bank, but disagreement over valuation is delaying the process, two people familiar with the development said."The valuation has been done. But the partners did not agree to it so far," one of the people cited above said. "The matter has also been discussed at a board meeting earlier but it was not placed for adoption," the person said requesting anonymity. Allahabad Bank holds 28.52% in the JV while Sompo Japan holds 34.61%.