Allianz SE (DB:ALV) may buy Aviva plc (LSE:AV.) or RSA Insurance Group plc (LSE:RSA). Allianz is on the prowl for a large-scale acquisition, with a possible takeover approach for FTSE 100 rivals RSA and Aviva among options being considered. Oliver Bäte, the Allianz Chief Executive, is said to have been working with investment bankers for several months on a hit list of possible deals.

In early morning trading, Aviva shares were up 2.6% at 515.4 pence, while RSA added 1.8% at 664 pence.