Lloyds Banking Group Plc plans to sell its German life insurance company, Heidelberger Leben, according to a person with knowledge of the lender’s plans.

Heidelberger Leben has about 1 billion euros ($1.4 billion) of assets, said the person, who declined to be identified because the sale is private.

The London-based bank is examining its strategy following Antonio Horta-Osorio’s appointment as chief executive officer on March 1. Lloyds has sold assets including its Bank of Scotland Integrated Finance investment unit and cut about 27,500 jobs since its 20 billion-pound ($33 billion) taxpayer-funded rescue. The bank plans to shrink its balance sheet by 200 billion pounds by 2014.

Ross Keany, a Lloyds spokesman, declined to comment.

Reuters reported the news earlier today.