Italy-based insurer Assicurazioni Generali S.p.A. plans to sell its Belgian operations to Bermuda-based reinsurer Athora Holding Ltd. for €540 million ($668.5 million) as part of its plans to reduce global business and increase capital, Reuters reported. The deal is expected to close in the second half of the year and will generate a capital gain of about €150 million for the insurer.