A source with knowledge of the company told the FT that the figure was based on a comparison with the valuation of Comparethemarket.com’s rival, Moneysupermarket.com, which explained why it was almost twice as high as the £1.2bn figure suggested earlier this year.
BGL Group hired Rothschild earlier this year to advise it on a listing on the London Stock Exchange, and will be seeking an investment bank in the coming months to lead the process.
As well as Comparethemarket.com, BGL owns consumer insurance brands including Budget and DialDirect, and produces "white-label" insurance for providers such as M&S Bank and the Post Office. It also owns life insurer Beagle Street.
BGL is owned by BHL Group, an international company with insurance businesses in Australia and South Africa, which plans to maintain a majority shareholding following the potential IPO.