FRANKFURT (Reuters) - Germany's Allianz <ALVG.DE> is in talks with Assicurazioni Generali <GASI.MI> as it weighs a bid for the company's French operations, Bloomberg reported, citing people familiar with the matter.

Executives at Allianz, Europe’s largest insurer, are uncertain that a combination with the French insurance business would be approved by regulators, and the companies may not reach a deal, one of the people told Bloomberg.

France accounts for about 15 percent of Generali’s gross written premiums, its third-largest market after Italy and Germany.

Generali and Allianz declined to comment on the report.

Shares in Generali jumped nearly 6 percent to 14.91 euros in early trade, to their highest level since January. Allianz's stock was down 0.5 percent at 155.95 euros at 0917 GMT.

(Reporting by Maria Sheahan; additional reporting by Kathrin Jones in Frankfurt and Gianluca Semeraro in Milan; editing by Jason Neely)