Hannover/Rome, 30 November 2015
The Talanx Group is strengthening its bancassurance business in Italy by acquiring the insurance companies formerly belonging to the Italian banking group Gruppo Banca Sella. Via its Italian subsidiary HDI Assicurazioni S.p.A., Talanx is taking over 100% of the life insurer CBA Vita S.p.A. and its subsidiary Sella Life Ltd. as well as the remaining 49% in P&C insurer InChiaro Assicurazioni S.p.A. Talanx now holds 100% of the stakes in all the three companies. The purchase price is in the mid-double-digit million euro range plus a performance-linked component.
Gruppo Banca Sella has already been partner of the Italian Talanx subsidiary HDI Assicurazioni S.p.A. for eight years in P&C business. The bolt-on acquisition extends this cooperation now also to life business. An integral component of the new cooperation with Gruppo Banca Sella is an extensive distribution agreement for life products as well as for P&C products concluded for a period of ten years. In 2014 CBA Vita and Sella Life generated a gross premium volume of EUR 386.8 million and net income of EUR 4.4 million (IFRS) on a combined basis. In 2014 the Italian market showed a gross premium volume of EUR 143.3 billion (+20,6% on 2013), thereof EUR 110.5 billion Life (+29,9%) and EUR 32.8 billion Non Life (-2,7%).
"We are delighted to be able to extend our existing cooperation with Gruppo Banca Sella", Torsten Leue, member of the Board of Management of Talanx AG and Chief Executive Officer of Talanx International AG, stated. The Talanx Group has had a presence in Italian life and P&C business dating back to 1997. The acquisition is still subject to the approval of Italian regulators.
About Talanx
With premium income of EUR 29.0 billion (2014) and more than 21,300 employees, Talanx is one of the major European insurance groups. The Hannover-based Group is active in some 150 countries. Talanx operates as a multi-brand provider with a focus on B2B insurance. The Group's brands include HDI, which operates in Germany and abroad, the global industrial insurer HDI-Gerling, Hannover Re, one of the world's leading reinsurers, Targo Versicherungen, PB Versicherungen and Neue Leben, the latter all specialized in bancassurance, the Polish insurer Warta, and the financial services provider Ampega. The rating agency Standard & Poor's has given the Talanx Primary Group a financial strength rating of A+/stable (strong) and the Hannover Re Group one of AA-/ stable (very strong). Talanx AG is listed on the Frankfurt Stock Exchange in the MDAX as well as on the stock exchanges in Hannover and Warsaw (ISIN: DE000TLX1005, German Securities Code: TLX100, Polish Securities Code: TNX).
You can find additional information by going to www.talanx.com.
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Disclaimer
This news release contains forward-looking statements which are based on certain assumptions, expectations and opinions of the Talanx AG management. These statements are, therefore, subject to certain known or unknown risks and uncertainties. A variety of factors, many of which are beyond Talanx AG's control, affect Talanx AG's business activities, business strategy, results, performance and achievements. Should one or more of these factors or risks or uncertainties materialize, actual results, performance or achievements of Talanx AG may vary materially from those expressed or implied in the relevant forward-looking statement.
Talanx AG does not guarantee that the assumptions underlying such forward-looking statements are free from errors nor does Talanx AG accept any responsibility for the actual occurrence of the forecasted developments. Talanx AG neither intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated.
