Allianz Completes Acquisition of Tua Assicurazioni from Assicurazioni Generali

Allianz Completes Acquisition of Tua Assicurazioni from Assicurazioni Generali

(IN BRIEF) Allianz S.p.A. has finalized the acquisition of Tua Assicurazioni S.p.A. from Assicurazioni Generali S.p.A. for 280 million euros, as previously announced on October 12, 2023. With regulatory approvals secured, Allianz anticipates a 1-percentage-point increase in its P/C market share in Italy, solidifying its position as the third-largest player in the Italian P/C market. Tua Assicurazioni’s profitable P/C insurance portfolio, boasting gross written premiums of approximately 280 million euros in 2022, will enhance Allianz’s offerings. Through a commitment to customer-centricity and distribution excellence, Allianz aims to ensure a seamless transition for clients, employees, and agents while leveraging its scale for maximum benefits.

(PRESS RELEASE) MUNICH, 2-Mar-2024 — /EuropaWire/ — Allianz S.p.A. announced that it has completed the acquisition of Tua Assicurazioni S.p.A. from Assicurazioni Generali S.p.A. for a consideration of 280 million euros. The acquisition was initially reported on October 12, 2023.

Upon completion of the transaction, which has already cleared regulatory approvals, Allianz S.p.A.’s P/C market share in Italy is expected to increase by approximately 1 percentage point, consolidating its position as the #3 player in the Italian P/C market.

Tua Assicurazioni has a profitable Property and Casualty (P/C) insurance portfolio with overall gross written premiums of about 280 million euros in 2022, mainly managed via a distribution network of almost 500 agents.

Thanks to its strong focus on customer centricity and distribution excellence, Allianz will ensure a smooth transition for clients, employees and agents, while maximizing the benefits of its scale.

About Allianz

The Allianz Group is one of the world’s leading insurers and asset managers with around 125 million* private and corporate customers in nearly 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 737 billion euros** on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage about 1.7 trillion euros** of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we are among the leaders in the insurance industry in the Dow Jones Sustainability Index. In 2023, over 157,000 employees achieved total business volume of 161.7 billion euros and an operating profit of 14.7 billion euros for the group.

* Including non-consolidated entities with Allianz customers.
** As of December 31, 2023.

Media Contacts:

Frank Stoffel
Allianz SE
+49 89 3800 18124
mailto:frank.stoffel@allianz.com

Fabrizio Tolotti
Allianz SE
+49 89 3800 14819
mailto:fabrizio.tolotti@allianz.com

Johanna Oltmann
Allianz SE
+49 89 3800 13346
mailto:johanna.oltmann@allianz.com

SOURCE: Allianz SE