Generali Completes Disposal of TUA Assicurazioni to Allianz

Generali Completes Disposal of TUA Assicurazioni to Allianz

(IN BRIEF) Generali has finalized the sale of TUA Assicurazioni S.p.A. to Allianz, in line with the company’s strategic objectives outlined in its “Lifetime Partner 24: Driving Growth” strategy in Italy. This move aims to drive profitable growth, streamline operations for increased efficiency, and enhance diversification in the P&C sector. The transaction is expected to positively impact net profit by approximately €50 million and have a neutral effect on normalized net profit, while also bolstering the Group’s Solvency II position by about 1 percentage point. Financial advisory services were provided by Mediobanca – Banca di Credito Finanziario S.p.A and Rothschild & Co, with legal counsel from law firm Gianni & Origoni.

(PRESS RELEASE) MILAN, 2-Mar-2024 — /EuropaWire/ — The transaction is aligned with the implementation of the Group’s “Lifetime Partner 24: Driving Growth” strategy in Italy to pursue profitable growth, reduce complexity with the aim of making its operating machine more efficient and to increase P&C diversification.

The transaction generates a positive impact of around € 50 million on the net profit, and a neutral effect on the normalized net profit, adding approximately 1 p.p. to the Group Solvency II position.

Mediobanca – Banca di Credito Finanziario S.p.A and Rothschild & Co acted as financial advisors and law firm Gianni & Origoni acted as legal advisor for the transaction.

THE GENERALI GROUP
Generali is one of the largest global insurance and asset management providers. Established in 1831, it is present in over 50 countries in the world, with a total premium income of € 81.5 billion in 2022. With 82,000 employees serving 68 million customers, the Group has a leading position in Europe and a growing presence in Asia and Latin America. At the heart of Generali’s strategy is its Lifetime Partner commitment to customers, achieved through innovative and personalised solutions, best-in-class customer experience and its digitalised global distribution capabilities. The Group has fully embedded sustainability into all strategic choices, with the aim to create value for all stakeholders while building a fairer and more resilient society.

Media Contacts:

Media Relations
Tel: +39.02.43535014
media@generali.com

Investor Relations
Tel: +39.040.671402
ir@generali.com

SOURCE: Assicurazioni Generali S.p.A.