Global insurer Generali has completed the 89.9% sale of the shares of Generali Leben to Viridium Gruppe. At the same time, Generali has announced the formation of an industrial partnership with Viridium in the German insurance market.
The terms and conditions of the deal are in line with the previous announcement of the sale in July of last year, with a total evaluation for 100% of Generali Leben of €1 billion. Furthermore, €882 million of loans have been reimbursed to Generali Group.
Generali keeps a 10.1% stake in Generali Leben under the terms of the transaction, as well as a seat in the Supervisory Board.
Generali Group Chief Executive Officer (CEO), Philippe Donnet, commented: “Germany is for us a key market where we want to grow. With this transaction, we complete the industrial transformation of Generali Deutschland. We confirm our position as the second largest retail insurer in the German market and we reinforce our leadership in the Life Unit Linked and Protection businesses.
“The resources freed up thanks to the sale of Generali Leben will be redeployed to support growth.”
