Italy’s insurance company Generali has agreed to sell its Belgian business to Bermuda-based Athora Holding for €540m.
The transaction will generate a capital gain of about €150m and is expected to add some 2.6 percentage points to Generali’s Regulatory Solvency II ratio.
The deal, subject to regulatory approvals, is expected to be closed in the second half of the year.
The contribution of Generali Belgium to the Group’s net result was €22m in 2017.
The Generali Group will remain present in Belgium continuing to provide insurance and assistance solutions through its Global Business Lines as well as through its European Assistance operations.
“The transaction is part of the Group’s overall strategy to optimise its geographical footprint and to improve its operational efficiency and capital allocation,” Generali says.
Frédéric de Courtois, Group CEO Global Business Lines & International adds: “This deal underlines our continuing efforts to optimize the Group’s international reach across the world. After having announced the sale of our operations in Guatemala, Panama, Colombia, the Netherlands and Ireland, this transaction represents yet another important step ahead in our strategy.”