Generali to Sell Belgian Operations for EUR540 Million
19 Abril 2018 - 01:39AM
Noticias Dow Jones
By Pietro Lombardi
Assicurazioni Generali SpA (G.MI) said Wednesday evening that it
will sell its Belgian operations to Athora Holding Ltd for 540
million euros ($668.3 million).
The Italian insurer reached a binding agreement with its
counterpart to sell its entire stake in Generali Belgium SA, which
focuses on the life segment.
The sale should result in a capital gain of roughly EUR150
million and is expected to add about 2.6 percentage points to the
group's Solvency II ratio, a measure of financial strength.
This is the latest in a string of sales that are part of
Generali's plan to rework its geographical presence by leaving
less-profitable markets to focus on core ones. The Trieste-based
insurer has previously announced sales of operations in Guatemala,
Panama, Colombia, the Netherlands and Ireland.
"The total value of the deals concluded and those already
announced, still subject to regulatory approvals, is over EUR1.1
billion exceeding our initial target of EUR1 billion. We will
continue to implement this on-going initiative with discipline over
the coming months," Frederic de Courtois, group CEO global business
lines & international said in a statement.
The deal should be completed in the second half of the year and
is subject to regulatory approvals.
Generali will remain in Belgium through its Global Business
Lines and its Europ Assistance operations.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
April 19, 2018 02:24 ET (06:24 GMT)
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