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US News Allianz takes over property subsidiary of British Aviva in Italy

17:45  04 march  2021
17:45  04 march  2021 Source:   de.reuters.com

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Munich (Reuters) - Allianz is strengthening its property and casualty business in Italy.

FILE PHOTO: The logo of insurer Allianz SE is seen on the company building in Puteaux at the financial and business district of La Defense near Paris © Reuters / CHARLES PLATIAU FILE PHOTO: The logo of insurer Allianz SE is seen on the company building in Puteaux at the financial and business district of La Defense near Paris

The Munich insurance giant is taking over Aviva Italia, the property insurance division of British competitor Aviva, as both parties announced on Thursday. Car insurance, which is considered lucrative in Italy, accounts for half of the gross premium volume of around 400 million euros. With around 500 representatives, Aviva Italia has a market share of one percent. With the acquisition, Allianz is consolidating its position as number three in the Italian property and casualty insurance market, the statement said.

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The UK insurer is about to bid farewell to countries in continental Europe and focus on its home market, Ireland and Canada. The French rival Macif Aema was recently awarded the contract for 3.2 billion euros for the French business, and Allianz was also interested.

The life insurance business of Aviva in Italy goes at the same time to the French CNP Assurances, as the British announced further. CNP pays 543 million euros for 51 percent of the shares, the rest continues to belong to the major Milan bank UniCredit. Allianz is holding back on takeovers in the life sector because of the persistently low interest rates. According to its own information, Aviva has generated around 1.3 billion euros in total with its exit from Italy.

According to insiders, the sales process for the subsidiary in Poland is still running. Here, too, the alliance is still in the running alongside the Italian Generali and the Dutch NN Group.

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This is interesting!