ERGO streamlines the international D.A.S. portfolio – Subsidiary in Switzerland and portfolios in Luxembourg and Slovakia sold to Allianz


Press Release, 10.01.2018

ERGO Group AG has announced that it is selling its legal insurance subsidiary in Switzerland and the portfolios of its D.A.S. subsidiaries in Luxembourg and Slovakia to the Allianz Group. Representatives of both enterprises have signed a purchase agreement. As is customary for transactions of this type, the sale is subject to regulatory approval. The parties have agreed not to disclose details of the purchase price.

The premium income of the three ERGO legal insurance subsidiaries totalled €38.3 million in 2016. By far the largest share of the transaction is accounted for by the Swiss D.A.S. subsidiary, which in 2016 reported premium income of around €30 million and ranked seventh on the Swiss market with a market share of 6.2 percentage points. In 2016, D.A.S. Slovakia, which is the leading provider of legal insurance, had a market share of 85.1 percent. D.A.S. Luxembourg holds a market share of 18.2 percent and ranks in second place (2016).

The sale sees ERGO International pursuing its three-pillar strategy, which defines clear cornerstones for the insurance group’s international business. The programme aims to expand ERGO’s strong position in developed European markets such as Poland and Greece, to efficiently manage the Group’s global specialty insurance business, and to sustainably build and expand business activities in growth markets such as China and India.

“As part of our internationalisation strategy, we are constantly reviewing and analysing our business operations. We see ourselves as pacemakers, not as followers”, says Alexander Ankel, Chief Operating Officer of ERGO International AG. “We are never satisfied with simply being present: our vision is to be an innovation driver in our industry – in every market and region we operate in.”

ERGO is continuously reassessing its international business activities in terms of their strategic relevance, position and market appeal. ERGO International may consider selling companies that fail to meet the minimum requirements now or in the foreseeable future.

For further information, please contact:

Ronny Winkler

ERGO Group AG
Media Relations

Tel +49 211 477-3012
Fax +49 211 477-3113
ronny.winkler@ergo.de
media-relations@ergo.de

About the ERGO Group AG

ERGO is one of the major insurance groups in Germany and Europe. Worldwide, the Group is represented in over 30 countries and concentrates on Europe and Asia. Within the group, three entities manage domestic and international business, as well as digital and direct business (ERGO Deutschland, ERGO International and ERGO Digital Ventures). About 44,000 people work for the Group, either as salaried employees or as full-time self-employed sales representatives. In 2016, ERGO recorded a premium income of 17 billion euros and rendered benefits to customers of 16 billion euros. ERGO is part of Munich Re, one of the world's leading reinsurers and risk carriers.
More at www.ergo.com

Disclaimer

This press release contains forward-looking statements that are based on current assumptions and forecasts of the management of ERGO Group. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of our Company. The Company assumes no liability to update these forwardlooking statements or to conform them to future events or developments.