ERGO drives further optimization of its international insurance portfolio – ERGO Croatia sold to Sava Insurance; ERV Ukraine goes to Euroins


Media Information, 17.04.2018

ERGO Group AG announced today that it is selling its life and non-life subsidiary in Croatia to Sava Insurance Company. ERGO’s European travel insurance subsidiary in Ukraine goes to Euroins Insurance Group (EIG). Representatives of ERGO, Sava Insurance and EIG have signed purchase agreements. As is customary for transactions of this type, the sale is subject to regulatory approval. All parties have agreed not to disclose details of the purchase prices.

The premium income of the two ERGO subsidiaries totalled EUR 18.2m in 2017.

With a total GWP volume of EUR 0.32m, the ERGO life entity in Croatia achieved a 0.2 percent share in the Croatian life insurance market in 2017. The non-life entity of ERGO Croatia realized a total GWP volume of EUR 12.8m and achieved a 1.2 percent market share in the Croatian non-life insurance market.

With a total GWP volume of EUR 5m in 2017 serving approximately 627,000 customers, the Ukrainian ERGO entity is the second largest travel insurance provider achieving a market share of 10.7 percent for the medical expense travel insurance market. Based on the selling ERGO and EIG additionally agreed on a business cooperation. That includes the transfer of ERV know how to EIG companies in order to offer travel insurance products either under the ERV brand or using a co-branding model utilizing EIG’s current or newly developed distribution channels.

“With Sava Insurance and EIG we’ve found the right investors which have been showing from the very beginning the willingness to create a win-win situation for all parties involved”, says Alexander Ankel, Chief Operating Officer of ERGO International AG. “With the selling of the two ERGO subsidiaries we’re consequently following our international strategy to continuously reassessing our international business activities.”

For further information, please contact:

Ronny Winkler

ERGO Group AG
Media Relations

Tel +49 211 477-3012
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 42,000 people work for the Group, either as salaried employees or as full-time self-employed sales representatives. In 2017, ERGO recorded a premium income of 19 billion euros and rendered benefits to customers of 18 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.

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