ERGO proceeds consolidation process of its international business – Generali to sign agreement to take over insurance portfolio of ERGO subsidiaries in Hungary and Slovakia


Media Information, 02.04.2019

ERGO International AG has signed an agreement to sell the insurance portfolios of three more Group entities to Generali Group. The new sale is for its Life, Non-Life and Composite portfolios in Hungary and Slovakia. The sale is subject to certain regulatory and anti-trust approvals, as is customary for transactions of this kind. The parties have agreed not to provide details of the purchase price and other terms.

Under the terms of the agreement, Generali will acquire the entire client portfolios of the three entities in Hungary and Slovakia. Premium income across all three ERGO entities totaled EUR 20.6 million (GWP) in 2017. The change of ownership of the portfolios from ERGO to Generali will have no effect on the obligations towards ERGO’s current clients.

“The agreement clearly shows, that we consequently stick to our core strategy consolidating our international business alongside defined minimum requirements”, underlines Alexander Ankel, Chief Operating Officer of ERGO International AG. “We are headed in the right direction which gets us into an excellent starting position to give new and well-aimed impetus for sustainable growth in an international business context.”

Austria, CEE & Russia Regional Officer and CEO of Generali CEE Holding Luciano Cirinà stated: “The projected acquisition of Life, Non-Life and Composite portfolios in Hungary and Slovakia is another step forward to our successful journey of growth and investment into Central and Eastern Europe area and fully aligned with our Group´s strategy to further reinforce our leading position in Europe, in particular in the CEE region. It will enable us to utilize cross-selling opportunities through the customer base as well as to reach a broader base of clients. We are convinced that every client of ERGO will benefit from our high-level expertise and extensive offer of products and services.”

Generali is an independent Italian insurance group, with a strong international presence. Established in 1831, it is one of the largest global insurance providers, present in 50 countries and with 2018 total premium income of more than € 66 billion. With nearly 71,000 employees serving 61 million customers, the Group has a leading position in Western Europe and an increasingly significant presence in the markets of Central and Eastern Europe as well as in Asia. In Austria, Central and Eastern Europe and Russia the Group operates through its Austria, CEE & Russia Regional Office (Prague) in 12 countries being one of the top three insurers in the region.

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 about 30 countries and concentrates on Europe and Asia. German, international, direct and digital business as well as all IT activities and technology services are bundled in four separate units (ERGO Deutschland, ERGO International, ERGO Digital Ventures and ERGO Technology & Services Management) under the umbrella of ERGO Group AG. About 40,000 people work for the Group, either as salaried employees or as registered sales representatives. In 2018, ERGO recorded a total premium income of 19 billion euros and rendered benefits to customers of 15 billion euros (net). ERGO is part of Munich Re, one of the leading reinsurers and risk carriers worldwide.
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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