ERGO sells Turkish subsidiary and completes announced international portfolio optimization


Media Information, 02.05.2019

With the sale of its Turkish non-life subsidiary company to Talanx, ERGO is completing the portfolio optimisation of its international activities, as announced in the ERGO strategy programme. Representatives of both companies have signed a purchase agreement. As usual with such transactions, the sale requires official approval. The parties are providing no further information about the sale price.

Under the agreement Talanx acquires 100 percent of the shares of ERGO’s non-life business in Turkey and takes over the complete company, including the employees, the customer portfolio and the IT systems. The change of ownership does not affect the obligations towards ERGO’s current customers.

The gross written premium (GWP) of ERGO‘s Turkish non-life subsidiary amounted to a total of EUR 139m in 2018, the ERGO entity thereby occupying the 19th place in the Turkish non-life insurance market. The transaction has still to be approved by the appropriate supervisory authorities, and this is expected in the third quarter of 2019.

“With this major agreement we have successfully completed the optimisation of our existing international portfolio within the scope of the ERGO strategy programme”, said Alexander Ankel, Chief Operating Officer of ERGO International.

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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