Generali sells Belgian business

Generali to sell Belgian operations.
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Insurance

Generali Group has announced a binding agreement with Athora Holding Ltd to sell its Belgian operations.

Generali will sell its entire stake in Generali Belgium SA, which focuses primarily on life insurance, for an initial consideration of €540 million, subject to adjustments that will come at the closing of the transaction. The deal is part of Generali’s ongoing strategy to improve operational efficiency and capital allocation, and is expected to positively impact its overall solvency position; it is estimated that 2.6 percentage points will be added to the Group’s Regulatory Solvency II ratio by the sale.

“This deal underlines our continuing efforts to optimise the Group’s international reach across the world,” commented Frédéric de Courtois, Generali’s Group CEO of Global Business Lines & International. “After having announced the sale of our operations in Guatemala, Panama, Colombia, the Netherlands and Ireland, this transaction represents yet another important step ahead in our strategy.”

Generali will continue to maintain a presence in Belgium via both its Global Business Lines and its Europ Assistance operations.