Generali sold 89,9% of the shares of the German subsidiary Generals Leben a Viridium Group. At the same time, Leo also signed an agreement for an industrial partnership with Viridium, an alliance dedicated to the German insurance market and aimed at managing the Life portfolio.
“Terms and conditions of the transaction are in line with the divestiture announcement, communicated in July 2018 – writes the Lion – which provides for a overall valuation of 100% of Generali Leben equal to one billion. Furthermore, the Generali Group is reimbursed 882 million of subordinated instruments".
Generali retains a 10,1% stake in Generali Leben and a seat on the Supervisory Board.
“Germany is a key market for us where we want to grow – he explains Philippe Donnet, CEO of Generali – and with this operation we complete the industrial turnaround of Generali Deutschland. We thus confirm our position as the second largest retail insurer in the German market and strengthen our leadership in Unit-Linked Life policies and in the Protection business. The resources that have become available with the sale of Generali Leben will be reinvested to support growth".
