The deal is concluded and Generali has signed the transaction with Viridium Gruppe relating to the sale of Generali Leben and the launch of a broader industrial partnership with Viridium on the German insurance market. The announcement ofassignment agreement and partnership had been given by the Leone group on 5 July and the signing of the contract finalizes the agreement.
Giovanni Liverani, CEO of Generali Deutschland, commented: “The important agreement we signed will benefit all our stakeholders. The agreement will improve the profitability of our Life business, guarantee the continuity of a first-rate customer service and offer new opportunities for our employees. Furthermore, the agreement will ensure further investments for our strategy, which positions us at the forefront of offering smart and innovative insurance solutions for the benefit of our customers in the German market”.
Leben was valued at around 1 billion, a share that includes a further gain of 125 million in the event of a change in the rules on additional technical reserves. Furthermore, 882 million of subordinated instruments will be repaid to Generali, thus allowing the insurance group to collect a total of 1,9 billion from the transaction.
