Assicurazioni Generali, through its subsidiaries, sold its entire stake in Athora Holding Ltd Generali Belgium Sa, active mainly in the life segment. The Trieste company communicates it in a note.
The operation is valid 540 million euro, a consideration "subject to limited adjustments upon closing of the transaction - reads the note - in line with market practice", which according to forecasts will bring a capital gain of approximately 150 million.
The sale is subject to regulatory approval and is expected to be completed in the second half of 2018.
This operation, Generali explains in a note, is part of the strategy of optimizing the geographical presence and improving operating efficiency and capital allocation.
The company expects the transaction to have a positive impact in terms of group solvency, with an estimated improvement in the Regulatory Solvency II Ratio of approximately 2,6 percentage points.
Generali Belgium's contribution to the group's net profit amounted to 22 million in 2017. In any case, Generali will remain in Belgium continuing to provide insurance and assistance solutions through its Global Business Lines, as well as through the Europ Assistance Group.
One hour after opening, Generali's share on the Stock Exchange gained 0,3%, to 16,45 euros.
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