(Finance) – General has the sale of TUA Assicurazioni was completed to Allianz. The operation, recalls a note from the Trieste insurance company, is in line with the implementation in Italy of the Group’s strategic plan “Lifetime Partner 24: Driving Growth”, which envisages pursuing profitable growth, reducing complexity with objective of making the operating machine more efficient and increasing the diversification of the Non-Life segment. The operation generates a positive impact on the net profit of approximately 50 million eurosneutral for normalized net profit purposes, with an increase of approximately 1 pp in the Group’s Solvency Ratio.
Allianz highlighted that the acquisition has taken place for 280 million euros. Following the operation, Allianz’s market share in the P&C insurance market is expected to grow by approximately 1 percentage point, consolidating its position as the third player in Italy.
Tua Assicurazioni has a profitable non-life portfolio with total gross premiums of approximately 280 million euros in 2022, mainly distributed through a network of almost 500 agents. “With a strong focus on customer centricity and distribution excellence, Allianz will ensure a smooth transition for customers, employees and agents, while realizing economies of scale,” it is highlighted.