4 October 2021 — Andrei Victor
Allianz S.p.A., the Italian holding company of the Allianz Group, announced that it has successfully closed the transaction to acquire Aviva Italia S.p.A., the Italian property & casualty (P&C) insurance entity of the Aviva Group, from Aviva Italia Holding S.p.A.
The transaction, was announced in March 2021
. At that time AVIVA informed it agreed:
- to sell AVIVA's Italian Life insurance business to CNP Assurances for EUR 543 million,
- and sale of AVIVA's General insurance business to ALLIANZ for EUR 330 million.
"The transaction, which is worth about EUR 330 million, was announced in March 2021. It involved a portfolio equally distributed between motor and non-motor business segments with gross written premiums of about EUR 400 million", as ALLIANZ representatives announced in a statement.
The completion of the transaction further strengthens Allianz S.p.A.'s No.3 position in the Italian P&C insurance industry, increasing the company's market share by approximately one percentage point.