German insurer Allianz informed that it has completed the acquisition of Tua Assicurazioni S.p.A. from Italian insurer Assicurazioni Generali for a consideration of EUR 280 million. The acquisition was initially reported in October 2023 (click here for details).

Tua Assicurazioni has a profitable Property and Casualty (P/C) insurance portfolio with overall gross written premiums of about 280 million euros in 2022, mainly managed via a distribution network of almost 500 agents.

“Upon completion of the transaction, which has already cleared regulatory approvals, Allianz S.p.A.’s P/C market share in Italy is expected to increase by approximately 1 percentage point, consolidating its position as the #3 player in the Italian P/C market.

Thanks to its strong focus on customer centricity and distribution excellence, Allianz will ensure a smooth transition for clients, employees and agents, while maximizing the benefits of its scale”, as Allianz representatives pointed out in a statement.

“The transaction is aligned with the implementation of the Group’s “Lifetime Partner 24: Driving Growth” strategy in Italy to pursue profitable growth, reduce complexity with the aim of making its operating machine more efficient and to increase P&C diversification.

The transaction generates a positive impact of around EUR 50 million on the net profit, and a neutral effect on the normalized net profit, adding approximately 1 p.p. to the Group Solvency II position”, as the Italian insurer informed in a press release.