Italian insurer Generali informed in a statement that it has reached an agreement with Allianz for the disposal of TUA Assicurazioni S.p.A. The total price for the transaction is EUR 280 million in cash, subject to certain adjustments in line with the market practice for this type of transaction.

“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”.

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

The transaction is subject to regulatory approvals, expected at the beginning of 2024. Upon completion, 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”, as Allianz representatives pointed out in a press release.