Generali Holding Vienna AG
Generali Holding Vienna english
Generali: Further expansion in Central and Eastern Europe
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Generali: Further expansion in Central and Eastern Europe
Croatia also to become a new market.
The Generali Vienna Group is continuing to expand massively in the markets of
Central and Eastern Europe (the CEE region). After an agreement with the Zurich
Financial Services Group for the takeover of five insurance companies located
in Poland, the Czech Republic, Hungary and Slovakia as well as a pension fund in
Poland, signed by Generali at the end of March, Generali Vienna is now making
preparations for its entry into the Croatian market. Croatia will be the
Generali Vienna Group’s seventh market in Central and Eastern Europe alongside
Hungary, the Czech Republic, Slovakia, Slovenia, Poland and Romania. The group
recorded premium income of EUR 420.3 million in those markets during 2001, and
the CEE region already accounted 18 per cent of its aggregate premium income.
The Zurich takeover on its own will increase Generali Vienna’s premium income in
Central and Eastern Europe by nearly 20 percent or EUR 83.4 million.
Life insurance operations in Croatia to begin in the autumn
The Generali Vienna Group will be building up an insurance company of its own in
Croatia. Werner Moertel, Chief Executive of Generali Holding Vienna AG,
Vienna, for the CEE region, summed up the group’s ambitious plans: “By 2010, we
hope to have a 10 per cent market share in the life insurance segment and a 5
per cent market share in the property insurance segment.” Moertel estimates the
total investment at about EUR 35 million.
The first step has already been taken with the opening of a representative
office in Zagreb. Generali will be submitting an application for an insurance
licence to the Zagreb authorities in the next few days.
Operations should commence in the autumn of this year with sales of life
insurance policies. The product line will be extended to include property
insurance next year, with a focus on mass retail business. Preparations will
then be made for the launch of motor-vehicle third-party liability insurance as
another core segment.
More: http://www.generali-holding.at
end of ad-hoc-announcement (c)DGAP 15.04.2002
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WKN: 066135; ISIN: AT0000661350; Index: ATX
Listed: Amtlicher Handel in Wien; Freiverkehr in Berlin, Frankfurt, Hamburg,
München und Stuttgart
150951 Apr 02
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