Generali Holding Vienna AG
Generali Holding Vienna english
Generali takes over CEE subsidiaries of the Zurich Group
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Zurich Financial Services (ZFS) and Generali Holding Vienna AG, Vienna, have
reached an agreement that will restructure their operations in Central and
Eastern Europe. Under the agreement, Generali will take over five Zurich Group
insurance companies in Poland, the Czech Republic, Hungary and Slovakia and a
pension fund in Poland – subject to the necessary approval. Generali is already
present in all these markets.
– In Poland, Generali will be taking over life insurer Zurich T.U. na Zycie
S.A., property insurer Zurich T.U. S.A. and the Zurich pension fund. This will
more than double its premium income in Poland. In particular, the takeover will
lead to a massive surge of growth in the life insurance segment, improving
Generali’s ranking in the Polish life insurance market to number six. The
Zurich pension fund is Poland’s fifth largest. The takeover of this pension
fund will give Generali access to a promising and rapidly growing market
segment. Over 260 staff-members and 800 insurance agents work for Zurich in
Poland.
– Generali will be taking over the business activities and organization of the
Zurich Pojistovna branch in the Czech Republic. The takeover will increase
Generali’s premium income in the country by roughly 30 per cent. The Zurich
Group has some 150 employees in the Czech Republic.
– Zurich Biztosito Rt. in Budapest will pass to Generali with an annual premium
income of over EUR 8 million and a workforce of 65. Its primary focus is motor-
vehicle insurance and corporate customers business.
– The alliance will supplement Generali’s activities in Slovakia through the
addition of Zurich Poistovna a.s., which adds an annual premium income of EUR
2.2 million and a workforce of 15.
Overall, the alliance will increase the Generali Vienna Group’s premium income
in Central and Eastern Europe by EUR 83.4 million or nearly 20 per cent.
Furthermore, Zurich manages investment funds for its own subsidiaries and for
third parties in the region totalling EUR 270 million. That responsibility will
also pass to Generali.
More: http://www.generali-holding.at
end of ad-hoc-announcement (c)DGAP 26.03.2002
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WKN: 066135; ISIN: AT0000661350; Index: ATX
Listed: Amtlicher Handel in Wien; Freiverkehr in Berlin, Frankfurt, Hamburg,
München und Stuttgart
261733 Mär 02
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