Generali to Sell Ireland-Based Business for EUR286 Million
December 18 2017 - 5:30AM
Dow Jones News
By Pietro Lombardi
Italy's Assicurazioni Generali SpA (G.MI) has agreed to sell its
Ireland-based Generali Paneurope for about 286 million euros ($336
million), it said Monday.
The Italian insurer, based in Trieste, said it will receive an
initial EUR230 million from Life Company Consolidation Group.
The transaction, subject to regulatory approval, should be
completed by the first half of 2018, Assicurazioni Generali
said.
Generali expects the sale to generate an after-tax gain of about
EUR56 million and add 0.4 percentage point to the group's Solvency
II ratio, a measure of financial strength.
"This transaction underscores our ongoing efforts to rationalize
Generali's geographical footprint across the globe," said Frederic
de Courtois, group CEO for Global Business Lines &
International.
Last year Generali outlined a plan to leave less-profitable
markets and focus on core areas. As part of the plan, it agreed to
sell its Dutch business Generali Nederland NV earlier this year.
Generali expects the plan to generate at least EUR1 billion of cash
by 2018.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
December 18, 2017 05:15 ET (10:15 GMT)
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