Generali to Sell UK Branch's Run-Off Portfolio to Reinsurance Group of America
May 24 2019 - 4:37AM
Dow Jones News
By Max Bernhard
Assicurazioni Generali SpA (G.MI) said Friday that it agreed to
sell the Life run-off portfolio of its UK branch to Reinsurance
Group of America, Inc (RGA).
The portfolio corresponds to about 680 million euros ($758.6
million) in "Best Estimates Liabilities" BEL as at year-end 2018,
the Italian insurer said.
The sale of the portfolio, which consists mainly of annuity
business, strengthens Generali's capital position, it said.
Generali said it estimates the deal will increase its Regulatory
Solvency Ratio by around 1 percentage point.
"Thanks to the sale of this run-off portfolio, we are going to
release resources that we can reinvest in new opportunities. The
operation also further improves the operating efficiency of our UK
Branch," Chief Financial Officer Cristiano Borean said.
Write to Max Bernhard at max.bernhard@dowjones.com;
@mxbernhard
(END) Dow Jones Newswires
May 24, 2019 04:22 ET (08:22 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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