Generali to Sell Tua Assicurazioni to Allianz for $295 Million
By Adria Calatayud
Assicurazioni Generali has agreed to sell its Tua Assicurazioni subsidiary to Allianz for 280 million euros ($294.9 million) in cash, the companies said late Thursday.
German insurer Allianz said the acquisition will increase its share of the Italian property-and-casualty insurance market by one percentage point, consolidating it as the third largest player. Tua has a profitable property-and-casualty insurance portfolio with overall gross written premiums of about EUR280 million last year, Allianz said.
Italy's Generali said separately that the sale is in line with its strategy, will add one percentage point to its Solvency II position--a measure of financial strength--and is expected to have a negligible impact on its earnings per share.
The deal is due to be completed by the first quarter of 2024, subject to regulatory approvals, Generali said.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
October 13, 2023 02:39 ET (06:39 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
After Earnings, Is Coinbase Stock a Buy, a Sell, or Fairly Valued?
-
After Earnings, Is Albemarle Stock a Buy, a Sell, or Fairly Valued?
-
Is ServiceNow Stock a Buy After Earnings and Its Investor Day?
-
3 Stocks to Buy and 3 Stocks to Sell After Earnings
-
Markets Brief: Is It Really a Surprising Quarter for Earnings?
-
After Earnings, Is Berkshire Hathaway Stock a Buy, a Sell, or Fairly Valued?
-
For Bond Investors, Delayed Rate Cuts Demand a Different Playbook
-
What’s Happening In the Markets This Week
-
40 of the Best Investment Picks
-
Tech Stock Dividends Are Changing the Face of Dividend Growth Investing
-
Roblox Earnings: Weakening Engagement Has Weighed On Growth
-
The Best Gaming Stocks to Buy
-
Energy Transfer Earnings: M&A Drives Guidance Increase In Solid Quarter
-
The Best Healthcare Stocks to Buy
-
Going Into Earnings, Is Home Depot Stock a Buy, a Sell, or Fairly Valued?
-
Arm Earnings: Shares Fall as 2025 Guidance Disappoints Investors