Allianz has completed the acquisition of Tua Assicurazioni from Assicurazioni Generali for €280m ($303.91m), expanding its P&C insurance operations in Italy.
The deal, announced in October 2023, has received regulatory approval and is expected to enhance Allianz’s market share in the Italian P&C sector by roughly one percentage point.
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Tua Assicurazioni, known for providing P&C insurance solutions, operates through a distribution network of nearly 500 non-tied agents and brokers.
In 2022, the company reported gross written premiums of around €280m.
Allianz claimed that this acquisition strengthens its position as the third-largest player in the Italian P&C insurance market.
At the time of the announcement, Allianz CEO Giacomo Campora said: “The acquisition of Tua Assicurazioni perfectly fits within our strategy, growing our footprint in P&C with a focus on retail and SMEs.
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By GlobalData“Since 2014 we have been successfully integrating three large groups of professional agents (Milano, SASA and recently Aviva), thanks to the depth and breadth of our products and the modern and efficient technical platform.”
Allianz acquired Aviva Group’s Italian P&C unit in 2021, which currently operates as Allianz Viva.
Generali, on the other hand, has stated that the sale is in line with its Lifetime Partner 24: Driving Growth strategy, which aims to pursue profitable growth, simplify operations and enhance P&C diversification in Italy.
The divestiture of Tua Assicurazioni is anticipated to positively impact Generali’s net profit by around €50m and have a neutral effect on normalised net profit.
It is also expected to add around one percentage point to Generali’s Solvency II ratio.
Financial advisory services for Generali were provided by Mediobanca – Banca di Credito Finanziario and Rothschild, with Gianni & Origoni acting as the legal advisor.
