Swiss composite insurer Helvetia
Group and Allianz have reached an agreement that will see Helvetia
acquire two subsidiaries from Allianz’s Swiss unit Allianz Suisse
for CHF302m ($304m).
The larger of the two units sold by
Allianz Suisse, Alba, is a general insurer and in 2009 generated
premium revenues of CHF131.8m and a profit of CHF26m. The second
unit sold, Phenix, offers life insurance and general insurance, and
in 2009 generated premium revenues of CHF87.1m, earning a profit of
CHF1.8
million.
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Allianz Suisse CEO Manfred Knof
commented that the transaction is aimed at simplifying Allianz
Suisse’s structure. He explained that Allianz Suisse operates its
other two life and general insurance units as a combined entity
whereas Alba and Phenix operate as independent units.
Excluding Alba and Phenix, Allianz
Suisse generated premium revenues of CHF3.8bn in 2009. It provides
products to 930,000 private individuals and some 100,000
companies.
In 2009, Helvetia reported a net
profit of CHF320.5m and gross premium income and deposits of
CHF6.06bn of which life insurance contributed CHF4.09bn.
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