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February 17, 2012updated 13 Apr 2017 8:46am

Talanx clinches deal in Poland

Participating with the German insurer in the 700m ($890m) cash deal is its Japanese alliance partner Meiji Yasuda Life, which will acquire a 30% stake in WARTA from Talanx, subsequent to the deals closing.

By LII editorial

Bar chart showing the premium income of the Polish life insurance industry, 2002-2010Further strengthening its position in Poland – Central and Eastern Europe’s largest insurance market – Talanx is to acquire Belgian bank KBC’s Polish insurance subsidiary WARTA. Participating with the German insurer in the €700m ($890m) cash deal is its Japanese alliance partner Meiji Yasuda Life, which will acquire a 30% stake in WARTA from Talanx, subsequent to the deal’s closing.

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WARTA will bring with it life insurer TUnZWARTA and general insurer TUiR WARTA. According to Talanx, the life insurance unit recorded premium income of PLN1.9bn ($570m) in the first nine months of 2011, giving it a market share of 7.5% and ranking it third in the sector.

During the same period, the general insurance unit recorded premium income of PLN1.7bn, giving it a market share of 8.9% and ranking it third. WARTA achieved a net profit of PLN164m in the first nine months of 2011.

KBC entered Poland in 2000, when it acquired a 40% stake in WARTA, which traces its history back to the founding of WARTA Reinsurance in 1920. KBC acquired the remaining 60% of WARTA in 2006.

The acquisition marks the second major acquisitive move by Talanx and Meiji Yasuda Life in Poland in as many months.

In December last year, the alliance partners announced joint acquisition of control of Polish insurance holding company Europa Group under an agreement with Polish financial services company Getin Holding Group, which has a 66.5% stake in Warsaw Stock Exchange-listed Europa Group.

According to the Warsaw Business Journal, Getin will sell a 50.1% stake in Europa Group to Talanx and Meiji Yasuda Life for PLN912m and retain its remaining stake. Talanx and Meiji Yasuda Life intend to make an offer to all other Europa Group minority shareholders.

Europa Group comprises two units: bancassurance-focused life insurer Towarzystwo Ubezpieczen na Zycie, which reported premium income of €988m in 2010; and general insurer Towarzystwo Ubezpieczen Europa, which reported premium income of €126m.

Talanx’s existing operations in Poland are HDI-Gerling Zycie and general insurer HDI Asekuracja. With acquisitions of WARTA and Europa Group, Talanx will become the second-largest insurer in Poland behind state controlled PZU Group.

Talanx is wholly-owned by German mutual insurer Haftpflichtverband der Deutschen Industrie Versicherung auf Gegenseitigkeit and ranks as Germany’s third-largest insurer.

In 2010, Talanx reported an attributable profit of €220m and premium income of €22.87bn. Of the premium income, 21% was derived from life and health reinsurance and 25% from non-life reinsurance generated by its 50.2%-owned subsidiary Hannover Re.

Free Report
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2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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