The Italian insurance major said the divesture is expected to have a minimal impact on its operating results. Credit: Dmytro Surkov/Shutterstock.

Generali has agreed to sell its 99.99% stake in its Turkish insurance subsidiary, Generali Sigorta, to a consortium of investors.  

This move aligns with the company’s strategic growth plan, Lifetime Partner 24: Driving Growth, which aims to focus on markets where Generali has a significant presence. 

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Generali did not disclose the financial terms of the transaction.  

The group of investors acquiring Generali’s stake includes Arex Yatırım Holding (48%), Kiler Holding (42%), Ekol Girişim Sermayesi Yatırım Ortaklığı (9%) and Arex Sigorta (1%).   

The Italian insurance major said the divesture is expected to have a minimal impact on its operating results and Solvency II position, as the Turkish business’ contribution was negligible. 

Subject to necessary approvals from regulatory authorities, the sale is expected to be finalised by the first half of 2025. 

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PwC served as the sole mergers and acquisitions advisor and provided vendor due diligence services to Generali, while Esin Attorney Partnership offered legal advice. 

As part of its strategic plan, Generali announced an organisational restructure in April to accelerate growth and improve management within its insurance and asset management divisions.  

Announcing the reorganisation, Generali Group CEO Philippe Donnet said: “Thanks to a simpler and leaner approach, the new group’s organisational structure centering on insurance and asset management will accelerate the group’s transformation, and it will support the definition of the plan for the next strategic cycle.”  

Furthermore, in April, Generali completed the acquisition of Conning Holdings and its affiliates from Cathay Financial Holdings’ subsidiary Cathay Life Insurance, expanding its expertise in insurance asset management. 

In February this year, Generali concluded a €2.3bn ($2.5bn) acquisition of Liberty Seguros, a personal lines and small commercial insurance business previously owned by Liberty Mutual.  

Employing 1,700 people and working with a network of 5,600 intermediaries, Liberty Seguros strengthens Generali’s property and casualty insurance portfolio.