Using the platform of an
alliance forged in November 2010, German insurer Talanx and
Japanese insurer Meiji Yasuda Life are to jointly acquire control
of Polish insurance holding company Europa Group. This follows an
agreement reached with Polish financial services company Getin
Holding Group which has a 66.5% stake in Warsaw Stock
Exchange-listed Europa Group.
Europa Group comprises two
insurance subsidiaries, life insurer Towarzystwo Ubezpieczen na
Zycie (TUZ) and general insurer Towarzystwo Ubezpieczen Europa
(TUE). TUZ is the larger of the two having generated life premium
income of €988m ($1.29bn) in 2010. TUE generated general insurance
premium income of €126m.
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Talanx, Germany’s
third-largest insurer, will hold the largest but an unspecified
stake in Europa Group. Meiji Yasuda Life’s stake has also not been
specified. However, according to a report in the Warsaw Business
Journal, Getin will sell a 50.1% stake in Europa Group to Talanx
and Meiji Yasuda Life for PLN 912m ($268m) and retain its remaining
stake. The partners intend to proceed with an offer to all minority
shareholders that include Dutch group ING which Europa Group
reports as having a 10.58% stake.
TUZ and TUE will join
Talanx’s existing Polish operations, life insurer HDI-Gerling Zycie
and general insurer HDI Asekuracja.
Under the agreement, Getin
will enter into a long-term bancassurance agreement with Talanx and
Meiji Yasuda Life. The agreement will cover Getin’s two Polish
banks, Getin Bank and Idea Bank, as well as Getin’s banking
interests in Russia, Ukraine and Belarus. Talanx also has
bancassurance alliances in Russia, Hungary and Turkey.
The bancassurance deal with Getin is crucial to the
success of TUZ and TUE which began developing bancassurance as
their primary distribution channel in 2004. According to the Europa
Group, TUZ’s premium income represents almost one fifth of premiums
written through the Polish life bancassurance segment. TUE’s
premium income accounts for a third of general insurance premiums
written through bancassurance channels.
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