Turning its back on the
German insurance market, Austria’s second-largest insurer UNIQA is
to sell its 91.7% stake in German insurer Mannheimer AG Holding to
German insurer Die Continentale. The value of the deal has not been
disclosed.
A significant contributor to
UNIQA, Mannheimer reported premium income of €411.9m ($575m) in
2010. This was equal to almost 11% of UNIQA’s premium income of
€5.38bn in the same year. According to UNIQA, Mannheimer is active
in life insurance, property insurance and health insurance and has
835,000 insurance policies in issue.
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Providing a rationale for
exiting the sale of Mannheimer, UNIQA CEO Wolfgang Kindl said: “We
see the greatest future growth potential in the markets of Eastern
and South Eastern Europe. Already, 20% of our premium volume and
over 54% of our customers come from this region, and these figures
are on the rise.”
Kindl added that UNIQA
expects economies in Eastern and South Eastern Europe to grow
considerably faster than those of Western Europe and that the
demand for insurance solutions in the region will increase at a
rate exceeding economic growth.
“In order to further
strengthen our strategic position in the region and continue to
gain market share, we will increase our focus on Eastern Europe,”
he stressed.
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