Generali finalizes the acquisition of GPH full ownership, which now changes its name into Generali CEE Holding.
Generali reached 100% ownership of Generali PPF Holding B.V. (GPH) by acquiring the remaining 24% minority shareholding held by PPF Group, in line with the agreements signed on January 8, 2013. With the acquisition of the full ownership of GPH, the holding company operating in Central-Eastern Europe changes its name into Generali CEE Holding B.V.
The CEE market is Generali’s fourth largest with approximately €3.5 billion of premiums in 2013 and over 11 million customers (respectively €1 billion of premiums and 4 million clients in 2007, when the partnership was signed).
Generali CEE Holding is one of the biggest insurers in the CEE market with an excellent track record of profitability and leading positions in many of the 10 countries where it operates (it ranks first in the Czech Republic and Hungary, second in Serbia, third in Slovakia and among the top ten in the others). In addition, the Group outperforms its regional competitors in terms of P&C profitability with a 9M14 Combined Ratio at 87.3%.
Generali Group CEO Mario Greco stated: “This is the final step of an important transaction for the Group. The complete ownership of Generali CEE Holding BV finally gives us the opportunity to take full advantage of our investment and to speed up our pace in further developing and improving our competitiveness in the region. Central-Eastern Europe is one of our key European markets, with clear growth prospects and where the Group is already an undisputed leader in terms of profitability."
More details on the official press release