Generali agrees sale of business in Colombia and completes sale of Guatemala

Trieste - The Generali Group has entered into an agreement to sell its business in Colombia and has completed the sale of its business in Guatemala. The transactions are part of its strategy to optimise its geographical presence, increase operational efficiency and improve capital allocation.

Frédéric de Courtois, Group Ceo Global Business Lines & International commented: “These transactions are another step forward in the rebalancing of Generali Group geographical presence across the world. We are making good progress in the rationalization of our geographical footprint pursuing our strategy to make Generali a simpler and smarter company”.

Generali has agreed to the disposal of its participation in the Colombian companies, equivalent to 91.3% of Generali Seguros and to 93.3% of Generali Vida, to the Talanx Group.

The transaction is subject to the approval of the relevant authorities.

In 2016, Generali Colombia recorded a total premium income of around €59 million and a shareholders’ equity of approximately €22 million. Generali Colombia share in the local insurance market is below 1%, ranking #22.

Generali also announces the completion of the sale of its stake in its Guatemala-based subsidiary to the Neutze family, its long-term trusted local partners. Aseguradora General S.A. is an insurance company mainly active in the P&C segment.

The Generali Group will remain active in Guatemala with its international business lines, namely, Generali Employee Benefits, Generali Global Corporate & Commercial and Europ Assistance.