Talanx and KBC finalise the sale of WARTA
(Thomson Reuters ONE) -
Regulated information* - 2 July 2012 (08.00 a.m. CEST)
Talanx and KBC finalise the sale of WARTA
Yesterday, KBC Group ('KBC') and Talanx International AG ('Talanx') finalised
the sale of Polish insurance company TUiR WARTA S.A. (Towarzystwo Ubezpieczen i
Reasekuracji WARTA S.A.) to Talanx which was announced on 20 January 2012, after
having received the necessary regulatory approvals.
· WARTA is one of the largest and most established insurance companies
in Poland with a strong market position across business segments and a highly
recognised brand. During the first quarter of 2012 WARTA Group collected almost
PLN 1,25 billion in gross written premium: PLN 649 million in non-life (TUiR
WARTA S.A) and PLN 599 million in life (TUnZ WARTA S.A.). Compared to the same
period of the previous year this represents a 15% growth in both companies. The
net profit in Q1-2012 amounted in total to PLN 125.3 million.
· To date, Talanx has been operating in Poland through two companies in
motor, general liability, property and life insurance: HDI Asekuracja TU S.A.
and HDI-Gerling Zycie TU S.A. Additionally, on 4 June 2012, Talanx and Meiji
Yasuda announced the completion of the take-over of the majority of Europa
Group, based in Wroclaw. With the closing of both of these transactions, Talanx
becomes the second largest insurance group in Poland (according to a 2010
statistic published by the Polish Financial Supervision Authority).
* The existing bancassurance collaboration between WARTA and Kredyt Bank
(KBC's banking subsidiary in Poland, which is also the subject of a separate
divestment process) regarding the distribution of WARTA's Life and Non-life
insurance products through the Kredyt Bank branch network, will remain in
place for the foreseeable future.
Johan Thijs, KBC Group CEO, comments as follows: "With the divestment of WARTA,
we have completed another major step in implementing our updated strategy. This
transaction releases a significant amount of capital and has a positive impact
on KBC's profit and loss and Tier 1 ratio. WARTA has now found a new stable
shareholder and this will be to the benefit of all stakeholders of the company.
I would like to thank WARTA's management and staff for their commitment
throughout all these years. We wish them all the best."
Herbert K. Haas, CEO of Talanx Group comments: "With this successful acquisition
in Poland, Talanx is continuing to deliver on its strategy of strengthening the
international part of its portfolio. Central and Eastern Europe and Latin
America are target markets for the Talanx Group. It aims, in the long run, to
grow the foreign share of gross premiums from primary insurance in the divisions
of Industrial Lines and Retail International to half of the total gross premiums
from primary insurance."
JarosIaw Parkot, WARTA CEO, commented: "We are glad to announce that we now are
part of the Talanx group. This transaction significantly strengthens WARTA's
position on the Polish market. WARTA's results show that we are a dynamically
developing company. Talanx is the ideal partner to support us to continue this
trend."
Note for the editor:
About Talanx Group
Talanx was the third-largest German insurance Group and the eleventh-largest
European insurance group in 2011(1) (based on gross written premium). In 2011,
Talanx generated premium income of approximately EUR 23.7 billion. Talanx
operates as a multi-brand provider. Its brands include HDI, HDI-Gerling,
Hannover Re, one of the world's leading reinsurers, Targo Versicherungen, PB
Versicherungen, Neue Leben and the financial services provider AmpegaGerling.
The Hannover-based Group is active in 150 countries. The rating agency Standard
& Poor's has given the Talanx Primary Group a financial strength rating of
A+/stable (strong) and the Hannover Re Group one of AA-/stable (very strong).
(1 )Source: KPMG 2012 on the basis of the Annual Reports of the relevant
insurance companies
About WARTA:
WARTA is one of the largest and most established insurance companies in Poland.
The company was founded in 1920. In 2000, KBC became a shareholder of WARTA,
acquiring a 40% stake. A year later, WARTA signed a bancassurance agreement with
Kredyt Bank in a partnership that made the two companies pioneers of
bancassurance services in the Polish market. In 2006, KBC acquired a 100% stake
in the company.
About KBC:
KBC is an integrated multi-channel bancassurance group, catering mainly for
retail, SME and local midcap customers. It concentrates on its home markets of
Belgium and certain countries in Central and Eastern Europe (Czech Republic,
Slovakia, Bulgaria and Hungary). Elsewhere around the globe, the group has
established a presence in selected countries and regions.
KBC provides banking, insurance and asset management products and services via
its integrated distribution channel consisting of bank branches, insurance
agents and brokers and the Internet. KBC's headquarters are located in Brussels
(Belgium), the heart of Europe. The KBC group employs 47 530 FTE and caters for
9 million customers.
KBC is listed on NYSE Euronext Brussels (ticker symbol 'KBC').
Additional information: www.kbc.com. Follow KBC at www.twitter.com/kbc_group
For media enquiries, please contact:
For KBC Group:
Viviane Huybrecht, General Manager, Group Communications/Spokesperson, KBC Group
Tel.: +32 2 429 85 45 pressofficekbc(at)kbc.be
For Talanx:
Thomas von Mallinckrodt Tel.: +49 511-3747-2020
E-Mail: thomas.mallinckrodt(at)talanx.com
Martin Schrader Tel.: +49 511-3747-2749
E-Mail: martin.schrader(at)talanx.com
For Investor Relations, please contact:
For KBC Group:
Wim Allegaert, General Manager, Investor Relations, KBC Group
Tel.: +32 2 429 40 51 wim.allegaert(at)kbc.be
For Talanx :
Dr. Wolfram Schmitt Tel.: +49 511-3747-2185
E-Mail: wolfram.schmitt(at)talanx.com
Carsten Werle Tel.: +49 511-3747-2231
Email: carsten.werle(at)talanx.com
Disclaimer for Talanx
This news release contains projections or other forward-looking statements which
are based upon the current knowledge and assumptions of the management of Talanx
AG about future events. Forward-looking statements address future events and
conditions and therefore involve inherent risks and uncertainties. The economic
environment and other conditions are constantly changing. As a result, the
actual development and performance of the company may differ materially from
those currently anticipated in such statements. The company assumes no duty to
revise or update any of the forward-looking statements or other information
contained herein.
* This news item contains information that is subject to the transparency
regulations for listed companies.
Talanx and KBC finalise the sale of WARTA:
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Source: KBC Groep via Thomson Reuters ONE
[HUG#1623283]
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Datum: 02.07.2012 - 08:01 Uhr
Sprache: Deutsch
News-ID 161663
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contact information:
Town:
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"Talanx and KBC finalise the sale of WARTA"
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