(ANSA) - MILAN, DEC 31 - Generali has signed an agreement for the acquisition from Axa Group of 100% of Axa Insurance Greece for a consideration of 165 million, which represents a multiple of 12.2 times 2019 profits, subject to adjustments at closing .
Furthermore, Generali renegotiated the existing distribution agreement between Axa Greece and Alpha Bank expiring in March 2027, extending it for 20 years from the closing.
Axa Greece is among the top ten in the country, with a solid market position in the non-life and health segments and a consolidated presence in the Life segment.
In 2019, Axa Greece recorded gross premium income of approximately 168 million and distributes its products mainly through AlphaBank and a network of over 600 agents.
Generali has been active in Greece since 1886, is the sixth largest insurance company, with a market price of 5.3% and offers complete solutions in the non-life, health and life sectors to more than 305,000 customers throughout the Greek territory.
In 2019, gross written premiums amounted to 218 million.
With the acquisition of Axa Greece and the long-term exclusive distribution agreement with Alpha Bank, Generali "significantly increases its position in the local market, becoming the second largest group in the non-life sector and the third largest in the health sector in Greece", says Jaime Anchústegui Melgarejo, CEO of Generali International.
The operation "will allow us - he adds - to optimize our strategic positioning in the country".