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Following the signs of a Generali Leben sale to the Viridum group last week, official confirmation arrived: the two companies reached an agreement. It is expected that Viridium will acquire 89.9% of the shares of Generali Leben AG. Generali Deutschland would hold a 10.1% stake and appoint a member of the Supervisory Board.
Viridium: Purchase contract to be signed soon
Generali Life is valued at 1 billion euros. Included in this amount: 125 million euros for any adjustments of allocations to the additional interest reserve (ZZR). Viridium badumes that the contract of purchase can be signed shortly.
We still do not know if Generali Deutschland participates in Viridium. As part of the proposed transaction, Generali will be granted the option of a minority stake in Viridium. The investment option will be 10%. As a result, Generali would be the second major partner of Hannover Re in the insurance sector.
Contracts to be continued
The approximately 4 million life insurance contracts must be kept unchanged. He will ensure the execution of all contracts, according to the Viridium group. Policyholders should benefit in terms of costs and it is necessary to count on a higher profit-sharing, it was said.
However, the management of capital investments will remain in the hands of Generali. For example, Viridium Generali Investments will entrust the management of Generali Leben's investments for five years.
Employees move to Viridium
The 300 or so Generali employees currently managing the portfolio of Generali Leben are also expected to be part of the Viridium group. All contracts and agreements will remain valid. The sites of Munich and Hamburg would also be preserved.
The proposed transaction is subject to the approval of the German Federal Financial Supervisory Authority (BaFin).
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