Generali Completes Purchase of AXA’s Greek Units, Forms Bancassurance Agreement

Generali has completed the acquisition of AXA Group’s Greek subsidiary, AXA Insurance S.A., for €167 million ($204 million) in cash.

The acquisition, which comprises AXA’s life & savings and property/casualty businesses (P/C), was first announced on Dec. 31, 2020.

As a result of the deal’s completion, Generali has also commenced a 20-year exclusive distribution agreement with Alpha Bank (which previously had the bancassurance arrangement with AXA).

The deal is in line with Generali’s strategy to strengthen its leadership position in Europe as Generali becomes a leading player in both P/C (now at number 2) and health (at number 3), while also strengthening its position in life insurance.

In addition, the deal opens up an important bancassurance channel in partnership with Alpha Bank, which is a leader in the Greek banking sector, serving approximately 3.1 million customers through a network of more than 300 branches, explained Generali in a statement. The partnership with Alpha Bank supports Generali’s ambition to enhance its bancassurance channel, which will help boost P/C sales.

Panos Dimitriou will become the CEO of the insurance entities of the Generali Group in Greece.

“This acquisition is in line with Generali’s strategy to consolidate its leadership position in Europe. We have secured a leading role in the Greek insurance market, becoming a top-three player in P/C and health while strengthening … the life segment,” commented Jaime Anchústegui Melgarejo, CEO International of Generali.

Vassilios Psaltis, CEO of Alpha Bank, said: “Our strategic partnership with Generali is a cornerstone of our ambition to consolidate our competitive position in the bancassurance space….”

Source: Generali and AXA

Topics AXA XL