Wiener Städtische Allgemeine Versichererungs AG
euro adhoc: Wiener Städtische
Mergers - Acquisitions - Takeovers
Wiener
Städtische acquires life insurance company in Poland
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26.07.2005
Wiener Städtische will acquire the Polish life insurance company Royal Polska Towarzystwo Ubezpieczén na Zycie S.A., thus further utilizing the potential of the Polish insurance market, which recorded an annual premium growth of approx. 10% in the past five years.
Wiener Städtische will acquire a 95% stake in the life insurance company Royal Polska Towarzystwo Ubezpieczén na Zycie S.A., founded in 1996, from the Polish investment group TRIGON, with a purchase option for the remaining 5% of the shares in Royal Polska.
The life insurance company is a small but nice business headquartered in Warsaw. It has approx. 50 employees and achieved a total premium volume of PLN 50 million (approx. EUR 12.5 million) in the fiscal year 2004. Compared to the previous year, the company grew by approx. 40% in 2004.
Royal Polska is solidly positioned on the Polish insurance market and, among other things, maintains a sales relationship with the Polish BPH bank, a subsidiary of Bank Austria Creditanstalt (BA-CA) in Poland.
The sales activities of Royal Polska are carried on by a separate sales company with more than 300 agents operating throughout all of Poland. Wiener Städtische will acquire 100% of that sales company.
The transactions were effected subject to the approval of the Austrian and Polish authorities. The parties have agreed to keep the purchase price confidential.
"With the acquisition of Royal Polska we are strengthening our position on the particularly promising life insurance sector of the Polish insurance market. With its well diversified sales channels, Royal Polska is very safely positioned on the market for the future," says Günter Geyer, CEO of Wiener Städtische,
Wiener Städtische is doing business in Poland through the dynamically growing Compensa non-life insurance and Compensa life insurance companies; and for a short time (the acquisition was announced at the end of June 2005 subject to the approval of the relevant authorities) it has also been present with Benefia non-life insurance and Benefia life insurance. With the planned acquisition of Royal Polska Wiener Städtische Group will be able to further consolidate its top ten position in Poland.
Wiener Städtische Allgemeine Versicherung AG A-1010 Vienna, Schottenring 30 ISIN: AT0000908504
Our press releases can be found also under http://www.wienerstaedtische.at
end of announcement euro adhoc 26.07.2005 08:18:35
Further inquiry note:
Wiener Städtische Presseabteilung
Mag. Barbara Hagen-Grötschnig
Tel.: (01) 531 39-1027
Fax: (01) 531 39-3134
E-Mail: b.hagen@staedtische.co.at
Branche: Insurance
ISIN: AT0000908504
WKN:
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Original content of: Wiener Städtische Allgemeine Versichererungs AG, transmitted by news aktuell