EANS-Adhoc: UNIQA Insurance Group AG
UNIQA sells Italian subsidiaries
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Disclosed inside information pursuant to article 17 Market Abuse Regulation
(MAR) transmitted by euro adhoc with the aim of a Europe-wide distribution.
The issuer is solely responsible for the content of this announcement.
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other/Sell of majority interest
02.12.2016
Today, the Management Board of UNIQA Insurance Group AG (UNIQA) resolved to sell
the majority interest of 99.7% in its subsidiary UNIQA Assicurazioni SpA to the
Italian mutual insurance company Società Reale Mutua di Assicurazioni. The
Supervisory Board has approved the sale.
The sale encompasses UNIQA Assicurazioni SpA and its subsidiaries operating in
Italy, UNIQA Previdenza SpA and UNIQA Life SpA. The parties have agreed on the
content of a purchase agreement that is to be signed shortly. The legal closing
of the purchase agreement is expected to take place in the first half of 2017
after all necessary regulatory approval has been granted. The purchase price is
EUR295 million before transaction costs.
As at 30 September 2016, UNIQA has goodwill of EUR115 million relating to the
Italian companies. In connection with the impairment of this goodwill, the sale
will result in a negative effect on consolidated net profit of around EUR100
million in 2016. By contrast, the transaction have a positive effect of around
20 percentage points on UNIQA's economic capital ratio (ECR ratio).
The transaction is part of the UNIQA 2.0 strategy introduced in 2011, which
stipulates a focus on the core markets of Austria and Central and Eastern
Europe.
UNIQA still expects earnings before taxes for fiscal year 2016 to be up to 50
per cent lower than the very good earnings for 2015 due to the deduction of the
Italian contribution. The company is also keeping to its intention to
continuously increase dividends per share.
Forward-looking statements
This press release contains statements concerning UNIQA's future development.
These statements present estimates which were reached on the basis of all of the
information available to us at the present time. If the assumptions on which
they are based do not occur, the actual results may deviate from the results
currently expected. As a result, no liability is accepted for this information.
Further inquiry note:
UNIQA Insurance Group AG
Norbert Heller
Tel.: +43 (01) 211 75-3414
mailto:norbert.heller@uniqa.at
end of announcement euro adhoc
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issuer: UNIQA Insurance Group AG
Untere Donaustraße 21
A-1029 Wien
phone: 01/211 75-0
mail: investor.relations@uniqa.at
WWW: http://www.uniqagroup.com
sector: Insurance
ISIN: AT0000821103
indexes: WBI, ATX Prime, ATX
stockmarkets: official market: Wien
language: English
Original-Content von: UNIQA Insurance Group AG, übermittelt durch news aktuell