Italy's global insurer, Generali, has reached an agreement for the sale of its 99.99% stake in Generali Sigorta to several Turkish parties.
The buyers are Kiler Holding (42% stake); Ekol Girisim Sermayesi Yatirim Ortakligi (9% stake); Arex Yatirim Holding (48% stake) and Arex Sigorta (1% stake).
In a statement, Generali said, “The transaction is fully in line with Generali’s ’Lifetime Partner 24: Driving Growth’ strategic plan to drive sustainable growth and enhance the Group’s earnings profile, focusing on the insurance markets in which Generali has a leading presence.
“The contribution of the Turkish business to the Group’s operating result was negligible and the transaction will generate an immaterial impact on Generali’s Solvency II position.”
The transaction, the financial details of which were not disclosed, is expected to be completed by the first half of 2025, subject to obtaining the necessary authorisations from the competent authorities.