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Corporate news
22 December 2022

  • Shares of the Hungarian subsidiaries sold to Hungarian state-owned holding company Corvinus
  • Focus on profitable growth in core markets in line with the Group's strategy

The Retail International division of the Talanx Group is selling its
shares in the Hungarian companies Magyar Posta Eletbiztosito Zrt.
and Magyar Posta Biztosito Zrt. to the Hungarian state-owned
holding company Corvinus Nemzetközi Befektetési Zrt. (Corvinus).

The sale enables the Talanx Group to consolidate the portfolio held byits Retail International division in Central and Eastern Europe. In line with the Group's strategy, it is focusing on profitable growth in its coremarkets, where the emphasis is on non-life business and life protection products.

The companies under the Posta Biztosító umbrella – namely the lifeinsurer Magyar Posta Életbiztosító Zrt. and the property/casualty insurer Magyar Posta Biztosító Zrt. – have been jointly held subsidiaries of Talanx AG and the Hungarian postal service since 2002. They are allocated to the Talanx Group's Retail International division. In 2021 Posta Biztosító generated gross premiums of altogether roughly EUR 350 million of which EUR 291 million are pure savings business.

The transaction is expected to close in the first half of 2023 and is subject to approval by the relevant supervisory authorities. The parties have agreed not to disclose details of the selling price.

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Disclaimer
This news release contains forward-looking statements which are based on certain assumptions, expectations and opinions of the Talanx AG management. These statements are, therefore, subject to certain known or unknown risks and uncertainties. A variety of factors, many of which are beyond Talanx AG’s control, affect Talanx AG’s business activities, business strategy, results, performance and achievements. Should one or more of these factors or risks or uncertainties materialise, actual results, performance or achievements of Talanx AG may vary materially from those expressed or implied in the relevant forward-looking statement. Talanx AG does not guarantee that the assumptions underlying such forward-looking statements are free from errors nor does Talanx AG accept any responsibility for the actual occurrence of the forecasted developments. Talanx AG neither intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated.
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