Corporate News

Talanx strengthens its market position in Chile

Talanx is acquiring a majority shareholding in the insurance group Inversiones Magallanes in Chile in its strategic target region of Latin America. This will make it one of the leading composite insurers in the country. The bolt-on acquisition will strengthen the successful presence of Talanx in the Latin American insurance business.

Talanx will submit a public tender offer. An agreement has already been reached with the majority shareholder on the purchase of its shareholding. The purchase price for 100 percent of the company would be CLP 136.6 billion (approximately EUR 180 million). The transaction is subject to this offer being successfully implemented and the Chilean regulatory authority approving the takeover.

“We are delighted to have reached agreement with the majority shareholder of Inversiones Magallanes about acquisition of the shareholding. The brand has an outstanding position in the Chilean insurance market. We are therefore confident that the company will contribute to the future success of the Talanx Group in Latin America,” commented Torsten Leue, Member of the Board of Talanx AG and CEO of Talanx International AG.

Talanx is already represented in Chilean retail and corporate business with the HDI brand. The acquisition will rank Talanx number five in the Chilean composite business and number two in the motor business, based on gross written premium in 2013, making Talanx one of the leading insurers in the country. Talanx intends to finance the transaction from its existing equity capital base.

The majority of Inversiones Magallanes’ shares are currently in family ownership. Three insurers belong to the group: the composite insurer Aseguradora Magallanes S.A. (established in 1956), the life insurer Aseguradora Magallanes de Vida S.A., and the credit and bond insurer Aseguradora Magallanes de Garantía y Crédito. In 2013, the group generated gross premium volume equivalent to EUR 247 million and net income of EUR 9 milion (IFRS) mainly in composite business.


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.