Gruppo Banca Sella has already been partner of the Italian Talanx subsidiary HDI Assicurazioni S.p.A. for eight years in P&C business. The bolt-on acquisition extends this cooperation now also to life business. An integral component of the new cooperation with Gruppo Banca Sella is an extensive distribution agreement for life products as well as for P&C products concluded for a period of ten years. In 2014 CBA Vita and Sella Life generated a gross premium volume of EUR 386.8 million and net income of EUR 4.4 million (IFRS) on a combined basis. In 2014 the Italian market showed a gross premium volume of EUR 143.3 billion (+20,6% on 2013), thereof EUR 110.5 billion Life (+29,9%) and EUR 32.8 billion Non Life (-2,7%).
"We are delighted to be able to extend our existing cooperation with Gruppo Banca Sella", Torsten Leue, member of the Board of Management of Talanx AG and Chief Executive Officer of Talanx International AG, stated. The Talanx Group has had a presence in Italian life and P&C business dating back to 1997. The acquisition is still subject to the approval of Italian regulators.
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.