30.06.2004 |
UNIQA takes over 80% share capital of Claris Vita from the Veneto Banca
On 30.6.2004, Austria's leading insurance group, UNIQA, agreed to the takeover of 80% of the share capital of the Italian life insurer, Claris Vita, with the established cooperative bank, Veneto Banca, a strongly positioned financial institution, especially in the north of Italy. UNIQA is thus intensifying its activities in Italy enormously and is expanding both its offers in its line of business and its sales channels simultaneously. Following the majority takeover of the Mannheimer AG Holding, the Claris Vita represents - as measured by premium volumes - the UNIQA Group's second-largest transaction outside Austria so far. The two new members of the UNIQA Group are going to cause the group's total premium volume to rise to around EUR 4 billion in the future, the amount generated by premiums from outside Austria to double to more than EUR 1 billion, and the number of insurance policies managed within the UNIQA Group to increase to definitely more than EUR 11 million (1999: around EUR 6 million).
The Claris Vita, with its head office in Milan, achieved a premium volume of around EUR 260 million in 2003 and offers both classical life insurance and index- and fund-bound life insurance, which is in great demand in Italy. Claris Vita uses the banks of the Veneto Banca Group (Veneto Banca, Banca Bergamo and Banca Meridiano) as sales channels, as well as agents dealing both with various companies and exclusively, and also brokers.
Up till now, UNIQA has successfully offered health and property insurance in the northern Italian area via its subsidiaries, UNIQA Assicurazioni (Mailand) and Carnica (Udine), and earned around EUR 100 million on its premiums in 2003. UNIQA CEO Konstantin Klien comments: "On the one hand, Claris Vita complements our previous activities in the growth sector, life insurance, and on the other, gives us the chance to become involved in sales through banks in Italy, too - an area in which the UNIQA Group has had an enormous amount of experience and success over the years. With Claris Vita, we are operating in the Central European region, in which we know exactly what's going on and where we've had plenty of experience, both saleswise and sector-wise." UNIQA has concluded, among other things, a long-term cooperation and sales agreement with the previous chief proprietor, Veneto Banca, which will continue to hold 20% of Claris Vita's share capital. This agreement accounts for a partnership with the Veneto Banca Group, as well as for sales of Claris Vita life insurance products, Carnica damages and accident products, and UNIQA Milan health insurance products via the Veneto Banca Group. Claris Vita life insurance products are available at the same time for sales through the UNIQA subsidiary, Carnica, and UNIQA Milan. "By taking over the share majority and through the cooperation agreement, we are stimulating synergy for all new and existing sales partners, positioning ourselves as suppliers of all kinds of insurance in the economically strong northern Italian region, and expecting corresponding growth in all areas as a result", explained Klien.
Transfer of the share capital still requires the consent of the Italian insurance and the EU cartel authorities.
Vienna, 30. June 2004