AXA completes sale of Greek business to Generali

AXA’s sale of its Life & Savings and Property & Casualty businesses in Greece to Italian insurer Generali has been completed.

The acquisition was first announced on 31st December 2020. As a result of the completion of the acquisition, Generali has also commenced its 20-year exclusive distribution agreement with Alpha Bank.

The €167 million deal is in line with Generali’s strategy to strengthen its position in Europe while gaining access to an important bancassurance channel in partnership with Alpha Bank.

Alpha Bank is a leader in the Greek banking sector, serving approximately 3.1 million customers through a network of more than 300 branches. The exclusive partnership with Alpha Bank supports Generali’s ambition to enhance its bancassurance channel in order to boost P&C sales.

Panos Dimitriou will become the CEO of the insurance entities of the Generali Group in Greece.

Jaime Anchústegui Melgarejo, CEO International of Generali, said: “This acquisition is in line with Generali’s strategy to consolidate its leadership position in Europe. We have secured a leading role in the Greek insurance market, becoming a top-3 player in P&C and Health while strengthening in the Life segment. The exclusive long term partnership with Alpha Bank ensures access to 3.1 million customers in Greece through a network of more than 300 branches, which will be coupled with our extensive distribution network, to ensure more customers than ever before will have access to Generali’s comprehensive product portfolio.”

Vassilios Psaltis, CEO of Alpha Bank, said: “Our strategic partnership with Generali is a cornerstone of our ambition to consolidate our competitive position in the bancassurance space and forms part of our updated Strategic Plan, “Project Tomorrow”. We welcome Generali and look forward to an excellent cooperation for the benefit of our customers and the societies we operate in.”

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