Talanx expands in core market Poland via M&A and 10-year bancassurance deal
European insurance group Talanx is strengthening its presence in the “core market” of Poland by striking a ten-year bancassurance deal with Bank Millennium. The agreement will expand its portfolio in the life protection and non-motor business.
Europa Group, a subsidiary of HDI International AG, and Bank Millennium, a subsidiary of the Portuguese Banco Comercial Portugues, are concluding a ten-year exclusive bancassurance agreement. As part of the transaction, Europa will acquire an 80 percent stake in a company owned by the bank for the sale of life protection and non-motor products.
HDI International AG, responsible for the international retail and SME business within Talanx Group, has been represented in the Polish market by Europa Group since 2012. HDI International is additionally active on the Polish market with Warta, which it claims is the “second-largest insurer in Poland”.
Through this partnership, Talanx aims to further strengthen its position in its core market Poland, while also growing its footprint in the bancassurance sector and accelerate its digitalisation. The partnership is expected to launch in the second half of 2023.
"We are very pleased to strengthen our cooperation with Bank Millennium and to extend and solidify our existing relationships through this joint initiative,” said Wilm Langenbach (pictured), the member of board and chief executive officer of HDI International AG.
“The transaction solidifies our strategic position of Europa Group in Poland. We are convinced that the partnership will contribute to further profitable growth for the Retail International division as a whole and our Polish operations in particular.”
Christian Müller, the member of board of HDI International AG responsible for business in Europe, added: “Through the cooperation with Bank Millennium and its strong distribution network, serving roughly four million customers, we are systematically expanding our relations with a valuable bancassurance partner in Poland. We intend to combine the vast experience of the two organisations and look forward to our continued successful collaboration."
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