Talanx sells shares of its Hungarian subsidiaries to Corvinus
Germany-based Talanx Group is selling its shares in the Hungarian companies Magyar Posta Eletbiztosito Zrt. and Magyar Posta Biztosito Zrt. to the Hungarian state-owned holding company Corvinus Nemzetközi Befektetési Zrt. (Corvinus).
The sale enables the Talanx Group to consolidate the portfolio held by its retail international division in Central and Eastern Europe. In line with the Group's strategy, it is focusing on profitable growth in its core markets, where the emphasis is on non-life business and life protection products.
The companies under the Posta Biztosító umbrella – namely the life insurer Magyar Posta Életbiztosító Zrt. and the property/casualty insurer Magyar Posta Biztosító Zrt. – have been jointly held subsidiaries of Talanx AG and the Hungarian postal service since 2002. They are allocated to the Talanx Group's Retail International division. In 2021 Posta Biztosító generated gross premiums of altogether roughly €350 million of which €291 million are pure savings business.
The transaction is expected to close in the first half of 2023 and is subject to approval by the relevant supervisory authorities.
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