Generali Belgium primarily focuses on the life segment and its sale is part of the group’s overall strategy to “optimise its geographical footprint and to improve its operational efficiency and capital allocation”, Generali Group said.
The sale will net the Italian firm €540m (£469m, $668m) as an initial consideration, subject to certain customary adjustments at closing.
Frédéric de Courtois, group chief executive global business lines & international, said: “This deal underlines our continuing efforts to optimise the group’s international reach across the world.
“After having announced the sale of our operations in Guatemala, Panama, Colombia, the Netherlands and Ireland, this transaction represents yet another important step ahead in our strategy.
“The total value of the deals concluded and those already announced, still subject to regulatory approvals, is over €1.1bn, exceeding our initial target of €1bn. We will continue to implement this on-going initiative with discipline over the coming months,” du Courtois said.
Barter and sell
The sale of Generali PanEurope to Life Company Consolidation Group (LCCG) was announced in December, which will see the business combined with Utmost Wealth Solutions.
The paths of Utmost and Athora also crossed in early April, when Athora agreed to sell the international investment bond business of Aegon Ireland to Utmost, just days after it had acquired the Irish operation from Aegon.
Generali Group said it will continue to provide insurance and assistance solutions in Belgium through its Global Business Lines, as well as through its Europ Assistance operations.
