Mergers & Acquisitions
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Mergers & Acquisitions
UNIQA acquires Baloise Group insurance companies in Croatia and Serbia
Agreement signed for takeover of “Basler” companies in Croatia and Serbia Closing anticipated in 1st quarter of 2014 Significant boost of UNIQA’s market position in particular in ...
Agreement signed for takeover of “Basler” companies in Croatia and Serbia
Closing anticipated in 1st quarter of 2014
Significant boost of UNIQA’s market position in particular in Croatia
UNIQA Insurance Group AG (UNIQA) intends to acquire the Croatian and Serbian insurance companies of the Swiss Baloise Group. The contract was signed on 21 October 2013. The acquisition is subject to the approval of the responsible supervisory and antitrust authorities, and is expected to be completed in the 1st quarter of 2014. The purchase price is 75 million euros.
Wolfgang Kindl, member of the Management Board of UNIQA Insurance Group AG and CEO of UNIQA International AG said: “This is really a fantastic opportunity for UNIQA to further foster our market position in Croatia and Serbia as well as in entire Southeastern Europe. We believe there is big potential for further growth in the region. This acquisition supports our UNIQA 2.0 strategy programme and is in line with our business model of a profitable, long-term growth in our core markets.”
The predecessor company of the Croatian “Basler” insurance company was founded in 1991. The company has around 470 employees, 148,000 customers and in 2012 generated a premium volume of 53,7 million euros. With a market share of 4.5 per cent, the company ranked 6th on the Croatian insurance market in 2012.
The Serbian “Basler” insurance company commenced operations in 2007. The company has around 110 employees, 35,000 customers and in 2012 generated a premium volume of 3,7 million euros. With a market share of 0.7 per cent, the company ranked 13th on the Serbian insurance market in 2012.
UNIQA in Croatia and Serbia
UNIQA has been operating on the Croatian market since 1999 and offers all forms of property and personal insurance. 409 employees currently manage around 177,000 customers at more than 43 branches. In 2012, UNIQA Croatia generated a premium volume of 30 million euros, ranking 11th among Croatian insurance companies with a market share of 2.5 per cent. Together with the local “Basler” insurance companies, this will mean a market share of 7.0 per cent and a ranking of 4th.
UNIQA Serbia has been operating in the field of life and property insurance since 2007. The companies employ 563 people, manage 509,000 customers and have 29 branches throughout the company in addition to their head office in Belgrade. With premiums of around 39 million euros in 2012, UNIQA Serbia holds a market share of around 7.3 per cent and ranks 5th on the market. Together with the Serbian “Basler” insurance companies, this will mean a market share of 8.0 per cent.
The Croatian insurance market
There are more than 20 insurance companies on the Croatian market. The total premium volume in 2012 was around 1.2 billion euros or 2.7 per cent of gross domestic product (Austria: 5.3per cent). Approximately 73 per cent of premiums relate to non-life. Croatia’s almost 4.4 million inhabitants spent an average of 274 euros on insurance (Austria: 1,930 euros).
The Serbian insurance market
The Serbian insurance market is shared among 24 insurance companies. The total premium volume in 2012 was around 550 million euros. The share of life insurance business is 19 per cent. With an insurance density of 76 euros per inhabitant, the insurance penetration rate was most recently at 1.8 per cent of gross domestic product.
UNIQA 2.0 is a long-term strategy program that the company has been implementing since May 2011. UNIQA has set a target of increasing the number of its customers to 15 million by 2020 and improving its EBT by up to 350 million euros between 2012 and 2015. In doing this, the company is focusing on its core business as a primary insurer on its core markets of Austria and Central and Eastern Europe (CEE). The business model is geared towards profitable growth and creating sustainable value added in these markets. UNIQA intends to enhance profitability at UNIQA Austria, increase productivity at Raiffeisen Insurance in Austria, leverage the growth potential in the CEE region and implement a thorough risk/return approach.
The UNIQA Group is one of the leading insurance groups in its core markets of Austria and Central and Eastern Europe. 22,000 employees and associates serve 9 million customers in 19 countries. In UNIQA and Raiffeisen Insurance, we possess two strong brands that offer us a very good basis for our further growth. UNIQA operates in 15 markets in Central and Eastern Europe (CEE): Albania, Bosnia and Herzegovina, Bulgaria, Kosovo, Croatia, Macedonia, Montenegro, Poland, Romania, Russia, Serbia, Slovakia, the Czech Republic, Ukraine and Hungary. Insurance companies in Italy, Switzerland and Liechtenstein are also members of the UNIQA Group.
Clause regarding predictions about the future
This announcement contains statements that refer to future developments. These statements are appraisals that are made based on all information available to UNIQA at the current point in time. If the assumptions on which they are based do not occur, actual events may vary from the results currently expected. For this reason, UNIQA cannot accept liability for such statements.
Vienna, 22. October 2013
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UNIQA Group Communication
Untere Donaustraße 21
A-1029 Vienna, Austria
Phone: (+43 1) 211 75
Fax: (+43 1) 211 75-3619
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