Home Uncategorized Allianz : Alba and Phenix to be sold to Helvetia

Allianz : Alba and Phenix to be sold to Helvetia

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Allianz Suisse will sell its subsidiaries Alba Allgemeine Versicherungs-Gesellschaft AG, Phenix Versicherungsgesellschaft AG and Phenix Lebensversicherungsgesellschaft AG to the Helvetia Group. The purchase price is 302 million francs (approx. 229 million euros). Subject to the approval of the regulatory authorities, the transaction will be completed during the course of the fourth quarter 2010.

Based in Basel, Alba is a property and casualty insurer that operates throughout Switzerland. In 2009, the company generated premium revenues of 131.8 million francs (approx. 100.1 million euros) and a profit of 26 million francs (approx. 20 million euros). Based in Lausanne, Phenix offers life insurance and property and casualty insurance. In 2009, it generated total premium revenues of 87.1 million francs (approx. 66.2 million euros) and earned a profit of 1.8 million francs (approx. 1.4 million euros).

Manfred Knof, CEO of Allianz Suisse, commented on the transaction: “By means of this sale, the structures of the Allianz Suisse Group will be simplified further. Allianz Suisse Versicherungen, Allianz Suisse Leben and CAP Rechtsschutzversicherung today form an operational collective, whereas Alba and Phenix operate as independent units.”

Alba and Phenix have made an important contribution to the success of the Allianz Suisse Group in the last few years. Allianz Suisse is convinced that the buyer Helvetia offers the best conditions, thanks to its positioning in the Swiss market, to optimally develop the potential of these companies.

Excluding Alba and Phenix, Allianz Suisse generated premium revenues of about 3.8 billion francs (approx. 2.9 billion Euro), based on IFRS. It has a total of 3,650 employees and provides insurance coverage and financial security products to more than 930,000 private individuals and more than 100,000 companies.

Source : Allianz Press Release