Generali Holding Vienna AG

euro adhoc: Generali Holding Vienna AG
Mergers - Acquisitions - Takeovers
Insurance: New Insurance Leader to be Created in Austria (E)

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Go-ahead for the merger of Interunfall Versicherung AG  in Generali Versicherung AG in 2004

Listed group parent Generali Holding Vienna AG, Vienna, plans to merge Interunfall Versicherung AG in Generali Versicherung AG, its two major insurance subsidiaries in Austria.  The Supervisory Boards of the two companies have passed the resolutions to initiate their formal merger.  Final approval by general shareholders’ meetings is planned for the first half of 2004.  The merger is expected to be entered in the companies register effective 1 September 2004 once the approval has been obtained from the Austrian Financial Market Authority.  Interunfall’s free-float shareholders, currently holding roughly 0.65 per cent of its stock, are to receive a cash settlement from Generali Holding Vienna AG.

The merger of the two companies will be the logical completion of a process of integration begun several years ago.  Interunfall Versicherung AG and Generali Versicherung AG have been jointly managed for some time, and the two companies’ organizational structures have been amalgamated at every level over the past two years.  Since April 2003, they have also had unified product lines. To achieve a shared IT framework, both insurers’ application systems were remodelled in 2002 in the course of the euro changeover.

The formal merger of the two companies will not directly affect customers.  Insurance policies will remain valid and unaltered although the insurer will now be called Generali Versicherung AG.

According to current insurance association statistics, "new" Generali Versicherung AG will be Austria’s biggest insurance company with a market share of 14.74 per cent.  The company’s market leadership will be particularly evident in the property/casualty insurance segment, where it will have a market share of 19.98 per cent.  It will also be the leader in both the motorvehicle insurance segment (23.42 per cent) and the accident insurance segment (16.64 per cent).  "New" Generali Versicherung AG will be third-placed in the life insurance sector (9.84 per cent) and will rank fourth in the health insurance market (13.06 per cent).

end of announcement            euro adhoc 04.12.2003
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Further inquiry note: Generali  Holding Vienna AG Christine Rohrer Tel.: (++43-1) 534 01-2446 Fax: (++43-1) 534 01-1593 mailto:christine.rohrer@generali.at http://www.generali-holding.at

Branche: Insurance
ISIN:      AT0000661350
WKN:        066135
Index:    ATX, ATX Prime, WBI
Börsen:  Wiener Börse AG / official dealing
              Berliner Wertpapierbörse / free trade
              Bayerische Börse / free trade
              Hamburger Wertpapierbörse / free trade
              Baden-Württembergische Wertpapierbörse / free trade
              Frankfurter Wertpapierbörse / free trade



Weitere Meldungen: Generali Holding Vienna AG

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