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Generali Holding Vienna AG

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Mergers - Acquisitions - Takeovers / Generali strengthens presence in Eastern Europe with entry in Serbia

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  The issuer is responsible for the content of this announcement.
21.07.2005
The Generali Group strengthens presence in Eastern Europe with entry
in Serbia
Generali reaches preliminary agreement for controlling stake in Delta
Osiguranje, the country's leading private insurance company.
The Generali Group, through Generali Holding Vienna, signed in Serbia
a preliminary agreement with the Delta group, operating in the
tertiary and financial sectors, for the acquisition of a majority
shareholding in the insurance company Delta Osiguranje, which is the
Serbian market's leading private operator as well as the third
largest in absolute terms.  The preliminary agreement initially
foresees the acquisition of 50% + 1 of the shares of the insurance
company.
"The operation - Generali CEO Sergio Balbinot said - is in line with
the Group's strategy aimed at developing and strengthening its
presence in eastern Europe and will mark its entry in the Serbian
market, widening the number of countries in which the Group
operates".  "In particular, the Generali Group will be the first
among the leading international players to begin operations in Serbia
- Mr Balbinot added - a market that, thanks also to the recent
implementation of modern and advanced regulations, offers a high
growth potential as well as a still low insurance penetration,
especially in the life sector".
Generali currently holds a leading position in eastern Europe with a
client-base of approximately 3.3 million, operating with a
historically known trademark in seven countries (Hungary, Czech
Republic, Romania, Slovenia, Slovakia, Poland and Croatia). In 2004,
Generali posted in these countries a premium income of EUR 794.4
million (+26.2%), recording growth rates of 30.8% in the life and
health sectors and 24.3% in the non-life, trebling its profit to EUR
22.6 million. In 2005, the Group aims to increase its market shares
in all the countries of the area, including those where the Group is
already market leader. Activities in these markets are managed
through Generali Holding Vienna.
Set up in 1998, Delta Osiguranje initially focused on non-life
business, where it currently generates approximately 85% of its
insurance portfolio. It started to market life products in 2001 and
has recently entered the Pension Fund business, thereby completing
its product range. Delta Osiguranje is currently Serbia's largest
private insurance company, closing 2004 with a premium income of EUR
16 million. Delta is the fastest growing company on the market.
Growth rates in the first-half of 2005 have been good, allowing the
company to post a premium income amounting to that recorded for the
entire year in 2004. The Company can rely on an own  distribution
channel.
Serbia, with a population of approximately 7.5 million, is undergoing
a phase of strong economic development. The Serbian insurance market
generated in 2004 a premium income of over EUR 370 million, with an
insurance penetration that was very low (2004 premiums/GDP ratio of
2.2%) if compared to those recorded by other eastern European
markets, enabling to foresee interesting growth rates in the coming
years.
end of announcement                               euro adhoc 21.07.2005 07:30:00

Further inquiry note:

Generali Holding Vienna AG
Josef Hlinka
Tel.: (++43-1) 534 01-1375
Fax: (++43-1) 534 01-1593
mailto:josef.hlinka@generali.at
http://www.generali-holding.at

Branche: Insurance
ISIN: AT0000661350
WKN: 066135
Börsen: Berliner Wertpapierbörse
Hamburger Wertpapierbörse
Frankfurter Wertpapierbörse
Baden-Württembergische Wertpapierbörse
Bayerische Börse
Wiener Börse AG

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