As the consequence of negotiations German Talanx AG and its Japanese partner Meiji Yasuda Life Insurance Company signed an agreement to enter into a long-term bancassurance cooperation with Getin Holding S.A. One of agreement’s element will be a takeover of a controlling stake of TU Europa S.A. Transaction will substantially strengthen TU Europa’s position on the Polish insurance market. It also offers the possibility for further dynamic growth benefiting from the potential of new strategic shareholders – both Talanx AG and Meiji Yasuda are well known players on the global insurance market.
The transaction’s value amounted to 911,9 million zlotys.
TU Europa Group specializes in providing insurance products offered in conjunction with financial ones. It works in close partnership with organizations from the financial sector in Poland, including leading banks and a large group of financial intermediaries. Since 2001 it has been the organizer of the prestigious European Banking and Insurance Forum. It is also one of two insurance companies listed on the Warsaw Stock Exchange.
Meiji Yasuda is Japan’s second largest life insurer in terms of gross premium written and a leading bancassurance specialist. Meiji Yasuda has 130-year history in the insurance industry. It offers individual life and property insurance, annuities, group life insurances and pension schemes as well as investment products. The Company has operations in Asia, Europe and North America. Meiji Yasuda is a Tokyo-based company with a gross premium written income of 33 billion euros (3 943 billion yen) for the fiscal year 2010.
The Talanx Group with gross premium written income of 23 billion euros for 2010 is Germany’s third and Europe’s eleventh biggest insurance group. Talanx operates as a multi-brand provider, including HDI, HDI-Gerling, Hannover Re (one of the world’s leading reinsurers), TARGO Versicherungen, PB Versicherungen, Neue Leben and AmpegaGerling – financial services provider. The Group is based in Hannover and is active in 150 countries. The rating agency Standard&Poor’s rated the main insurance institution from the Talanx Group A+/stable (strong) and the Hannover Re Group AA-/stable (very strong).