Generali completed acquisition of Union Investment TFI S.A. in Poland

Prague - Generali finalized the completion of the transaction with German Group Union Asset Management Holding AG to acquire Union Investment TFI S.A. in Poland. Generali has received the required approvals from all relevant regulatory bodies and competition authorities.

Generali entered into the agreement to acquire a 100% stake in the Polish asset management company Union Investment TFI S.A. in October 2018.

Luciano Cirinà, Austria, CEE & Russia Regional Officer, stated: “Our region is perceived as a strategic market that is enhancing the competitiveness and profitability of the Generali Group. Promising asset management market dynamics in Poland, our largest market in the Central and Eastern Europe, are underpinned by a strong economy and effective market regulation. This important acquisition will let us enhance our asset management presence in Poland. It is fully aligned with the objectives presented in Asset Management Strategy for the region.”

Josef Beneš, Austria, CEE & Russia Regional Investment Officer, commented: “I would like to thank the current Union Investment TFI team for their contribution. We are going to continue success story of the company. Nothing significant will change for the customers of Union Investment TFI who will receive the same quality services as at present. Going forward, Generali and Union Investment TFI will be combining the skills and know-how to offer customers and business partners the best-in-class insurance and financial products and services.”

Union Investment TFI is Poland’s 6th largest asset management company with €3.3bn of asset under management. It has a client base of approximately 135,000 retail investors and 550 institutional investors and boasts a broad range of fund products across equities, fixed income and absolute return. Union Investment TFI has its own internal fund manufacturing capabilities as well as other investment solutions.

Generali has been operating in Poland since 1998 and now has 1,600 local employees. It provides property and casualty insurance to retail and corporate clients as well as life insurance products, and it is also active in the pension fund segment. In November 2018 Generali signed the final agreement to buy Concordia insurance companies specialized in the agriculture sector. Generali is among the five largest insurance groups in the Polish market with gross written premiums of €670m and a market share of 5% in 2018.