Helvetia Holding AG
/ Key word(s): Takeover
Helvetia increases its stake in Caser
28.06.2022 / 07:01
St.Gallen, 28 June 2022
Helvetia Group has acquired a further 10% of the share capital of Caser and now owns 80% of the Spanish insurer. In addition, Caser sold its stake in the life insurance company Sa Nostra Vida to Caixabank. With these two transactions, Helvetia has strengthened its position in Spain as well as the non-life business within the entire Group.
Helvetia Group has increased its stake in the Spanish insurer Caser by around 10% and now owns 80% of the Spanish insurer. The seller is the Spanish bank Unicaja, which is reducing its holding of around 20% to about 10% after its merger with Liberbank. About 10% of the share capital is owned by Ibercaja. Caser will continue to work with both Unicaja and Ibercaja under the long-standing bancassurance cooperation agreements, which are not affected by these transactions and will remain unchanged. The parties have agreed not to disclose the purchase price.
Caser sells stake in Sa Nostra Vida
In addition, Caixabank is also taking over Helvetia Group's share in the life insurance company Sa Nostra Vida (Sa Nostra Compañía De Seguros De Vida, S.A.), which Helvetia previously held through Caser. The transaction, which is expected to be completed in the second half of 2022, will return a profit in the double-digit millions for Caser. Sa Nostra Vida contributed CHF 7.7 million to the Group's annual result in 2021 and generated gross premiums of CHF 41.1 million. The transaction reduces the weighting of the life business in the business volume of Helvetia Group as a whole and further strengthens its very robust solvency.
Caser acquisition is a success story
With these two transactions, Helvetia is further strengthening the importance of the attractive non-life business. "The acquisition of Caser is a success story: Caser made a profit contribution of CHF 72 million to the Group's overall result last year. Thanks to Caser's service and commission business, we are successfully diversifying our business mix in line with our strategy. The increase in our stake in Caser further boosts the importance of this business for Helvetia in turn", explains Philipp Gmür, Group CEO of Helvetia.
About the Helvetia Group
Helvetia Group, with its headquarters in St. Gallen, has grown since 1858 to become a successful insurance group with over 12,000 employees and more than 7 million cus-tomers. It has been enabling its customers to seize opportunities and minimise risks for all that time Helvetia is there for them when it matters. Helvetia is the best partner and is present everywhere that protection needs arise, with insurance, pension and investment solutions from a single source as well as simple products and processes. The insurance group knows the business, from mobile phone insurance and insurance cover for the Gotthard Base Tunnel to the long-term investment of customer assets. Helvetia develops and opens up new business models with enthusiasm and drives forward its own business in a powerful and future-oriented manner. It acts with foresight and re-sponsibility in everything it does: for the benefit of its shareholders, customers and em-ployees as well as its partners, society and the environment. Helvetia is the leading all-lines insurer in Switzerland. In the Europe segment comprising Germany, Italy, Austria and Spain, the company has firmly rooted market positions for generating above-average growth. In the Specialty Markets segment, Helvetia offers tailored special insurance and reinsurance cover worldwide. With a business volume of CHF 11.22 billion, Helvetia generated IFRS net income after tax of CHF 519.8 million in the 2021 financial year. The shares of Helvetia Holding AG are traded on SIX Swiss Ex-change.
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