TRIESTE (dpa-AFX) - Italian insurance group Assicurazioni Generali SpA (ARZGY.PK) Thursday said it is planning to sell its Belgian operations to Athora Holdings Ltd for 540 million euros or $668.3 million. The deal will be completed in the second half of the year. Generali expects the deal will raise its solvency ratio by 2.6 percent.
Generali has been looking to reduce its business in around 12 countries to build up cash. Through the recent sales in different countries, it has gathered 1.1 billion euro. The company said it will continue to proceed with the strategy in the coming months.
The Group said it will remain present in Belgium continuing to provide insurance and assistance solutions through its Global Business Lines as well as through its Europ Assistance operations. Deutsche Bank AG, London Branch, acted as financial advisor to Generali on the transaction.
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