Generali acquires AXA’s Greek activity

Italian insurer Assicurazioni Generali is expanding its presence in Greece through two deals, with France's AXA Group and Greece's Alpha Bank, it was announced on Thursday.

AXA Group said that it has agreed to transfer its activity in Greece to Generali for a total net price of 165 million euros. The deal includes its activity in life and general insurance policies and the tag amounts to 12.2 times the price per earnings ratio of 2019.

AXA said the transaction continues the streamlining policy of the French group, based on its general strategy, and is expected to be completed in the second quarter of the year pending approval by the regulatory authorities.

At the same time, Alpha Bank said that it is entering an exclusive cooperation agreement with Generali for the sale of the Italian insurer's products on general and health insurance through the Greek lender's...