GENERALI to acquire Union Investment TFI in Poland

The Italian Group, GENERALI, has entered into an agreement with the German Group Union Asset Management Holding AG to acquire a 100% stake in the Polish asset management company Union Investment TFI S.A., a move that will significantly strengthen GENERALI's presence in Poland.

The transaction is subject to approvals by regulatory authorities.

"We share our Group's strategic vision. The Austria, CEE & Russia Region is pressing forward with the development of joint activities that combine insurance and asset management lines. We have already seen this process in Slovenia. We give our full support to the development of this unique strategic business opportunity in Poland," Luciano CIRINA, Austria, CEE & Russia Regional Officer and CEO of Generali CEE Holding B.V. stated.

Union Investment TFI is Poland's 6th largest asset management company with an Asset under Management of EUR 3.3 billion. It has 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. The company will be supervised by GENERALI's Regional Office in Prague as part of the Asset Management Line.

Timothy RYAN, CEO of GENERALI Asset Management, said, "In addition to our multi-boutique initiative for Europe announced in May 2017, we seek to benefit from the growth opportunity of the CEE, especially in Poland, the largest market in the region. We will be leveraging on the strong position of GENERALI Poland and Union Investment TFI, combining our own expertise with that of experienced local investment professionals who have an excellent performance track record, to deliver the best possible investment solutions to customers."

GENERALI has been operating in Poland since 1998 and now has 1,300 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. Generali ranks 7thin the Polish market with gross premiums written of EUR 550 million and 2 out of 2 market share of 4% in 2017.

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