Uniqa Completes Sale of Mannheimer Group
The Austrian insurance group Uniqa completed the sale of the Frankfurt listed company Mannheimer AG Holding to Continentale Versicherungsverbund. Growth in CESEE countries should be strengthened.
This transaction is a step in the implementation of Uniqa´s growth strategy: The Group is aiming to double the number of its customers from 7.5 million in 2010 to 15 million in 2020 and to improve its earnings by up to € 400m between 2010 and 2015. In order to achieve these goals, Uniqa is concentrating on its core business in its core markets of Austria and CEE. Above all, Uniqa plans to grow in Hungary, Poland and Croatia.
Uniqa is therefore breaking away from the Mannheimer Group in Germany and intends to invest more in the markets of Central and Eastern Europe to take advantage of the growth opportunities there. For this reason, UNIQA also concluded an agreement with the European Bank for Reconstruction and Development (EBRD) on 20 June 2012 for the purchase of the EBRD’s non-controlling interests in UNIQA’s subsidiaries in Croatia, Poland and Hungary. The acquisition of these non-controlling interests has since been legally implemented.
This week, Uniqa announced to initiate a cash capital increase of € 500m. The Austrian insurance group plans a Re-IPO in order to allege ist growth strategy. The insurance group plans to consistently build the Group’s sales network in CEE to capture organic growth opportunities there. Furthermore, Management expects opportunities for acquisitions and thus for expansion of its market positions in existing markets, as some competitors may begin to withdraw from CEE.