Generali has reached an agreement with the specialised insurer Frankfurter Leben Holding GmbH for the disposal of Generali Deutschland Pensionskasse AG (GDPK).


The transaction is aligned with Generali’s “Lifetime Partner 24: Driving Growth” strategy. The transaction will add approximately 10 p.p. to the German and 1 p.p. to the Group Solvency II positions respectively.


In 2019 Generali was the industry first mover to de-risk the Savings business, with the landmark disposal of a majority stake in Generali Leben improving the return on risk capital and mitigating the Group’s exposure to interest rate risk. This transaction was also advised by Hengeler Mueller.

GDPK, with circa 2.8 billion euros in capital reserves and 150,000 policies, was founded in 2002 as a specialised pension company. Its portfolio was mainly written in the years 2003-2005. At the end of 2016, new business in GDPK ceased.


The transaction is expected to be completed by the end of 2023, subject to the approval of the German Federal Financial Supervisory Authority (BaFin) and the responsible local antitrust authorities.

 

Hengeler Mueller team for Generali


Insurance: Carl-Philipp Eberlein (partner, lead, Dusseldorf),


M&A: Christian Möller (partner), Christian Wienke, Benedikt Mertens (both associates, all Dusseldorf),


Tax: Markus Ernst (partner, Munich), Sebastian Heinrichs (counsel, Frankfurt),


Data Protection: Vera Jungkind (partner), Susanne Koch (counsel, both Dusseldorf),


IP/IT: Matthias Rothkopf (counsel), Kim Josefine Weisser, Kira Fritsche (both associates, all Dusseldorf),


Antitrust: Markus Röhrig (partner, Brussels),


FDI: Jan Bonhage (partner, Berlin).