Helvetia Holding AG / Key word(s): Disposal
Sale of Spanish life insurance company Sa Nostra Vida completed
11/25/2022 / 07:00 CET/CEST
St.Gallen, 25 November 2022
Helvetia Group completes the sale of its stake in the Spanish life insurer Sa Nostra Vida to Caixabank. The transaction, together with the additional stake in Caser acquired in the summer, strengthens the non-life business within the entire Group.
Helvetia Group announced the sale of its stake in the Spanish life insurance company Sa Nostra Vida to Caixabank on June 28, 2022. Helvetia previously held this stake through Caser. Now that all approvals have been obtained, the transaction has been closed. The sale price was EUR 262 million and will return a high double-digit million profit for Caser. Sa Nostra Vida contributed CHF 7.7 million to the Group’s annual result in 2021 and generated gross premiums of CHF 41.1 million. The transaction improves the Group’s SST ratio in a low double-digit percentage point range.
The sale is part of the implementation of the helvetia 20.25 strategy and reduces the exposure in life business of the Group. At the same time, with this transaction and the increase in the stake of Caser in the summer, Helvetia is further strengthening the non-life business.
About the Helvetia Group
Helvetia Group, with its headquarters in St. Gallen, has grown since 1858 to become a successful insurance group with over 12,000 employees and more than 7 million customers. It has been enabling its customers to seize opportunities and minimize risks for all that time – Helvetia is there for them when it matters. Helvetia is the best partner and is present everywhere that protection needs arise, with insurance, pension and investment solutions from a single source as well as simple products and processes. The insurance group knows the business, from mobile phone insurance and insurance cover for the Gotthard Base Tunnel to the long-term investment of customer assets. Helvetia develops and opens up new business models with enthusiasm and drives forward its own business in a powerful and future-oriented manner. It acts with foresight and responsibility in everything it does: for the benefit of its shareholders, customers and employees as well as its partners, society and the environment.
Helvetia is the leading all-lines insurer in Switzerland. In the Europe segment comprising Germany, Italy, Austria and Spain, the company has firmly rooted market positions for generating above average growth. In the Specialty Markets segment, Helvetia offers tailored special insurance and reinsurance cover worldwide. With a business volume of CHF 11.22 billion, Helvetia generated IFRS net income after tax of CHF 519.8 million in the 2021 financial year. The shares of Helvetia Holding AG are traded on SIX Swiss Exchange.
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