Generali takes full control of Bawag Insurance

The deal, signed today for an undisclosed sum, expands the two companies’ ongoing collaboration, which has been ongoing since 2007.

“Bawag is an important player on the Austrian financial market. I am pleased that we can continue and intensify this strategic cooperation,” Generali boss Gregor Pilgram said in today’s press release. According to its own information, Generali Austria manages €3 billion in premium income and has around 4,600 employees.

3.7% market share

Bawag PSK Versicherung was formed in 2007 from the merger of Bawag-Versicherung and PSK-Versicherung and has a market share of 3.7% according to the 2023 balance sheet. In the previous year, premiums for classic life insurance amounted to EUR 104.5 million and premiums for investment-linked life insurance amounted to EUR 86.4 million. The company has 72 employees.

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