Union to be the new owner of Poštová poisťovňa
Insurer Union will be the new owner of Poštová poisťovňa (PP), an insurer from the portfolio of J&T, according to sources of sme.sk. The sale has been in the works for over a year; first, it was delayed by the general election, then by the pandemic and a change in the CEO of Slovenská pošta (owns 20%, the rest is owned by Poštová banka). The acquisition contract should be signed in October, and the price won’t be disclosed. Last year, PP had €17m in sales, 170,000 clients and exclusive access to 1,500 SP postal offices. It is solidly in the black (last year’s net profit was €3.3m). Union’s sales came to €61.1m last year and it has been in the red since 2016. It is likely to launch the sale of third-party liability motor insurance via SP branches (PP does not sell this type of insurance).
The insurance market is consolidating. Two years ago, Union acquired the non-life business of insurer Aegon; its life insurance business and pension manager was acquired by NN. Axa sold its Slovak subsidiary to Uniqa. Generali has taken over Ergo.