Generali sells Turkish insurer

Italian insurer Generali has agreed to sell its 99.99% stake in Turkish insurer Generali Sigorta A.Ş. Under the deal, Generali’s current shareholding will be split between buyers investment firms Arex Yatirim Holding, which will hold a 48% stake, and Kiler Holding, which will own 42%, as well as Ekol Girişim Sermayesi Yatırım Ortaklığı (9%), and insurer Arex Sigorta (1%).

Generali, one of the first European insurers in Turkey having established an agency office 150 years ago, said the contribution of the Turkish business to the group’s operating results was “negligible” and that the sale is in line with its strategy to drive growth and focus on markets where it has a leading presence.

The deal is expected to complete in the first half of 2025.