Weltnachrichten – AU – Westpac sells the general insurance business to Allianz and signs a 20-year distribution agreement

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Westpac Group announced today that it will sell Westpac General Insurance Limited and Westpac General Insurance Services Limited to Allianz and enter into an exclusive 20-year agreement to distribute general insurance products to Westpac’s customers.

The sales price of 725 million. USD is a multiple of 1. 3x FY20 gross written premium and is expected to result in a small after-tax profit from the sale in FY 2021. The sale of our general insurance business will increase Westpac’s core capital ratio by around 12 basis points. 1

The transaction also includes contingent payments subject to the milestones of integration and business development over the next five years, as well as ongoing payments under the distribution agreement. 2

The new distribution agreement expands the Group’s existing partnership with Allianz, under which Westpac has been selling a range of Allianz products to customers such as auto, travel, boat and corporate insurance since 2015.

Peter King, Westpac Group’s chief executive officer, said the agreement marks an important milestone in building a simpler and stronger bank. “This transaction is another step in simplifying our business and continues to help clients with their general insurance needs.

« General insurance products are important to many Australians and we are excited to partner with a global insurance expert over the long term to continue helping customers protect the things they value, » said King.

Westpac retains responsibility for certain pre-handling matters and provides Allianz with protection through a combination of regulations, warranties and indemnities.

The closing of the transaction is subject to various regulatory approvals and is expected to take place in the second half of 2021.

The Westpac Group announced today that it will sell Westpac General Insurance Limited and Westpac General Insurance Services Limited to Allianz and enter into an exclusive 20-year contract to distribute general insurance products to Westpac customers.

The sales price of 725 million. USD is a multiple of 1. 3x FY20 gross written premium and is expected to result in a small after-tax profit from the sale in FY 2021. The sale of our general insurance business will increase Westpac’s core capital ratio by around 12 basis points. 1

The transaction also includes contingent payments subject to the milestones of integration and business development over the next five years, as well as ongoing payments under the distribution agreement. 2

The new distribution agreement expands the Group’s existing partnership with Allianz, under which Westpac has been selling a range of Allianz products to customers such as auto, travel, boat and corporate insurance since 2015.

Peter King, Westpac Group’s chief executive officer, said the agreement marks an important milestone in building a simpler and stronger bank. “This transaction is another step in simplifying our business and continues to help clients with their general insurance needs.

« General insurance products are important to many Australians and we are excited to partner with a global insurance expert over the long term to continue helping customers protect the things they value, » said King.

Westpac retains responsibility for certain matters prior to completion and protects the alliance through a combination of provisions, warranties and compensations.

The closing of the transaction is subject to various regulatory approvals and is expected to take place in the second half of 2021.

Westpac, Allianz SE, General Insurance, ASX: WBC, ASX

World News – AU – Westpac sells general insurance business to Allianz and concludes a 20-year distribution agreement

Ref: https://www.miragenews.com

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