W&W Group sells insurance companies in the Czech Republic

The Stuttgart-based Wüstenrot & Württembergische AG (W&W) has sold the property insurer pojišt’ovna and the life insurance company Wüstenrot životnì pojišt’ovna to Allianz pojišovna, a.s. The Group had been active in the Czech market since 1993.

W&W had already decided during the first half of 2015 to give up its Czech property and life insurance businesses, in order to continue with its measures to further streamline and optimise the Group structures. The sale of the insurance subsidiaries of W&W AG, which were 100-per cent owned, was completed retrospectively to 1 January 2015. W&W did not provide any details regarding the sales proceeds. Furthermore, a long-term sales collaboration agreement was also concluded between the remaining Wüstenrot companies in the Czech Republic and Allianz in the Czech Republic.

The Stuttgart-based financial service group recently invested in new products, a leading website, information technology and operations as well as the subject of regulations. It therefore views the two Czech insurance companies as well-equipped for profitable development in the future.

The affected companies make up less than one per cent of the Group’s overall contribution income, which is why these activities are being given up. The course of growth of the Wüstenrot Group in the Czech Republic is to be continued with the building society and bank.