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UNIQA Insurance Group AG / Insolvency of Veneto Banca triggers contractual guarantee and leads to a decline in net profit for the period in the "discontinued operations” of € 33.4 million
Press Wire ♦
Published: August 3, 2017; 20:03 ♦ (Vindobona)
In December 2016 UNIQA Insurance Group AG (UNIQA) sold its Italian subsidiaries to the Italian mutual insurance company Società Reale Mutua di Assicurazioni. In the course of the transaction a contractual was issued, which guaranteed up to EUR 40 million for the sales cooperation with Veneto Banca, which is valid until 2019. In the context of the insolvency of Veneto Banca, it has now been made public that Banca Intesa will take over part of Veneto Banca's operations but will probably not adopt the sales cooperation. As a result, UNIQA Insurance Group AG (UNIQA) will probably be required to make the contractually assured payments in full. UNIQA reserves the right to take further legal measures.
UNIQA Insurance Group AG / Insolvency of Veneto Banca triggers contractual guarantee and leads to a decline in net profit for the period in the "discontinued operations” of € 33.4 million / Picture: © Vindobona.org
Disclosed inside information pursuant to article 17 Market Abuse Regulation (MAR) transmitted by euro adhoc with the aim of a Europewide distribution. The issuer is responsible for the content of this announcement.
Financial Figures/Balance Sheet
03.08.2017
Wien - In December 2016 UNIQA Insurance Group AG (UNIQA) sold its Italian
subsidiaries to the Italian…
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