SulAmérica sells automobile segment for Allianz for R $3 billion

SulAmérica reported on Friday (23) that it sold its auto segments and elementary branches to the German Allianz, for R $3 billion. According to the insurer, the transaction considers a net worth of R $700 million in the newly formed company to be structured specifically for the purpose of the sale, subject to mechanisms of common price adjustments in similar transactions. The conclusion of the transaction is conditional upon compliance with certain preceding conditions, including the prior approval of the competent regulatory and anti-competitive bodies. SulAmérica states that the transaction reinforces its strategic positioning concentrated in the health, dentistry, life and pension segments, in addition to the relevant asset management operation. These areas accounted for about 85% of the group's consolidated revenues in the first half of this year. "In addition, the transaction will represent an additional and relevant amount of liquidity for the company to seize opportunities for organic and inorganic growth in the future," says SulAmérica. The communiqué points out that Allianz is among the three largest global groups of elementary branch insurers. With the purchase of SulAmérica segments, it will become one of the most important automobile insurers and elementary branches in Brazil. Until the effective completion of the transaction, the parties will continue to conduct their business independently. Therefore, customers, brokers, advisors, suppliers, employees and other stakeholders should not expect any changes in the administration and trade relations, supply and supply of SulAmérica products.