“Dolce Vita” with Veneto Banca

The position of the UNIQA Group in Southern Europe has been strengthened during the reporting period through the extension and intensification of the cooperation with the Veneto Banca Group in Italy. In this context the Milan-based subsidiary, UNIQA Previdenza, acquired 90% of the share capital of UNIQA Life S.p.A. The new, exclusive rights to Veneto Banca’s sales cooperation with insurance companies are also linked to this company. The new subsidiary will focus on bank sales while UNIQA Previdenza will manage the business through traditional sales channels.

The Veneto Banca Group is organised as a cooperative and has further expanded its traditionally strong presence in Northern Italy during recent years. The company has also intensified its presence in Southern Italy as well as Eastern Europe, including Romania, Moldavia, Croatia and Albania. Overall, the Group has access to a network of roughly 415 branches and employs roughly 4,500 staff.

To date, the UNIQA Group has been represented in Italy by three companies covering the entire insurance spectrum. In addition to the life insurer UNIQA Previdenza in Milan, there are also the health insurer UNIQA Assicurazioni, also at home in Milan, and the property insurer UNIQA Protezione in Udine. The three companies employed 261 staff as of the end of the year and earned a premium volume in 2009 of €384 million. Roughly v247 million or over 64% came from the area of life insurance. The insurance policies are sold through free and exclusive agents, brokers and the branch offices of the Veneto Banca Group.