State Buys Out Talanx Stakes in Magyar Posta Insurance Businesses
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The state-owned Corvinus International Investment Company has closed the acquisition of 66.9% stakes in the life and general insurance units of state-owned postal company Magyar Posta from Germany's Talanx, the Ministry of Economic Development said in a release on its website.
The transaction, first announced in December, raises Hungarian ownership in the companies to 100% and boosts domestic ownership in the insurance sector to more than 20%, the ministry said.
The measure could boost competition, increase market penetration and raise the quality of service, it added.
Magyar Posta holds 33.1% stakes in the two businesses, Magyar Posta Életbiztosító and Magyar Posta Biztosító, which had revenue from premiums of around EUR 350 million in 2021.
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