Piraeus Bank is entering the race to acquire Hellenic General Insurance, which stresses in a statement that there is interest. According to BnB Daily, there has already been an approach with CVC (90% of the insurance company), while Piraeus Bank is scanning areas of activity to proceed with expansion and acquisitions. 

As part of its strategy to enhance value for its shareholders and diversify its business model, the bank is considering investment alternatives from the fintech, finance and asset management sectors. 

However, interest in Hellenic General Insurance has also been shown by National Bank, with CEO Pavlos Mylonas recently stating that an acquisition is being considered; however, this is something that will be evaluated. At this stage, Piraeus Bank's interest is more heated; however, the plus side for the National Bank is that it has a 10% stake in Hellenic General Insurance.

THE PROSPECTS

Hellenic General Insurance's figures have some positive and some negative points. Customers exceeding 1.7 million, profit margins and growth in the domestic insurance market are among the positives. On the flip side, the losses it is experiencing as a result of natural disaster claims, the cost of old health policies, and inflation are highlighted.

THE MARKET IS GROWING

In general, however, the insurance market is in a growth phase. Already major players have entered because they see scope for growth and increased profits. Health policies, pension plans and investment products are experiencing strong growth against the background of the need for better health benefits and greater security when customers retire. 

THE CVC

Finally, the timing also appears to be positive for CVC, which acquired 90% of the company in 2021. Market participants explain that the investment cycle for funds spans 3 to 5 years. CVC has partially transformed the insurance company, and it appears that the time to reap the rewards is now.