Deutsche Postbank AG, Bonn, is to reposition itself in the insurance sector and has agreed on the sale of its insurance business to Talanx AG, Hanover.

The transaction includes two main elements: BHW Lebensversicherung AG, Hamelin, as well as the 50% stake in PB Versicherung AG, Hilden. At the same time, Postbank and Talanx have concluded a long-term marketing cooperation agreement in the field of life insurance and accident insurance. This gives both companies a high degree of planning stability.

Pending approval by the antitrust and supervisory authorities, the companies expect the transaction to be concluded in the fall of this year. The purchase price for the business is €550 million.

Dr. Wolfgang Klein, Chairman of the Management Board at Postbank says: “In light of the strategic alignment of Postbank as bank with pension products and our customer base which totals almost 15 million, the insurance business plays a major role in our deliberations. This high policy weighting demands the best solution. We are now combining the sales power of Postbank with its 850 branches and 4.3000 field consultants with the product know-how and expertise of Talanx.”

“Postbank’s outstanding, dense sales network combined with this bank’s high reputation gives us opportunities to access customers which are unique in Germany,” explains Herbert Haas, Chairman of the Board of Management at Talanx AG. “In this way, we are expanding our leading position in bancassurance, which is the market of the future, as well as strengthening our strategically important and successful bank and Post cooperation for the future,” continues Mr. Haas. “Our bancassurance model can be easily applied to other markets, thereby offering outstanding opportunities for further diversification of the Talanx Group at a segment and regional level.”