The partnership’s key market of operation will be Czech Republic where both ČP and Generali have a proven track-record of building successful operations. Until the transaction is completed and the appropriate approvals of relevant regulatory bodies are obtained, both companies in Czech Republic will continue to operate as independent entities. After the transaction is completed the holding will develop its overall strategic plan for the CEE region and will, among other topics, decide on its approach to best capture the growth opportunities in the Czech market, leveraging the strengths of both the Generali and ČP operations. The partnership will evaluate all options how to capitalize upon the strength of utilizing both brands in the Czech Republic.

“This partnership is a great opportunity for our company and is excellent news for clients, business partners and employees“, ČP´s Chief Executive Officer, Lard Friese, said. “CP will benefit from being part of a large international group with widespread international expertise. We will be able to share best demonstrated practices and at the same time further develop our strengths in distribution, product innovation and market leadership. The CP brand is a powerful brand with deep roots in the Czech society and we will keep the CP brand in the future. Most importantly, this partnership brings together two successful teams to create an unmatched pool of talent to drive future growth, development and success“, he added.

“Generali Pojišťovna proved to be very successful and at the same time rapidly growing company. We are convinced that we will be able to capitalize on our long term experience from international cooperation and sharing know-how within Generali Group in favour of newly created holding structure“, Jaroslav Mlynář, Generali Czech Republic Chairman of the Board said.

Česká pojišťovna is the Czech Republic’s largest domestic insurer with an overall market share of around 33 percent at the end of 2006. The company underwrites 13 million policies. In the Insurance Company of the Year 2006 competition, organized by the Fincentrum company, the expert jury awarded ČP first place for the third consecutive year. The ability of Česká pojišťovna to maintain its high market share in both life and non-life insurance has also been recognized by rating agencies in their reports: Standard & Poor’s has rated ČP as BBB with a stable outlook; Moody’s Investors Service has rated the Česká pojišťovna´s financial strength as Baa3 and upgraded its outlook in February 2006 to positive. These ratings belong to the investment level, and ČP thus ranks among the highest rated domestic financial institutions in the Czech Republic. As well as its position as the market leader and the successful implementation of the new standard of client service, both agencies also emphasize the Company’s good operating results. Česká pojišťovna has registered capital of 4 billion crowns and is part of the PPF international financial group which successfully manages assets worth over 220 billion crowns. The only shareholder of Česká pojišťovna is CZI Holdings N.V.

Generali Pojišťovna became in 2006 the 5th largest insurance company in Czech Republic. It’s gross written premium achieved 6,4 bln CZK. Generali underwrites more than 1 million of insurance policies and it’s market share amounts 5,3 %. The company focuses on product quality and client-orientated approach. Complex range of products orientated mainly on families’ and SME’s needs is offered through both own sales network and brokers. At the time being Generali serves it clients at more than 250 sales points. Branch office of Assicurazioni Generali was established in Prague in 1832 already. Generali Pojišťovna is a part of Generali Holding Vienna conglomerate that belongs to 3rd largest insurance holding - Generali Group.

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