(Alliance News) - Assicurazioni Generali Spa announced Friday that it has finalized the sale of TUA Assicurazioni Spa to Allianz.

"The transaction is in line with the implementation in Italy of the Group's strategic plan "Lifetime Partner 24: Driving Growth," which envisages pursuing profitable growth, reducing complexity with the aim of making the operating machine more efficient and increasing the diversification of the Non-Life segment," the statement said.

"The transaction generates a positive impact on the balance sheet net income of approximately EUR50 million, neutral for normalized net income purposes, with an increase of approximately 1 pp to the Group's Solvency Ratio," the company further specifies in a note.

Assicurazioni Generali closed Friday in the green by 0.1 percent at EUR21.95 per share.

By Chiara Bruschi, Alliance News reporter

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