Corvinus International Investment Zrt., which is 100 percent owned by the Hungarian State, and Talanx Group, headquartered in Hanover, announced in December 2022 that they had entered into an agreement for the sale and purchase of a 66.9 percent stake in Magyar Posta Életbiztosító Zrt. and Magyar Posta Biztosító Zrt. Following the approval of the competent supervisory authorities, the transaction was also financially closed. With the buyout, the insurance company group came under purely Hungarian ownership, with which
the share of domestic ownership in the insurance sector already exceeds 20 percent.
According to the ministry, with an increase in the share of domestic ownership in the insurance sector, market competition can further intensify, insurance penetration can increase, and the level of services can rise. Following the change of ownership accompanying the closing of the transaction and the decision of the general meeting
Balázs Kadocsa is the president and CEO of Magyar Posta Biztosító Zrt. and Magyar Posta Életbiztosító Zrt.
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The manager has almost 20 years of professional experience in the financial services market, of which he has been in constant contact with the company and Magyar Posta during his work for the past 17 years. Balázs Kadocsa replaces Anette Pandurics in the position of president and CEO, to whom the new owner thanked for her activities.
Posta Biztosítók has been one of the most dynamically growing insurance companies on the Hungarian market since the beginning of their business operations in 2003. Their success is based on the business model developed jointly with Magyar Posta Zrt., which owns 33.1 percent; their products are easily available throughout Hungary through the national postal network – the announcement drew attention.
In the 2021 business year, the companies achieved a total of approximately 350 million euros in gross premium income. Their role is equally significant in the life insurance as well as passenger, motor vehicle, home and pension insurance segments.
The transaction does not directly affect the customers of Posta Biztosítók.
