Generali Nederland generated premiums of 379 million euros in 2016, ASR said.
The acquisition would add 30 million euros to ASR’s annual profit after the deal closes in the first quarter of 2018, ASR CEO Jos Baeten said.
The deal follows Generali’s recent accords to sell its businesses in Colombia and Panama as Europe’s third-biggest insurer works to exit markets where it lacks scale with a view to raising at least 1 billion euros from disposals.
Generali said the sale of Generali Nederland, which contributed around 9 million euros to the group’s operating result in 2016, would generate a one-off net loss of 270 million euros.
The disposal is set to lift Generali’s Solvency II ratio - a measure of financial strength - by around 1.6 percentage points.
Reporting by Toby Sterling in Amsterdam and Valentina Za in Milan,; Editing by Subhranshu Sahu and Gopakumar Warrier