Gothaer Leben withdraws completely from Austria
March 21, 2022 – Gothaer Lebensversicherung will end its activities in Austria in the middle of the year and will focus on Germany in the future. The approximately 14,000 existing Austrian contract is taken on by Mylife life insurance. Gothaer’s property insurance business in Austria is not affected by this step.
- Gothaer life will adapt to Germany in the future
(Image: Group headquarters in Cologne; Source: Gothaer)
to die Gothaer Lebensversicherung AG will cease all business operations of its branch and the provision of services in Austria effective June 30, 2022.
This communication was made on Friday by the German Federal Financial Supervisory Authority (Bafin) published.
Focus on home market Germany
The company justifies the move by wanting to focus on the home market of Germany in the future.
That is why the engagements in Poland and Romania have already been separated in recent years.
Gothaer Allgemeine Versicherung AG, which is active in the property insurance business, will continue to offer industrial business, such as industrial property and cyber insurance, through brokers in Austria, the group emphasizes.
Inventory transfer to Mylife
With the official approval in December 2021, the contracts of the branch of Gothaer Lebensversicherung AG in Austria, which was set up in 1982, are retroactive to January 1, 2021 Mylife Life Insurance Ltd been transferred, Gothaer told VersicherungsJournal.
“As a result, around 14,000 life insurance contracts are being transferred to Mylife Lebensversicherung on the same terms,” Gothaer continued. The insurance cover taken out in the past “remains of course valid for all customers”.
Mylife has been active in Germany since 1993
Mylife Lebensversicherung AG, which operates in Göttingen in Lower Saxony and took over the Austrian Gothaer life insurance contracts, is approved for this division in Germany since 1993.
Precisely you specialize yourself as a pension offering, “where customers and financial advisors can independently, individually and directly agree on the remuneration for the advisory and mediation services”.
According to the 2020 annual report, Mylife recorded total premium income of EUR 219.6 million and had around 114,000 contracts with an insured sum of EUR 3.99 billion in its portfolio. The number of customers is estimated at 108,000.