Allianz Suisse will sell its subsidiaries Alba Allgemeine Versicherungs-Gesellschaft, Phenix Versicherungsgesellschaft and Phenix Lebensversicherungsgesellschaft to the Helvetia Group for €229m.

Based in Basel, Alba is a property and casualty insurer that operates across Switzerland. In 2009, the Alba generated premium revenues of €100m and a profit of €20m.

Based in Lausanne, Phenix offers life insurance and property and casualty insurance. In 2009, it generated total premium revenues of €87m and earned a profit of €1.4m.

Allianz Suisse CEO Manfred Knof said that by means of this sale, the structures of the Allianz Suisse Group will be simplified further. Allianz Suisse Versicherungen, Allianz Suisse Leben and CAP Rechtsschutzversicherung form an operational collective, whereas Alba and Phenix operate as independent units.

The transaction is subject to approval of the regulatory authorities and it is expected to be completed during the course of the fourth quarter of 2010.