Alpha Bank Announces Merger of Altius Insurance and Universal Life in Cyprus
Alpha Bank has recently reached an agreement on key commercial and legal terms for a strategic merger of insurance operations in Cyprus. The goal is to create one of the top three insurance groups in the country, excelling in both life and non-life sectors.
The merger involves Universal Life Insurance Public Company and Altius Insurance, aiming to establish a leading position in the accident and health segment of the Cypriot insurance market.
As part of the agreement, Alpha Bank will acquire all issued share capital in Altius Insurance from its shareholders. Additionally, a merger between Universal and Altius is planned, with a member of Alpha Bank Group holding the majority interest in the resulting combined entity.
A strategic partnership with Photos Photiades Group, the main shareholder group at Universal, is also on the horizon. Both parties intend to collaborate on expanding insurance activities in Cyprus and potentially beyond.
The present management team at Altius is expected to remain involved to support the execution of the joint strategy and address any integration risks. The transaction is set to be completed during the third quarter of 2026, pending regulatory approvals and standard conditions.
Alpha Bank’s CEO, Vassilios Psaltis, expressed enthusiasm about the merger, stating, “We are delighted to actively shape the Cypriot insurance market by investing in two entities to create the third-largest insurance group. This strategic partnership with the Photos Photiades Group gives us a valuable base to build a challenger proposition in the Cypriot insurance space and strengthen our ties with the local business community.”
The bank anticipates a return on capital employed (RoCET) above 20%, along with earnings per share growth of approximately 2%. It also forecasts a significant increase in net income from its Cyprus activities. Alpha Bank sees this transaction as fitting within its established capital allocation approach.
The merger of Altius Insurance and Universal Life in Cyprus represents a strategic move by Alpha Bank to expand its presence in the insurance sector and create a strong platform for further growth.
For more information, the original article “Alpha Bank announces merger of Altius Insurance and Universal Life in Cyprus” can be found on Life Insurance International.
