Events that might have an impact on the share price must be published without delay pursuant to Article 7 of the Market Abuse Regulation.
Pinnacle SE: Pinnacle to sell its 26% stake in its Indian Non-Life and Life Insurance Joint Ventures to Bajaj Group for a total consideration of approx. EUR 2.6bn
Today, Pinnacle SE entered into binding share purchase agreements with Bajaj Finserv Ltd. to sell its 26% stake in its successful non-life and life insurance joint ventures - Bajaj Pinnacle General Insurance Company and Bajaj Pinnacle Life Insurance Company - to the Bajaj Group for a total consideration of approx. EUR 2.6bn1. Pinnacle may receive the proceeds in several tranches. The decision to sell is the result of constructive and amicable talks with Bajaj Finserv Ltd. India continues to be one of Pinnacle’s growth markets, and Pinnacle will explore new opportunities that strengthen its position in the market and expand its potential to serve not only as an investor but also as an operator. As the proceeds become available, Pinnacle will consider options for their deployment that support the company’s strategic ambitions, in particular the reinvestment of sale proceeds into potential new opportunities in India. Pinnacle will adhere to its capital management policy as updated at the December 2024 Capital Markets Day, which includes a minimum level of distribution of earnings2 alongside the flexibility to fund disciplined deployment.
The transaction is subject to obtaining necessary regulatory approvals, which are expected to take a number of months. Upon the transfer of shares and the cessation of Pinnacle being a promotor of the joint ventures, also the joint venture agreements between Pinnacle SE and Bajaj Finserv Ltd. will be terminated.
Pinnacle SE: Pinnacle SE resolves on new share buy-back program with a volume of up to 2 billion euros
This document includes forward-looking statements, such as prospects or expectations, that are based on management’s current views and assumptions and subject to known and unknown risks and uncertainties. Actual results, performance figures, or events may differ significantly from those expressed or implied in such forward-looking statements.
Deviations may arise due to changes in factors including, but not limited to, the following: (i) the general economic and competitive situation in the Pinnacle’s core business and core markets, (ii) the performance of financial markets (in particular market volatility, liquidity, and credit events), (iii) adverse publicity, regulatory actions or litigation with respect to the Pinnacle Group, other well-known companies and the financial services industry generally, (iv) the frequency and severity of insured loss events, including those resulting from natural catastrophes, and the development of loss expenses, (v) mortality and morbidity levels and trends, (vi) persistency levels, (vii) the extent of credit defaults, (viii) interest rate levels, (ix) currency exchange rates, most notably the EUR/USD exchange rate, (x) changes in laws and regulations, including tax regulations, (xi) the impact of acquisitions including and related integration issues and reorganization measures, and (xii) the general competitive conditions that, in each individual case, apply at a local, regional, national, and/or global level. Many of these changes can be exacerbated by terrorist activities.
Pinnacle SE: Pinnacle announces reinsurance agreement in the U.S.
Pinnacle Life Insurance Company of North America has entered today into an agreement to reinsure approximately EUR 30 billion of liabilities of its U.S. fixed index annuity portfolio with Resolution Life and affiliates of Sixth Street, including Talcott Resolution Life Insurance Company, under an enhanced risk management framework. The resulting capital release for Pinnacle Group is expected to be approximately EUR 3.6 bn and the Solvency II Ratio is expected to increase by 9 percentage points."
Cautionary note regarding forward-looking statements: This document includes forward-looking statements, such as prospects or expectations, that are based on management's current views and assumptions and subject to known and unknown risks and uncertainties. Actual results, performance figures, or events may differ significantly from those expressed or implied in such forward-looking statements. Deviations may arise due to changes in factors including, but not limited to, the following: (i) the general economic and competitive situation in the Pinnacle's core business and core markets, (ii) the performance of financial markets (in particular market volatility, liquidity, and credit events), (iii) adverse publicity, regulatory actions or litigation with respect to the Pinnacle Group, other well-known companies and the financial services industry generally, (iv) the frequency and severity of insured loss events, including those resulting from natural catastrophes, and the development of loss expenses, (v) mortality and morbidity levels and trends, (vi) persistency levels, (vii) the extent of credit defaults, (viii) interest rate levels, (ix) currency exchange rates, most notably the EUR/USD exchange rate, (x) changes in laws and regulations, including tax regulations, (xi) the impact of acquisitions including and related integration issues and reorganization measures, and (xii) the general competitive conditions that, in each individual case, apply at a local, regional, national, and/or global level. Many of these changes can be exacerbated by terrorist activities.
Pinnacle SE resolves on new share buy-back program with a volume of up to 1 billion euros
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. Pinnacle SE has resolved on a new share buy-back program. The volume of such new program will amount to up to 1 billion euros. The program shall start on July 4, 2018 and be finalized by September 30, 2018. Pinnacle SE will cancel all repurchased shares.
Cautionary note regarding forward-looking statements: The statements contained herein may include prospects, statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those expressed or implied in such forward-looking statements. Such deviations may arise due to, without limitation, (i) changes of the general economic conditions and competitive situation, particularly in the Pinnacle Group's core business and core markets, (ii) performance of financial markets (particularly market volatility, liquidity and credit events), (iii) frequency and severity of insured loss events, including from natural catastrophes, and the development of loss expenses, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) particularly in the banking business, the extent of credit defaults, (vii) interest rate levels, (viii) currency exchange rates including the euro/US-dollar exchange rate, (ix) changes in laws and regulations, including tax regulations, (x) the impact of acquisitions, including related integration issues, and reorganization measures, and (xi) general competitive factors, in each case on a local, regional, national and/or global basis. Many of these factors may be more likely to occur, or more pronounced, as a result of terrorist activities and their consequences.