Piraeus Financial Holdings S.A. informed the investment community that its subsidiary, Piraeus Bank S.A., has concluded the acquisition of the total shares (percentage 100%) of the parent company of Ethniki Insurance, from CVC Capital Partners Fund VII and National Bank of Greece.
The total consideration paid for the transaction is 600 million euros in cash. Following the conclusion of the Transaction, the total capital ratio of Piraeus Financial Holdings is expected to be circa 19% at end-2025, translating into a Pillar 2 Guidance buffer of circa 300bps.
The integration of Ethniki Insurance into the Piraeus Group is expected to further diversify the Group’s revenue sources, while complementing its product range, covering the whole spectrum of banking, protection and investment solutions.
Ethniki Insurance is one of Greece’s leading insurance companies, and the oldest insurance company in the country. It services 1.8 million active customers, offering all types of insurance products with a 14.6% market share (18.3% in life / 11.3% in non-life) and 850 million Gross Written Premiums (“ GWP”), as of 2024.
Ethniki Insurance has 4.1 billion total assets and 0.4 billion of shareholders’ equity. In 2024, it reported a profit before tax of 14.8 million, while based on its unaudited financial data for the 10-month period of 2025, profit before tax exceeded 30 million. Its capital position is strong, with a Solvency II ratio (SCR) of 188% in 2024, well above regulatory requirements.
In the first quarter of 2026, Piraeus will present its medium-term ambition for the expanded Group to the investment community, targeting focused growth and enhanced value creation for shareholders, customers and people.
Christos Megalou, Piraeus Group’s Chief Executive Officer, stated:
"The acquisition of Ethniki Insurance is a defining moment for Piraeus Group and underscores our commitment to revenue diversification and strategic growth. By joining forces with Ethniki Insurance, we are broadening our capabilities across protection and investment solutions and unlocking new opportunities to deliver value to our customers and shareholders. Together, we are setting a new benchmark for the Greek economy, positioning Piraeus Group as a leader in integrated financial services and paving the way for sustainable, long-term returns."
Dimitris Mazarakis, CEO of Ethniki Insurance, commented:
"The acquisition by Piraeus Bank marks an exciting new era for Ethniki Insurance. By joining forces with a leading financial group, we are unlocking new opportunities for growth and the ability to create even greater value for all our stakeholders. Together, we are building a strong, reliable, and innovative ecosystem that will further reinforce Ethniki Insurance’s role as a vital and trusted partner for our customers and generate long-term value for our shareholder."
Advisors to Piraeus on the Transaction were UBS Europe SE (financial advisor), Milliman (actuarial advisor) and Milbank LLP, as well as Moratis Passas and Potamitis Vekris (law firms).
