Piraeus Bank wraps up the €600 mn purchase of Ethniki Insurance’s parent from CVC Capital Partners Fund VII and National Bank of Greece, a deal the bank has chased to deepen its reach in the protection and investment stack.
According to Beinsure analysts, Ethniki Insurance is one of Greece’s leading insurance companies, and the oldest insurance company in the country.
The transaction hands Piraeus control of Greece’s oldest insurer, a company with 1.8 mn policyholders and €850 mn in gross written premiums, plus enough market weight to matter – 18.3% in life, 11.3% in nonlife and a 14.6% share overall.
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 has €4.1bn total assets and €0.4bn shareholders’ equity. In 2024, it reported a profit before tax of €14.8mn, while based on its unaudited financial data for the 10-month period of 2025, profit before tax exceeded €30mn.
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 our shareholders, customers and people.
Unaudited results for the first ten months of this year show pretax profit beyond €30mn, which gives Piraeus a more profitable engine than many expected when the first LOI went public.
Christos Megalou, the group’s CEO, says the acquisition broadens Piraeus’ menu of protection products and investment-linked offerings and pushes the bank closer to a fully integrated financial-services posture.
It’s a line Athens bankers drop often, though in this case the scale shift feels real because the insurance arm won’t sit in a corner anymore.
The acquisition of Ethniki Insurance is a defining moment for Piraeus Group and underscores our commitment to revenue diversification and strategic growth.
Christos Megalou, Piraeus Group’s CEO
“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,” Christos Megalou stated.
By joining forces with a leading financial group, we are unlocking new opportunities for growth. Together, we are building a strong, reliable, and innovative ecosystem.”
Dimitris Mazarakis, Ethniki Insurance CEO
Ethniki’s CEO, Dimitris Mazarakis, frames the move as a chance to widen growth channels and build what he calls a stronger and more inventive ecosystem with the bank.
Maybe that’s marketing speak, but the integration gives the insurer new distribution firepower and data depth that it hasn’t had access to in years.
CVC’s fund originally agreed back in 2021 to take 90.01% of Ethniki Insurance from National Bank of Greece for €505mn. This latest exit closes that episode and hands Piraeus a platform it intends to push far harder than the previous owners ever did.
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).
