UnicRedit brings full control over the Italian Life Bancassurance business
UnicRedit has concluded the internalization of its Lifebank Cassurance business in Italy, securing full ownership of the Joint Venture (JVS) between CNP Assurances and Allianz.
The completion of this internalization process, which began last September, has ensured all the necessary regulatory bodies.
Following the acquisition, JVS was rebranded. CNPUnicredit Vita is now operating as Unicredit Life Insurance (ULI), and Unicredit Allianz Vita has been renamed Unicredit Vita Assicurazioni (UVA).
Alessandro Santoliquido has been appointed CEO of both entities while continuing his responsibilities as Head of Group Insurance.
Santoliquido said: “Our aim is to be a market reference point not only for size, but also for efficiency, product innovation and customer service quality. Our commitment is to enter the next stage of running mergers as quickly as possible and providing the solutions available to our customers.”
Both ULI and UVA are expected to merge in 2026, and are expected to lead to the formation of a new Life Bancassurance entity in Italy.
The acquisition is a project that will contribute to an increase in annual insurance revenue of $400 million (348.08 million euros) by fiscal year 2027 (FY2027), compared to fiscal year 2024.
Mergered entities are expected to be present in the market in the unit link and period life insurance segment.
UnicRedit said that when classified as a financial conglomerate it will require recognition of Denmark’s compromise in line with the regulatory framework.
The Bank’s non-life bancassurance business in Italy will continue to operate through the single product Allianz Assiculoliolini JV, subject to conditions communicated to the market in January 2022.
“UnicRedit incorporates full control of the Italian Life Bancassurance business” was originally created and published Life Insurance Internationala brand owned by GlobalData.
The information on this site is contained in good faith for general information purposes only. It is not intended to be the advice you should resort to, and we will not give any representations, warranties or warranties, whether express or implied regarding its accuracy or completeness. You should seek expert or expert advice before taking or refraining from taking any medication based on the content on our site.