The Spanish insurance company Santalucía has completed the purchase of Aviva Vida y Pensiones and its bancassurance agreements with Unicaja Banco and its subsidiary EspañaDuero for €446m.
The acquisition, which was announced in May, has been made effective after it received the approval of the supervisory agencies and competition of the insurance industry and markets – the General Directorate of Insurance and Pension Funds (DGSYFP), the National Securities Market Commission (CNMV) and the National Commission on Markets and Competition (CNMC).
The operation involves the acquisition of the majority stake of Aviva in Spain, which includes Aviva Vida y Pensiones, Aviva Gestión, its participation in Aviva Servicios Compartidos, 50% of Unicorp Vida (not including its stake in Caja Granada Life) and 50% of Caja España Vida, from which the remaining 50% continue to correspond to Unicaja Banco and its subsidiary EspañaDuero respectively.
Through the agreement, Santalucía strikes a solid distribution partnership with Unicaja Banco Group and its subsidiary EspañaDuero in life insurance and pension plans, which according the buyer company “increases the weight of the bancassurance channel to 31% of its production”.
Andrés Romero, CEO of Santalucía, said: “This operation means anticipating one of our strategic challenges, with 50% of our business coming from life -one of the areas with the greatest future development projection- as well as strengthening the bancassurance channel and reinforcing our leadership position in the field.”
Manuel Azuaga, chairman of Unicaja Banco, echoed: “We are very pleased that the agreement with Santalucía has been made effective. It is a strategic alliance that allows us to continue the successful development of our life and pension business, a segment with a high growth potential. The experience and specialisation of Santalucía, with whom we also share a business vision, focused on the proximity to the client, makes it the ideal partner to capitalise on this opportunity.”