Milano, 10 March 2003
A new market leader is established with the participation of Intesa, Generali and Credit Agricole.
Passera and Perissinotto: “The cooperation between the two groups confirmed and strengthened”
Gruppo Intesa and Gruppo Generali signed today a Memorandum, to be approved by the Boards of Directors of Assicurazioni Generali and Alleanza Assicurazioni on March 18, for the setting up of a bancassurance joint venture in the life business. The new entity will take up the name of Intesa Vita.
Intesa Vita will thus emerge as the leading player in the bancassurance business in Italy. It will be able to rely on technical reserves that at the end of 2002 amounted to approximately € 16.5 billion and on a premium income of approximately € 3.7 billion. Intesa Vita can count on 3,000 bank counters and a network of 1,700 financial advisors.
According to the terms of the agreement, the life business of Alleanza Assicurazioni, Assiba and La Venezia, acquired through the bank counters of Banca Intesa, Banca Popolare FriulAdria and the network of financial advisors of Banca Primavera, will be merged with the life business of Intesa Vita, which was acquired through the bank counters of former Cariplo.
A stake of 45% in Intesa Vita will be held by Gruppo Intesa, another 45% by Gruppo Generali through Alleanza Assicurazioni, in its role as insurance reference point, while the remaining 10% by Credit Agricole. Pending authorisation, the joint venture is expected to be already operative in the second-half of 2003.
The managing director of Gruppo Intesa, Corrado Passera, and the managing director of Gruppo Generali, Giovanni Perissinotto, have stressed the strategic importance of the agreement, which confirms and strengthens the cooperation between the two Groups.
Last updated 10 March 2003 at 12:23