Milano, 24 June 2003
The Boards of Directors of Banca Intesa and Alleanza Assicurazioni (Generali Group) met today to approve the procedures for bringing all together their bancassurance activities in a new company that will be named Intesa Vita.
Specifically, the operation foresees the transfer by Alleanza of its own bancassurance activities to the new company and by Assicurazioni Generali and Banca Intesa of their participations in Assiba (50% Generali and 50% Banca Intesa) and in Intesa Vita (formerly Carivita, 100% Banca Intesa) as well as the successive merger by incorporation of the latter two in the new company Intesa Vita.
It is expected that, also following other future purchase and sale operations carried out by the parties in cash, at the conclusion of the operations, Intesa Vita itself will be controlled on an equal basis by Alleanza and Banca Intesa; a 10% quota is reserved for Credit Agricole, on the basis of the Memorandum signed last March 10.
The setting up of Intesa Vita will streamline the activities that are currently carried out by several insurance companies within the two Groups, with the aim of achieving leadership in the sector.
The new Intesa Vita will allow Intesa Group bank counters to provide standard insurance products under one trademark, as set out in the network integration process underway at Banca Intesa, and Alleanza to reaffirm its leadership in the life insurance sector, increasing the premium income from financial insurance products, like unit-linked policies, in addition to the collection of recurrent long-term insurance policies generated by traditional channels.
On the basis of 2002 figures, Intesa Vita will be able to rely on technical reserves amounting to approximately € 15.8 billion and a premium income of over € 3.5 billion. Intesa Vita will count on a distribution network comprising 3,000 banking outlets. The overall value of the company, estimated according to the embedded value criterion, gross of taxes applicable to the portfolio value, will amount to approximately € 1.3 billion.
The operation is expected to be finalised by next October, following the outcome of the assessment carried out by specifically appointed experts, as set down by law, and is subject to the authorisation of supervisory authorities.
Last updated 24 June 2003 at 07:23