UniCredit to Take Over CNP Assurances and Allianz's Italy Life Bancassurance Units

By Elena Vardon

UniCredit is buying major stakes in the Italian life bancassurance businesses of France's CNP Assurances and Germany's Allianz, seeking to consolidate the sector in the country.

The Italian bank, who has long-standing partnerships with both groups, on Wednesday said that it will exercise its rights to acquire a 51% stake in CNP UniCredit Vita from the French insurer as well as Allianz's 50% stake in UniCredit Allianz Vita.

UniCredit will hold 100% of both businesses upon deal closing, which is expected to close in 2025, subject to authorizations.

The purchase price for each stake will be determined with each party based on their original agreements, it said, adding that the deals will be cash funded.

"The internalization of life bancassurance factories in Italy will allow UniCredit to accelerate growth in a commission-focused sector with attractive profitability," UniCredit said.

Alessandro Santoliquido, who oversees the insurance business at the group level, will lead the newly created bancassurance division and the two companies, it added.

Write to Elena Vardon at elena.vardon@wsj.com

(END) Dow Jones Newswires

September 25, 2024 02:46 ET (06:46 GMT)

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