Allianz sells stake in Spanish joint venture Allianz Popular to Banco Santander for €936.5m
German insurer Allianz has agreed to sell its 60 percent stake in joint venture Allianz Popular SL to Banco Santander for €936.5 million, and terminate its exclusive non-life insurance distribution agreement with the Spanish bank.
Allianz and Banco Popular entered into an exclusive long-term bancassurance alliance in 2011. It covered life insurance, pensions, and asset management through a joint venture Allianz Popular SL, as well as the distribution of non-life insurance products in Spain.
Banco Santander acquired Banco Popular in 2017 and the two banks were subsequently merged in 2018.
Following the resolution of the Allianz Popular bancassurance alliance, Allianz will continue to operate in both non-life and life insurance markets through Allianz Compañia de Seguros y Reaseguros, SA and Fénix Directo Compañia de Seguros y Reaseguros, SA, generating gross written premiums of €3.3 billion in 2018. Allianz Popular SL had gross written premiums of €0.3 billion and assets under management of €12.5 billion in 2018.
The transaction is subject to regulatory approvals and expected to be completed in the first quarter of 2020.
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