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BANKINTER and MAPFRE have reached an agreement with Barclays to acquire the Life and Pensions business of this financial institution in Portugal. The deal, which amounts to 75 million euros, was closed through BANKINTER SEGUROS DE VIDA, an affiliate jointly controlled by MAPFRE and BANKINTER. |
In 2014, Barclays Vida y Pensiones reached 150 million euros in premiums and 12 million euros in net profit in Portugal.
Additionally, it has over one billion euros worth of assets under its management and a market share of 1.4 percent. "This deal," explained Antonio Huertas, Chairman & CEO of MAPFRE, "offers us three significant benefits: we grow in Portugal, we extend our profitable alliance with Bankinter to this country, and we increase our significance in life insurance." BANKINTER SEGUROS DE VIDA was created as a joint venture in 2007 to jointly develop the business of Insurance for Life Risk, Accidents, Savings Life Insurance and Pension Plans. At the close of 2014, it administered 1,944 million euros in pension funds/EPSV, and 192 million euros in savings insurance; it managed 71 million euros in Life Risk and Accident premiums and, as such, reached a net profit of 34.7 million euros. At the start of 2014, this alliance was extended to Non-Life insurance by creating BANKINTER SEGUROS GENERALES, which markets Multi-peril insurance products and different types of policies for Funeral insurance. |
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