Posted Feb 1 2022 at 09:36 PMUpdated Feb 1. 2022 at 09:43 PM
Generali “strengthens its presence” in France. The number one insurance company in Italy announced on Tuesday that it had signed an agreement with Crédit Agricole Assurances on the acquisition of La Médicale, a specialist in insurance for healthcare professionals in France.
The operation, the amount of which amounts to 435 million euros, is part of Generali’s 2022-24 strategic plan, focused on growth, explains the group’s CEO, Philippe Donnet, in a press release. France being, moreover, “one of the main markets” of the insurer.
286 million euros
Generali and Crédit Agricole Assurances, a subsidiary of the mutual banking group, confirmed in November that they had started negotiations for this takeover. The transaction, which includes the purchase of the Predica death benefit portfolio marketed by La Médicale, should be finalized in the course of 2022 and remains subject to the green light from the competent authorities.
During the first half of 2021, La Médicale and Predica’s death benefit portfolio recorded “solid financial performance”, assures Generali. The health professional insurance specialist thus posted gross premiums of 286 million euros and a net profit of around 16 million euros, according to the figures in the press release.
“Thanks to the expertise and complementary skills of La Médicale, we are continuing to grow in the Health, Personal Protection and Damages businesses. […] with a large customer segment”, specifies Philippe Donnet. The transaction “demonstrates our disciplined approach” to mergers and acquisitions, “always seeking to create value for all stakeholders,” he adds.
Generali announced last week that it had signed agreements to become the majority shareholder of its two joint ventures in India. A market that should record “double-digit annual growth”, according to the insurer.