The merger by absorption of the insurance companies Liberbank Vida y Pensiones and CCM Vida y Pensiones by Unicorp Vida has received authorization from the Ministry of Economic Affairs and Digital Transformation at the proposal of the Directorate General of Insurance and Pension Funds, on 20 July, and will be formalized in the coming days.
Unicorp Vida will continue to exclusively distribute its Life Risk, Savings and Pension Plan products through nearly a thousand Unicaja Banco branches and more than 500 financial agencies nationwide. Unicorp Vida is 50% owned by SANTALUCÍA and Unicaja Banco.
Following this merger by absorption, Unicorp Vida strengthens its position in the market, adding 245,000 Life insurance policyholders and some 82,000 Pension Plan participants. The total number of clients will amount to more than 1.1 million, in terms of policies and Pension Plan participants, and the savings managed will be almost 7,000 million euros.
According to Rodrigo Fernández-Avello, General Manager of Life and Pensions Business at SANTALUCÍA, ‘This transaction strengthens the positioning of our Group, which currently ranks 4th in terms of premiums in the ICEA Life Insurance ranking, and it allows us to consolidate our leadership position in the life and pensions business. It also provides diversification and complementarity in channels, allowing us to reach new customer segments. On the other hand, the new dimension provides greater capacity to develop new products and undertake more ambitious projects’.
According to Jonathan de Joaquín, Director General of Business at Unicaja Banco: ‘We value the transaction very positively, as it allows us to continue with the growth strategy of the life insurance and pension distribution business, under the experience and specialization of SANTALUCÍA, which is now enriched with the contribution of the experience of the companies that are integrated in Unicorp Vida, and to continue responding to the insurance and savings needs of our customers, through innovative and high value products and services, which complement the traditional banking offer and with high growth potential, which also allows us to advance in the fulfillment of our strategic plan’.
The integration of the insurance companies Liberbank Vida y Pensiones and CCM Vida y Pensiones into Unicorp Vida as follows the extension of the bancassurance agreement that Unicaja Banco and SANTALUCÍA entered into last November for the exclusive marketing of Life Risk Insurance, Life Savings and Pension Plans.
The extension of the agreement involved the extension of the alliance, started in 2017, to the Liberbank network incorporated into Unicaja Banco following the merger of both financial institutions, and included the acquisition by SANTALUCÍA of 50% of the share capital of CCM Vida y Pensiones, and 50% of the share capital of Liberbank Vida Y Pensiones, with Unicaja Banco holding the remaining 50% in those companies and also in Unicorp Vida, the joint venture on which the joint business has been developed for the past six years.
With this merger, the agreement signed by Unicaja Banco and SANTALUCÍA consolidates SANTALUCÍA’s position as one of the leaders in the Life and Pensions business, and opens up new opportunities in the banking channel.
About SANTALUCÍA
SANTALUCÍA, a comprehensive insurance company with 100 years of history, is the parent company of GRUPO SANTALUCÍA, a provider of protection, savings and family assistance services. Recognized as one of the most valued insurance companies for its customer experience, it has a comprehensive value proposal that reaches more than 7.2 million customers.
At the end of 2022, the Group had 10,900 employees and a territorial organization of more than 200 agents, 500 points of sale and the collaboration of more than 1,000 brokerages. The company is also present in Portugal, Colombia, Mexico, Chile and Argentina.
It has consolidated revenues of 3,538 million euros, total assets of 13,121 million euros, equity of 1,756 million euros and a solvency ratio of 255%.
AM Best reaffirmed SANTALUCÍA’s financial strength (FSR) as "A" (Excellent), and its long-term issuer credit rating (ICR) as "a" (Excellent) in December 2022. Fitch also reaffirmed SANTALUCÍA’s financial strength (IFS) as "A", and its rating as "A-", both with a stable outlook.
Its success is based on continuous growth, constant innovation, geographic expansion and diversification of its business, integrating sustainability in its decisions, in line with the Sustainable Development Goals.
At the end of the first quarter of 2023, it ranked first in ICEA’s Funeral and Assistance ranking, fourth in Life, fifth in Home and is the fifth largest insurance group in terms of direct insurance premiums.
About Unicaja Banco
Unicaja Banco is one of the main banks in the Spanish financial system, with a proven track record of financial soundness, operating under a model of proximity banking and sustainable business.
A listed entity part of the Ibex 35 index, with more than four million customers, it has a broad and diversified presence in the national territory, with around a thousand branches and more than 500 financial agencies, and is a benchmark financial institution in six autonomous communities (Andalusia, Asturias, Cantabria, Castilla-La Mancha, Castilla y León and Extremadura), as well as being present in other markets such as Madrid, Ceuta and Melilla, where it has a long-standing presence.
