BNP Paribas Cardif announced today the signature of an agreement with the company Ageas to take full ownership of Cargeas Assicurazioni (CARGEAS), a major non-life bancassurance provider in Italy.
BNP Paribas Cardif (50% - 1 share) and Ageas (50% + 1 share) have jointly owned CARGEAS1, a company selling health, homeowner, automobile and creditor insurance to both individuals and businesses in Italy.
The two shareholders in this joint-venture have expanded CARGEAS’ business in Italy since 2009, developing non-life insurance products and services such as automobile and homeowner cover. In 2016 CARGEAS had gross written premiums of 227 million euros and recorded a net profit under IFRS of 44 million euros.
This transaction is subject to regulatory approval and is expected to be finalised by the end of the year.
“This acquisition is part of our 2020 development plan. It will strengthen our presence in property and casualty insurance and double our protection revenue in Italy. With the acquisition of Cargeas Assicurazioni (CARGEAS), we will now offer a complete range of insurance for our individual policyholders, working closely with our partners particularly UBI Banca and BNL in Italy” concludes Virginie Korniloff, BNP Paribas Cardif Chief Operating Officer Domestic Markets.
About BNP Paribas Cardif
No. 1 worldwide in creditor insurance2, BNP Paribas Cardif creates innovative savings and insurance solutions designed for performance in a world shaped by the emergence of new uses and lifestyles. A subsidiary of BNP Paribas, the company has a unique business model anchored in partnerships. BNP Paribas Cardif co-creates solutions with distributors in a variety of sectors, who then market the products to their customers. BNP Paribas Cardif is a recognized global specialist in personal insurance, serving 100 million clients in 36 countries with strong positions in three regions – Europe, Asia and Latin America. With over 10,000 employees3 worldwide, BNP Paribas Cardif had gross written premiums of €27.1 billion in 2016, 57% of which was generated outside France.
1 A former subsidiary of UBI Banca, UBI Assicurazioni became Cargeas Assicurazioni in 2015.
2 Source: Finaccord
3 Headcount of legal entities managed by BNP Paribas Cardif: nearly 8,000 employees