"The agreement, for which ALLIANZ has acquired 50 percent plus one share of the new general insurance company, establishes one of the largest bancassurance partnerships in the non-life division as it unites two global leaders with common strategic priorities. The new company will be known as BBVA ALLIANZ Seguros, and will exclusively serve the bank's customers in Spain for non-life products - excluding health insurance - for the next 15 years", according to a statement published on BBVA's web-site.
BBVA Seguros received a total of approximately EUR 274 million for the sale of this stake. In addition, ALLIANZ could pay BBVA Seguros a variable amount up to EUR 100 million based on the achievement of certain business objectives and milestones foreseen in the integration plan to which both parties have agreed.
Not including this variable price, it is estimated that this transaction will generate a net positive result in taxes of approximately EUR 300 million in the last quarter of the year, and have a positive impact of around seven basis points on the fully-loaded CET-1 capital ratio.
Miguel PEREZ JAIME, currently Managing Director of Bancassurance at ALLIANZ Seguros, has been named Managing Director of BBVA ALLIANZ Seguros. Accompanying him in the management team will be Carles ALSINA, as head of business development, Emilia MACARIE, as CFO, and Ramon LASURT, as COO.
Eugenio YURRITA, CEO of BBVA Seguros and chairman of the new joint venture, said that: "Our main goal is to improve our customers' financial health. With the creation of this new company, we are moving one step further, as we are enriching the insurance value proposition".
"Together with BBVA, we want to develop innovative new insurance solutions that are simple and BBVA Allianz Seguros, Spain's new nonlife insurance company", said Jose Luis FERRE, CEO of ALLIANZ Seguros and Vice Chairman of the new joint venture.