Having received all necessary approvals from the relevant authorities, Unicredit announced that it has completed the iinternalization of the bancassurance businessor Vita in Italy, acquiring full control of the joint ventures with Cnp Assurances and Allianz.
Following the completion of the acquisitions, Cnp Unicredit Vita has taken on the name of Unicredit Life Insurance while Unicredit Allianz Vita has taken on the name of Unicredit Life Insurance.
Alessandro Santoliquido he was appointed CEO of both companies, in addition to serving as head of group insurance.
"The merger between ULI and UVA is expected to close in 2026. The resulting new Italian life bancassurance company will represent a significant expansion of Client Solutions' product factories and will hold a leadership position in value segments such as unit-linked and life protection policies", underlines in a note the Bank led by Andrea Orcel.
Unicredit to ask for Danish Compromise
In line with the relevant legislation, once classified as a financial conglomerate, Unicredit plans to request the recognition of the Danish Compromise.
The note also underlines that, following long-standing partnerships with two global insurance groups such as Cnp Assurances and Allianz, the internalization of life bancassurance factories in Italy will allow Unicredit to build an efficient company in a sector that generates commissions for the bank, but also to achieve business synergies further strengthening the level of service and value for money for customers, while driving significant business growth.
The current structure of the bancassurance business in the non-life branches in Italy is not impacted and will continue to be managed through the joint venture Unicredit Allianz Assicurazioni under the terms already communicated to the market in January 2022.
Unicredit: impact on Cet1 of approximately -25 basis points
The impact of the operation on the Cet1 ratio of the group in the second quarter is expected to be approximately -25 basis points. “It is expected that this impact will be neutralised once UniCredit is recognised as a fully-fledged Financial Conglomerate, subject to
additional supervision, and will obtain the application of the Danish Compromise”, the bank said, also expecting that the two transactions will contribute significantly to the'increase in insurance revenues by 400 million of euros per year by 2027 compared to the 2024 figure.
Alessandro Santoliquido, Head of Group Insurance at UniCredit, commented: “This transaction represents a fundamental step in the path towards the creation of a leading life insurance company in Italy. Our goal is to become the market benchmark not only in terms of size, but also in terms of efficiency, product innovation and quality of customer service. The commitment is now to complete the merger as quickly as possible to face the next phase of growth by offering customers the best solutions”.
