Intesa Sanpaolo gets bigger in the insurance sector. The Boards of Directors of Intesa Sanpaolo and Intesa Sanpaolo Vita have approved the entry with a controlling stake in the capital of RBM Assicurazione Salute, wholly owned by the RBH Group of the Favaretto family.
When the financial institution has obtained the necessary authorizations from IVASS and AGCM, the Intesa Sanpaolo Vita sub-fund will be able to purchase directly for cash 50% +1 share, at a price of 300 million euro, by July 2020.
Later it will rise to the 100% of the capital progressively from 2026 to 2029, at a purchase price determined according to a mixed formula – assets and income – based on the achievement of pre-established growth objectives.
The operation is in line with Intesa Sanpaolo's growth objectives in the non-life sector: “This operation allows us to accelerate the development of the non-life business and brings us closer to the objectives of our Business Plan. We will offer the retail customers of Intesa Sanpaolo the health guarantees of RBM and the companies welfare products and collective policies, including non-standard ones", declared Nicola Fioravanti, CEO of Intesa Sanpaolo Vita who will be indicated as President in the new company.
RBM Assicurazione Salute, founded in 2007, is the third operator in Italy in the health insurance market with a share of 17,7% and records 515 million euros in gross premiums, a net profit of approximately 37 million, approximately 5 million customers, partnerships with over 130 supplementary health funds and assistance funds in Italy.
““Private” health expenditure – 1/4 of the entire national health expenditure – has now exceeded 40 billion euros per year; this is a growing cost for families, which directly finance 87,4%. Despite the progress made in recent years, the spread of supplementary healthcare (which finances only 9% of private healthcare for Italians) and health insurance (which, on the other hand, finances 3,6%) remains limited, due to of a regulatory system that does not allow all citizens to have a second pillar to complement the protections of the National Health Service. The challenge to overcome is that of managing the treatments paid directly by the citizens, through full integration of the health structures, the expansion of partnerships with the main producers of goods (drugs, prostheses, glasses) and an ever-increasing use of technological innovation ", commented Marco Vecchietti, managing director of RBM Assicurazione Salute.
The new company, which will be called Intesa Sanpaolo RBM Salute, which, thanks to RBM's offer in group policies, records a total of 606 million euro of premiums in the health business and a market share of 20,8%, will target both its traditional (health funds, companies and public bodies), and to Intesa Sanpaolo's retail and corporate customers.
The servicing agreement will be developed with Previmedical, the strategic partner of the agreement, which will make available to Intesa Sanpaolo RBM Salute customers the largest affiliated medical network in Italy made up of over 113.000 facilities, with high quality services and advantageous economic conditions compared to the market average. Customers will have access to the Previmedical operations centre, active 24/7, 365 days a year, which will be responsible for managing healthcare services.
