(AOF) – Generali is evolving against the current of the Milan stock exchange, yielding 0.27% to 18.35 euros, while its benchmark, the FTSE MIB, is on the contrary + 0.34%. The Italian insurer announced last night that it had entered into exclusive negotiations to acquire La Médicale, the insurance subsidiary for healthcare professionals of Crédit Agricole Assurances. The information around this operation had been revealed a few days ago by the Bloomberg agency. For its part, Reuters, citing anonymous sources familiar with the matter, mentioned a valuation of La Médicale of 400 million euros.
The transaction, which is expected to be finalized in mid-2022, would be accompanied by the sale by Predica (the Crédit Agricole Assurances subsidiary specializing in life insurance) to Generali of the portfolio of death guarantees marketed by La Médicale.
Founded in 1948, La Médicale generated 552 million euros in annual premiums (including 80 million euros in premiums linked to death guarantees provided by Predica) at the end of 2020. It then had more than 600,000 contracts in its portfolio and more than 300,000 customers throughout France. Its distribution network has 125 general agents, spread over 45 branches.
For Generali, “this project […] is a strategic opportunity for growth, said the Italian insurer in a joint statement with the French bancassurer. It is fully in line with the strategic plan of the ‘Generali 2021’ group and confirms the group’s commitment to pursue profitable growth while creating value for its customers “.
Thanks to the complementarity of skills and expertise, this project would offer Generali France the opportunity of a privileged approach with professional targets in the medical world by relying on the leading brand of La Médicale. It would make it possible to strengthen, from a strategic and commercial point of view, its Healthcare, Provident and P&C activities, complete its healthcare ecosystem and strengthen its network of general agents, which includes 668 agents and 765 national agencies.
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