UniCredit has concluded the internalisation of its life bancassurance operations in Italy, securing full ownership of its joint ventures (JVs) with CNP Assurances and Allianz.
The completion of this internalisation process, which began in September last year, has secured all necessary regulatory bodies.
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Following the acquisition, the JVs have undergone a rebranding: CNP UniCredit Vita is now operating as UniCredit Life Insurance (ULI), and UniCredit Allianz Vita has been renamed UniCredit Vita Assicurazioni (UVA).
Alessandro Santoliquido has been appointed as CEO of both entities, while continuing his responsibilities as head of group insurance.
Santoliquido said: “Our aim is to become the market reference point not only in terms of size, but also for efficiency, product innovation and quality of customer service. Our commitment is now to carry out the merger as quickly as possible, to enter the next stage of growth offering customers the best available solutions.”
The two companies, ULI and UVA, are set to merge in 2026, which is anticipated to result in the formation of a new life bancassurance entity in Italy.
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By GlobalDataUniCredit projects that the acquisitions will contribute to a $400m (€348.08m) increase in annual insurance revenues by fiscal year 2027 (FY27), compared to FY24.
The merged entity is expected to have a market presence in unit-linked and term life insurance segments.
UniCredit said it plans to request recognition of the Danish Compromise, in line with regulatory frameworks, once it is classified as a Financial Conglomerate.
The bank’s non-life bancassurance business in Italy will continue to operate through the UniCredit Allianz Assicurazioni JV, in accordance with the terms communicated to the market in January 2022.
