German insurance giant Allianz has reached an agreement with BBVA to form a bancassurance joint venture to boost the non-life insurance business in Spain.

The partnership also includes a long-term exclusive distribution agreement for the sale of property-casualty insurance products through BBVA’s banking network in Spain.

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As per the agreement, BBVA will exclusively partner with Allianz to offer non-life and non-health insurance products to its customers.

The joint venture is expected to generate a net profit of €300m. Allianz will make an investment of €277m to acquire 50% plus one share in the proposed joint venture.

Depending on a series of goals, the company will pay up to another €100m.

BBVA is considered one of the largest banks in Spain with around 2,600 branches and over 11 million retail customers.

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Allianz chief transformation officer Iván Sota said: “We are very pleased to enter into a long-term bancassurance relationship with BBVA in Spain.

“This partnership strengthens our position in the market and demonstrates our strong commitment to continue growing in Spain, even more during these difficult times. Together with BBVA, we aim to develop new innovative insurance solutions that are simple and attractive for the customers.”

BBVA Spain head Peio Belausteguigoitia said: “BBVA holds a key head start in the non-life insurance business given the knowledge of its customers and clients and distribution capabilities through physical and digital channels.

“Allianz boasts a clear international leadership in innovation and development of insurance products.”