France’s largest bancassurer Crédit Agricole’s insurance unit Crédit Agricole Assurances (CAA) has completed the acquisition of French life insurer Axeria Vie and its subsidiary April Patrimoine for an undisclosed sum.
Crédit Agricole noted that the acquisition was aimed at expanding CAA’s range of products and services for the premium, online and other specific market segments.
Axeria Vie specialises in designing customised life and savings insurance products distributed under its partner agents’ brand names.
In 2009, it reported sales of €187m ($240m), €251m in underwriting reserves and 27 employees.
According to Crédit Agricole, April Patrimoine operates along three basic lines:
- Advice on optimising growth and portfolio profitability;
- Design of products to suit national and international markets; and
- A product range and marketing approach aimed at the over-45 year age group.
In 2009, April Patrimoine reported sales of €190m, €10.3m in commissions and 36 employees.