Italian insurer Generali has formed a long-term distribution alliance with CTT Group, the Portuguese postal services group.

Concurrently, the insurance major announced the acquisition of an 8.71% stake in Banco CTT via a €25m reserved capital increase.

The tie-up will see CTT and Banco CTT distribute life and property and casualty insurance products offered by Generali’s subsidiary Tranquilidade.

The collaboration is expected to expand Tranquilidade’s reach to new clients, with a focus on the life segment and increase of overall premiums.

At the end of 2021, Tranquilidade had €1.14bn in premiums, of which the P&C segment comprised €1.06bn and the life insurance segment was €80m.

Generali Group international CEO Jaime Anchústegui said: “This agreement confirms Generali’s strategy to consolidate its leadership position in the Portuguese insurance market and is fully in line with our ‘Lifetime Partner 24: Driving Growth’ plan. This partnership with CTT Group will allow us to further increase value for customers across the country thanks to our expanded distribution capacity.”

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Currently, Banco CTT caters to more than 600,000 clients digitally and through a network of over 200 stores across the country.

Tranquilidade CEO Pedro Carvalho said: “The partnership with CTT Group is an important strategic step for Tranquilidade and for the growth of Generali Group in Portugal. It will allow us to significantly strengthen our size within the next three years and to change the current paradigm of the Portuguese insurance market by introducing advanced innovative solutions.

“We are very pleased to have CTT Group and Banco CTT as long-term partners, and as a result, contribute to their expansion, leveraging the synergies established in the agreement and benefiting from CTT Group’s strong presence across the country, with its broad physical retail network and advanced digital platform.”