UniCredit has introduced Premium One, its inaugural life insurance product designed, issued and overseen by internal teams.
This step is part of the bank’s strategy to reinforce in-house fund management expertise and bolster its insurance operations, reported Reuters.
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The decision to launch Premium One follows efforts by UniCredit since 2021 to bolster fee-based revenue, which was impacted by the bank’s earlier sales of its fund management division Pioneer and the asset manager Fineco to support capital levels.
The newly launched policy is intended for wealth management and private banking clients in Italy.
Premium One invests in the newly created internal insurance funds managed by a team assembled from within UniCredit’s onemarkets Fund business.
This team is also responsible for repackaging clients’ third-party funds.
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By GlobalDataAccording to UniCredit, this policy is a result of its efforts to generate higher returns from asset management.
The policy is offered through UniCredit Life Insurance, an entity formed earlier this year when it acquired full control over joint ventures (JVs) previously run with CNP Assurances and Allianz.
These JVs have since been rebranded: CNP UniCredit Vita now operates as UniCredit Life Insurance (ULI), and UniCredit Allianz Vita has become UniCredit Vita Assicurazioni (UVA).
Alessandro Santoliquido has been named as CEO of both ULI and UVA, while also leading group insurance activities.
Plans are in place for ULI and UVA to merge by 2026, leading to the establishment of a new bancassurance provider focused on life policies within Italy.
This merged entity expects to have a presence in both unit-linked and term life insurance markets.
