Crédit Agricole: selling La Médicale to Generali
(CercleFinance.com) - Last night Crédit Agricole announced that its insurance division has entered into exclusive negotiations with Generali with a view to selling La Médicale, its insurance subsidiary for healthcare professionals.
Created in 1948, La Médicale - which has over 300,000 clients in France - generates annual premiums of 552 million euros, with over 600,000 policies in its portfolio at the end of 2020.
Its products are distributed by a specialised network of 125 agents in 45 branches.
Crédit Agricole said that the deal should be accompanied by the sale, by Predica, its life insurance company, of the death coverage portfolio marketed by La Médicale.
This portfolio, which would also be sold to the Italian group, represents around 80 million euros in premiums relating to death benefits.
The bank explains that this planned sale is part of its desire to focus on the development of its bancassurance model, which it says is a vector of synergies with other group entities.
The transaction is expected to be completed by mid-2022.
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