BANKINTER and MAPFRE have formalized the acquisition of the Barclays Life insurance business in Portugal that was announced last September
The 75-million-euro deal was closed through BANKINTER SEGUROS DE VIDA, a company jointly owned by MAPFRE and BANKINTER. In 2015 Barclays Vida y Pensiones obtained 157 million euros in premiums in Portugal with a market share of 1.8 percent.
The deal enables MAPFRE to strengthen its presence in the Portuguese market, where it has been active since 1986. In 2015 it generated 199 million euros in premiums in this country, where it has over 250,000 clients, a network of 80 branches, and a market share of 2.5 percent in Non-Life and 0.7 percent in Life.
BANKINTER SEGUROS DE VIDA was founded in 2007 to develop Life-Risk, Accident and Life-Savings insurance as well as the pension plans business. At the close of 2015, it administered 2,085 million euros in pension funds/EPSV, and 133 million euros in savings insurance; it managed 73 million euros in Life Risk and Accident premiums and, as such, reached a net profit of 37 million euros.
At the beginning of 2014 the alliance was extended to include Non-Life insurance with the creation of BANKINTER SEGUROS GENERALES, which markets Multi-peril insurance products and different types of Funeral policies.