Allianz and Banco Popular entered into an exclusive long-term bancassurance alliance in 2011. It covered life insurance, pensions, and asset management through a joint venture Allianz Popular SL, as well as the distribution of non-life insurance products in Spain.
Banco Santander acquired Banco Popular in 2017 and the two banks were subsequently merged in 2018. Allianz and Banco Santander have now reached a settlement agreement under which Allianz will sell its 60 percent stake in Allianz Popular SL to Banco Santander. Banco Santander will pay 936.5 million euros for the acquisition of 60 percent in Allianz Popular SL and for the termination of the exclusive non-life distribution agreement with Allianz’s operating entity in Spain.
Following the resolution of the Allianz Popular bancassurance alliance, Allianz continues to operate in both non-life and life insurance markets through Allianz Compañia de Seguros y Reaseguros, S.A. and Fénix Directo Compañia de Seguros y Reaseguros, S.A., generating gross written premiums of 3.3 billion euros in 2018. Allianz Popular SL had gross written premiums of 0.3 billion euros and assets under management of 12.5 billion euros in 2018.