Resolution of Allianz Popular bancassurance alliance in Spain

Downloads

Related links

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.

The Allianz Group is one of the world's leading insurers and asset managers with more than 100 million retail and corporate customers in more than 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 754 billion euros on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage almost 1.7 trillion euros of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we hold the leading position for insurers in the Dow Jones Sustainability Index. In 2019, over 147,000 employees achieved total revenues of 142 billion euros and an operating profit of 11.9 billion euros for the group.

These assessments are, as always, subject to the disclaimer provided below.

Press contacts

Holger Klotz
Allianz SE
Daniela Markovic
Allianz SE
Laura Gallach Montero
Allianz Spain
As with all content published on this site, these statements are subject to our cautionary note regarding forward-looking statements:
Disclaimer

Further information

Allianz enters JV agreement with AEON Financial Service

Allianz SE has entered into an agreement to form a life insurance joint venture (JV) with AEON Financial Service (AFS) to develop and market life insurance solutions for local customers in Japan.

Allianz completes purchase of LV GIG and General Insurance division of Legal & General

Allianz Holdings plc has completed the planned acquisition of the remaining 51 percent of the LV General Insurance Group (LV GIG) from Liverpool Victoria Friendly Society (LVFS). The total consideration by Allianz for 100 percent of LV GIG will be up to 1.078 billion pounds.

Allianz X and Debeka invest in SDA SE Open Industry Solutions

Allianz X, the digital investment unit of the Allianz Group, and Debeka, a German insurance and financial services provider, have invested in SDA SE Open Industry Solutions. Together with existing investors SIGNAL IDUNA and the msg group, the new strategic partners will support the development of a new standard for setting up and delivering digital services in the insurance industry.