Friday, March 29

CaixaBank will receive 650 million euros for expanding its alliance with Mutua Madrileña



Madrid mutual Y CaixaBank have signed this Thursday the expansion of the strategic alliance agreed in 2011 between the bank and the insurer, which will give access to SafeCaixa Adeslas to the new business brought about by the integration of Bankia, for an amount of 650 million euros.

CaixaBank will receive this money from SegurCaixa Adeslas, an entity integrated into the Mutua Group but in turn owned by the bank by 49.9%, since it is on this insurer that the bancassurance distribution agreement is articulated.

The expansion of the alliance between Mutua Madrileña and CaixaBank, they explain in a statement, means that SegurCaixa Adeslas will increase its exclusive distribution capacity for Non-Life insurance in six million private customers, which represents an increase of around 50%.

In addition, the new agreement supposes giving continuity to the wish expressed by Mutua to accompany CaixaBank in its growth strategy, as was the case after the incorporation of the Banca Cívica and Banco de Valencia networks into its business in 2013, and that of Barclays in 2015.

For Mutua, the agreement is part of its strategy to continue accelerating the diversification of its businesses -which it develops fundamentally through its international expansion-, promoting asset management, entering the mobility sector and opening of new distribution channels, such as the alliance itself with CaixaBank and the one recently achieved with El Corte Inglés.

For CaixaBank, after the acquisition of 51% of Bankia Vida and the resolution of the Non-Life insurance agreement with Mapfre, the extension of the alliance with Grupo Mutua through the agreement with SegurCaixa Adeslas means practically closing the reorganization of its business insurance after integration.

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The extension of the agreement also represents a great opportunity to extend the product offer of the entity to six million clients with high growth potential, given that in Bankia’s network the penetration of insurance was lower than in CaixaBank.

fruitful alliance

CaixaBank and Mutua Madrileña formalized an alliance in July 2011 whereby the insurer took a controlling stake of 50% of SegurCaixa Adeslas and also reached an agreement for the exclusive and indefinite distribution of Health, Home, Car and other insurance lines. Non-Life of SegurCaixa Adeslas through the CaixaBank branch network, the largest network in the country.

The sealed agreement now affects this second aspect of the alliance and comes after the “good results” obtained since the alliance was signed and that have made the total net contribution of SegurCaixa Adeslas to Mutua Madrileña’s income statement has already exceeded the 1,075 million that the initial investment represented.

In addition, they highlight the evolution of SegurCaixa Adeslas, a company whose executive president is Javier Mira, who is also the general director of Mutua Madrileña, both in its income statement and in its business figures, which “have traditionally evolved above the average for the sector”.

Thus, the total volume of premiums rose to 4,156 million in 2021, 4.6% more than in the previous year, when the Non-Life market grew by 3.3% and, in 2020, the last year closed and in full pandemic, net profit amounted to 436 million, 12.7% more.


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