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Allianz sells its stake in Spanish joint venture ‘Allianz Popular’ to Banco Santander

June 24, 2019

Allianz, the german insurer, has agreed to sell 60 percent of its stake in the joint venture, ‘allianz popular sl’ to banco santander for the agreed €936.5mn. It will also terminate its exclusive non-life insurance distribution agreement with the spanish bank.

Banco Popular and Allianz entered into the exclusive long-term bancassurance alliance back in 2011. This covered life insurance, asset management and pensions through a joint venture, Allianz Popular SL, as well as distributing non-life insurance products in Spain. Banco Santander acquired Banco Popular in 2017 and the two banks were subsequently merged in 2018.

Allianz will continue to operate in both non-life and life insurance markets through Allianz Compañia de Seguros y Reaseguros, SA and Fénix Directo Compañia de Seguros y Reaseguros, SA, generating gross written premiums of €3.3bn in 2018.

Allianz Popular SL had gross written premiums of €0.3bn and assets under management of €12.5 bn in 2018.

Subject to regulatory approvals, this transaction is expected to be completed in the first quarter of 2020.