Allianz has announced that it plans to set up a bancassurance joint venture in Spain with Banco Bilbao Vizcaya Argentaria (BBVA) that will allow it to distribute its property and casualty insurance products through BBVA’s network.
The French insurer will acquire 50% plus 1 share in the joint venture for €277 million and pay a variable amount of up to €100 million related to achieving specific business and operational goals.
BBVA is one of the largest banks in Spain with around 2,600 branches and has some 11 million retail customers.
“Our strategic focus is very similar and our collaboration in building one of the biggest bancassurance partnerships in property-casualty insurance, including a focus on digital solutions will lead to mutual success,” said Oliver Bäte, Chief Executive Officer of Allianz SE.
“This partnership will enhance BBVA’s offering by delivering a full range of attractive non-life insurance products to customers, leveraging on its leading position in the country, as well as on Allianz’ recognized brand and capabilities,” Bäte continued.
“We continue to innovate and join forces in cocreating world-class digital products for our customers, and we are pleased that BBVA has chosen Allianz as the best solution provider for its customers.”
Iván de la Sota, Chief Transformation Officer of Allianz SE, also commented: “We are very pleased to enter into a long-term bancassurance relationship with BBVA in Spain.”
“This partnership strengthens our position in the market and demonstrates our strong commitment to continue growing in Spain, even more during these difficult times. Together with BBVA, we aim to develop new innovative insurance solutions that are simple and attractive for the customers.”
Carlos Torres Vila, Chairman of BBVA, added: “We are confident that the strategic alliance with Allianz announced today will strengthen BBVA’s strategy and it is fully aligned with our priority of improving the financial health of clients. Partnering with a top insurer like Allianz will bring a wider and more innovative insurance offering to BBVA’s clients in Spain.”