MedVida has announced its intention to acquire the life insurance portfolio of Spanish firm Metrópolis.
In a statement, the firm said that the transaction is subject to regulatory approvals and is expected to be completed by the end of this year. With this transaction, Metrópolis completes its corporate restructuring, ceasing its insurance underwriting activity to focus on its brokerage, asset management and real estate businesses.
Antonio Trueba, CEO of MedVida, said: “We are very pleased to have been able to offer Metrópolis the solution they needed to restructure their business. This transaction is fully consistent with our strategic objective of increasing insurers’ performance by facilitating the release of corporate and financial resources allocated to their life insurance portfolios.”
This is MedVida’s second transaction in 2022 after signing the purchase of CNP Partners, the subsidiary of CNP Assurances in Spain, also in the process of obtaining regulatory approval. Under the proposed transaction, MedVida would work with the existing CNP Partners team in both countries to strengthen ties with its distribution partners, including financial institutions, brokers, and intermediaries, and develop its digital channel.
CNP Partners is a life insurance company domiciled in Spain specialising in savings products, which it distributes mainly through bancassurance agreements and intermediation channels in Spain and Italy. It manages investments of €2.4bn.
MedVida is a Spanish lifesavings and annuity insurance company, that manages policies for more than 148,000 policyholders and total investments of more than €2.6bn. With these acquisitions, the company said it double the size of its balance sheet to nearly €5bn in AUM.
