MEDVIDA, a leading insurance management company, has announced an agreement with VidaCaixa to manage a significant portion of Sa Nostra Vida’s life insurance portfolio.
The transaction, subject to regulatory approval by the Directorate General of Insurance and Pension Funds (DGSFP), is expected to be completed in the first half of next year.
The portfolio in question consists of over 30,000 policies acquired by VidaCaixa after its merger with Bankia Vida and primarily comprises life savings insurance, life risk insurance, and life annuities for retail customers.
The transferred portfolio, valued at €170 million in technical provisions, represents a closed book of business and will no longer accept new policies.
Despite this, it is projected to generate approximately €10 million in premiums annually.
By entrusting MEDVIDA with the management of this portfolio, VidaCaixa aims to streamline the integration process of Sa Nostra Vida’s business while ensuring policyholders receive the same level of protection, high-quality service, and administrative support that MEDVIDA provides to all its customers.
Expressing his satisfaction with the agreement, Antonio Trueba, CEO of MEDVIDA, stated, “We are delighted to be able to help VidaCaixa simplify its integration of the Sa Nostra Vida business, as well as offer policyholders the same protection and high-quality service and administration that we provide to all our customers.”
