CGU plc announces that it is in exclusive discussions with Banca delle Marche ("BdM") to sell life and savings products through the bank's 220 branches.
CGU plc announces that it is in exclusive discussions with Banca delle Marche ("BdM") to sell life and savings products through the bank's 220 branches.
A 10 year distribution agreement has been negotiated, and sales will commence in the third quarter of 1999.
BdM has a strong market presence in the prosperous Marche region of central Italy and is owned by private shareholders and local foundations.
Notes to Editors
- CGU is a leading European insurance group, formed from the merger of Commercial Union and General Accident in June 1998.
- Worldwide life and savings sales increased by 8% to Ł5.4bn in 1998.
- CGU is the leading unit-linked life insurer in Italy. In 1998, new business sales increased substantially with new single premiums of Ł648m (1997 Ł141m) and new annual premiums up 14% in local currency to Ł50m