Aviva plc (“Aviva”) announces that, together with UniCredito Italiano (“UCI”), it has reached agreement with Banca Popolare Commercia e Industria (“BPCI”) to form a new bancassurance partnership.
Aviva plc (“Aviva”) announces that, together with UniCredito Italiano (“UCI”), it has reached agreement with Banca Popolare Commercia e Industria (“BPCI”) to form a new bancassurance partnership. This partnership will enhance further Aviva’s position in the Italian long-term savings market where bancassurance accounts for some 70% of new business sales, and builds upon Aviva’s existing bancassurance partnerships with UCI, Banca Popolare di Lodi and Banca delle Marche.
Aviva and UCI, through CU Vita (owned 55% Aviva, 45% UCI) will form a 50:50 joint venture with BPCI. This joint venture will be controlled by CU Vita and will have exclusive access to all BPCI branches for the sale of life and pensions products. The agreement will be for an initial period of five years. As part of the arrangements, Aviva and UCI will together invest €200 million in two of the operating subsidiaries of the BPCI group through their holdings in CU Vita.
BPCI has two main operating subsidiaries, Banca Carime and Banca Popolare di Luino e di Varese (“BPLV”). Banca Carime’s 325 branch network is located in the south of Italy where it has approximately 850,000 customers. BPLV’s 230 branch network is located in the north of Italy where it has approximately 300,000 customers.
The transaction remains subject to due diligence and regulatory approval and is expected to complete by the end of 2002.
Enquiries:
Analysts/Investors:
Steve Riley, Investor Relations Director
+44 (0)20 7662 8115
Media:
Hayley Stimpson, Director of External Affairs
+44 (0)20 7662 7544
Stuart Blackmore, Financial Dynamics
+44 (0)20 7269 7241
Notes to editors:
- On 1 July 2002, CGNU plc changed its name to Aviva plc.
- Aviva’s new business premiums in Italy, in 2001, were Ł958 million (2000: Ł241 million).
- Aviva’s existing major relationships in Italy
- February 1999 an agreement was signed with Banca delle Marche for access to 300 branches
- In July 2000 the original agreement with Banca Popolare di Lodi, signed in 1998 to cover 250 branches, was extended to cover 1,200 branches
- In February 2001 an agreement was reached with UniCredito Italiano to distribute through Cassa di Risparmio’s 500 branch network
- Aviva is the UK’s largest insurance group, one of the top- five life insurers in Europe and has substantial positions in other markets around the world. Aviva is the world’s seventh- largest insurer based on worldwide gross written premiums.
- Aviva’s principal business activities are long-term savings, fund management and general insurance, with worldwide premium income and retail investment sales from ongoing business of more than Ł28 billion, and over Ł200 billion of assets under management at 31 December 2001.