French mutual insurer Covéa will no longer be part-owner of life insurance company Bipiemme Vita.
Joint venture partner Banco BPM, the banking group which currently holds a 19% shareholding in Bipiemme Vita, is exercising a call option to acquire the 81% stake held by Covéa for approximately €310 million (around £258 million).
Bipiemme Vita wholly owns non-life insurance business Bipiemme Assicurazioni.
“The exercise of the call option relating to 81% of the share capital of Bipiemme Vita, earlier than the date of December 31, 2023, envisaged in the strategic plan, will accelerate the benefits outlined in the group’s business plan with reference to bancassurance, with a positive effect on the net group profit, estimated at approximately €29 million for 2023,” stated Banco BPM.
“The completion of Banco BPM’s acquisition of the equity investment held by Covéa Coopération SA in Bipiemme Vita resulting from the exercise of the call option is subject to the legal authorisations from the competent authorities and is indicatively expected by July.”
Earlier this month, Crédit Agricole bought a 9.18% stake in the Italian bank.
