Generali enters exclusive talks to buy Credit Agricole Unit

The transaction also foresees the sale of Predica’s1 death coverage portfolio, marketed and managed by La Médicale, to Generali France.

Founded in 1948, La Médicale is a leading player in the insurance market for healthcare professionals in France with annual premiums standing at € 552 million (including € 80 million in premiums related to the death coverage portfolio insured by Predica) and more than 600,000 policies in its portfolio at the end of 2020. La Médicale is also the partner of more than 300,000 customers throughout France and its products are distributed by a specialised network of almost 125 general agents across 45 agencies.

For Generali, this acquisition represents a key strategic opportunity for growth, enabled also by good ties with Crédit Agricole. The transaction is fully in line with the ‘Generali 2021’ strategy and it confirms the Group’s commitment to deliver profitable growth whilst creating value for customers, consistent with Generali’s Lifetime Partner ambition. La Médicale’s complimentary skills and expertise will offer Generali France the opportunity to establish a strong relationship with healthcare professionals, an important customer segment, while being able to leverage a market leading brand. The transaction will strengthen Generali’s Health and Protection lines and the overall P&C business in France from both a strategic and commercial perspective. It will also boost Generali’s health sector ecosystem and the expansion of its general agents network, with over 668 agents and 765 agencies across France.

This project reflects Crédit Agricole Assurances’ commitment to focus on the development of its bankinsurance model, a source of significant synergies with the other Crédit Agricole Group entities. As a universal bankinsurer and a major player in health, Crédit Agricole Assurances wishes to strengthen its offer in this area to all of its customers through the Group’s banks. This dynamic is based on a global response to customer needs, supported by a network of banking advisers and digital services. The development of Crédit Agricole Assurances in health, an area with strong societal challenges, responds to the raison d’être of the Crédit Agricole Group “To act every day in the interest of our customers and of society”.

Any agreement resulting from these exclusive negotiations remains subject to the consultation of the workers’ council and the authorisation of the relevant antitrust and regulatory authorities. The transaction is expected to close mid-2022.