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Resolution of Allianz Popular bancassurance alliance in Spain

-Allianz and Banco Santander to resolve Allianz Popular bancassurance partnership in life insurance, pensions, asset management, and non-life insurance in Spain
-Banco Santander to pay 936.5 million euros to acquire Allianz’s 60 percent stake in joint venture Allianz Popular SL and for termination of exclusive non-life insurance distribution agreement
-Transaction is subject to regulatory approvals and expected to be completed in 1Q 2020


Allianz and Banco Popular entered into an exclusive long-term bancassurance alliance in 2011. It covered life insurance, pensions, and asset management through a joint venture Allianz Popular SL, as well as the distribution of non-life insurance products in Spain.

Banco Santander acquired Banco Popular in 2017 and the two banks were subsequently merged in 2018. Allianz and Banco Santander have now reached a settlement agreement under which Allianz will sell its 60 percent stake in Allianz Popular SL to Banco Santander. Banco Santander will pay 936.5 million euros for the acquisition of 60 percent in Allianz Popular SL and for the termination of the exclusive non-life distribution agreement with Allianz’s operating entity in Spain. 

Following the resolution of the Allianz Popular bancassurance alliance, Allianz continues to operate in both non-life and life insurance markets through Allianz Compañia de Seguros y Reaseguros, S.A. and Fénix Directo Compañia de Seguros y Reaseguros, S.A., generating gross written premiums of 3.3 billion euros in 2018. Allianz Popular SL had gross written premiums of 0.3 billion euros and assets under management of 12.5 billion euros in 2018.

About Allianz

The Allianz Group is one of the world’s leading insurers and asset managers with more than 92 million retail and corporate customers. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 673 billion euros on behalf of its insurance customers. Furthermore our asset managers PIMCO and Allianz Global Investors manage more than 1.4 trillion euros of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we hold the leading position for insurers in the Dow Jones Sustainability Index. In 2018, over 142,000 employees in more than 70 countries achieved total revenues of 131 billion euros and an operating profit of 11.5 billion euros for the group.

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