Concurrently, the insurance coverage main introduced the acquisition of an 8.71% stake in Banco CTT through a €25m reserved capital enhance.
The tie-up will see CTT and Banco CTT distribute life and property and casualty insurance coverage merchandise supplied by Generali’s subsidiary Tranquilidade.
The collaboration is anticipated to increase Tranquilidade’s attain to new shoppers, with a give attention to the life section and enhance of total premiums.
On the finish of 2021, Tranquilidade had €1.14bn in premiums, of which the P&C section comprised €1.06bn and the life insurance coverage section was €80m.
Generali Group worldwide CEO Jaime Anchústegui mentioned: “This settlement confirms Generali’s technique to consolidate its management place within the Portuguese insurance coverage market and is absolutely in step with our ‘Lifetime Companion 24: Driving Progress’ plan. This partnership with CTT Group will enable us to additional enhance worth for purchasers throughout the nation because of our expanded distribution capability.”
At the moment, Banco CTT caters to greater than 600,000 shoppers digitally and thru a community of over 200 shops throughout the nation.
Tranquilidade CEO Pedro Carvalho mentioned: “The partnership with CTT Group is a crucial strategic step for Tranquilidade and for the expansion of Generali Group in Portugal. It would enable us to considerably strengthen our measurement inside the subsequent three years and to alter the present paradigm of the Portuguese insurance coverage market by introducing superior modern options.
“We’re more than happy to have CTT Group and Banco CTT as long-term companions, and because of this, contribute to their enlargement, leveraging the synergies established within the settlement and benefiting from CTT Group’s sturdy presence throughout the nation, with its broad bodily retail community and superior digital platform.”