July 25, 2021

Catalana Occidente buys Telefónica's insurer for 161 million

Catalana Occidente buys Telefónica's insurer for 161 million


Telefónica has completed the sale process of its insurer, Antares. Catalana Occidente, a group that As anticipated, ABC was pushing hard for the subsidiary with which the telecommunications operator sells insurance mainly among its employees, has reached an agreement with the company chaired by José María Álvarez-Pallete to acquire 100% of Antares for 161 million euros, as both companies have informed the National Securities Market Commission (CNMV) . With this transaction, Catalana Occidente makes a quantitative leap in the health insurance business.

The operation will allow the insurer chaired by José María Serra to add to its portfolio the more than 200,000 Antares insurers, mainly Telefónica employees and to a lesser extent, other companies, which represent a solid and stable base of clients. In fact, Catalana Occidente is guaranteed, with the acquisition, the exclusive management of Telefónica's collective policies for the next ten years, which meant the great attraction of Antares.

The key: grow in health insurance

The purchase of this company, which was also analyzed by other insurers such as Vidacaixa, Segurcaixa Adeslas, Mapfre and Santalucía, will increase the volume of business of Catalana Occidente especially in the field of health insurance, but also in life risk, accidents and life savings. At the end of last year, Antares had billed 76.5 million euros in health premiums and 58.9 million in life insurance, out of a total of 137.37 million income. Meanwhile, Catalana Occidente had 54.5 million in health insurance policies, which represents 2.2% of its business, so its presence in the branch will be doubled.

In fact, Catalana Occidente has highlighted in a statement that with this transaction will enter suddenly among the ten first companies of health insurance in the country, a branch that arouses great interest among insurers and increasingly competitive. Specifically, with more than 160 million premium income, Catalana Occidente will be the ninth company in the industry with a market share of 2%.

«The acquisition of Antares is a strategic fit for the group, as it represents an opportunity to enter the top 10 of health insurers, capture synergies in the medium term and strengthen the supply of products and services for our customers» , has assessed the CEO of Catalana Occidente, Ignacio Álvarez. On the other hand, the sale, which is subject to approval by the authorities, will allow Telefónica to reduce its financial debt by 30 million euros after capturing capital gains of some 90 million euros.


Source link