Catalana Occidente enters the bid with Vidacaixa for Telefónica's insurer

Catalana Occidente enters the bid with Vidacaixa for Telefónica's insurer


MADRIDUpdated:

Telefónica advances in the sale process of its insurance company, Antares, with which it markets policies mainly among its employees. The interest shown by Vidacaixa, Segurcaixa Adeslas and Mapfre has now joined, as ABC has learned, Catalana Occidente, that has analyzed the operation and has submitted an offer.

The company chaired by José María Álvarez-Pallete resumed the sale of its insurer, of which it owns 100% of the share capital and which would have a book value of about 200 million euros, last summer, entrusting its sale to Deloitte. Antares focuses its activity on health coverages, including dental insurance, the life and accident insurance for teleco employees, although since 2011 it has opened to sell its policies to other companies and individuals.

The great attraction of Antares, which adds 245,000 insured, is its solid base of clients – that of the workers of the telecommunications operator – and that will allow the buyer to grow in volume, especially in the health business and, to a lesser extent, in the life business. Specifically, at the end of last year the insurer of Telefónica 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, obtaining an annual benefit of 14.4 million.

So far, the group most interested and in a better position to get hold of Antares seemed to be Caixabank. The financial entity operates in insurance through two companies: Vidacaixa, specialized in life insurance, and Segurcaixa Adeslas, which controls with Mutua Madrileña and specializes in health insurance. In addition, it is worth remembering that Caixabank maintains a participation of more than 5% in Telefónica and both firms are strategic partners in other businesses.

However, and according to knowledgeable sources of the process, Catalana Occidente He has also entered the bidding force by Antares. The insurer chaired by José María Serra has refused to comment on the matter. The purchase would allow him more than to duplicate his presence in the health sector, because at the end of 2017 it invoiced 54.5 million euros of health policies, which is 2.2% of the total of your business.

Meanwhile, the sources consulted by this newspaper explain that St. lucia, which operates in the health insurance branch in alliance with Sanitas, has finally withdrawn from the bidding process by Antares and has not made any binding offer.

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