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Crédit Agricole Assurances acquires Axeria Vie and its subsidiaries from April Group
The deal confirms Crédit Agricole Assurances’ desire to continue diversifying on the life and savings insurance market and expand its range of products and services intended for specific customer segments (premium, online, etc.) via the acquisition of a management platform.
Axeria Vie, a life insurance company specialised in designing customised life and savings insurance products distributed under its partner agents’ brand names, reported at end-2009 187 million euros in new inflows, 251 million euros in underwriting reserves and 27 employees.
April Patrimoine, subsidiary of Axeria Vie, designs, manages and distributes savings, retirement and wealth management products, reported at end-2009 10.3 million euros in commission income, 180 million euros in new inflows, 991 million euros in underwriting reserves and 36 employees.
Crédit Agricole Assurances is now the European and French leader in bancassurance and handles all the Crédit Agricole Group’s French and foreign insurance activities.
Crédit Agricole Assurances was set up in January 2009, and comprises Predica, a life insurer, Pacifica, specialised in non-life insurance, CACI for creditor insurance, the international insurance activity, and Crédit Agricole Assurances Gestion, Informatique et Services (Caagis), formed on 1 January 2010.
Key figures for Crédit Agricole Assurances (at 31 December 2009)
€25.9 billion in premiums
€203 billion in underwriting reserves
€951 million in net income, Group share