Metrópolis confirmed yesterday a portfolio transfer of its life insurance business to MEDVIDA. The transaction is subject to regulatory approvals and is expected to be completed by the end of this year.
With this transaction, Metrópolis completes its corporate restructuring, ceasing its insurance underwriting activity to focus on its brokerage, asset management and real estate businesses.
This is MedVida’s second transaction in 2022 after signing the purchase of CNP Partners, the subsidiary of CNP Assurances in Spain, also in the process of obtaining regulatory approval. With these acquisitions MEDVIDA will double the size of its balance sheet to nearly 5 billion euros in assets under management.
After signing the agreement, Javier Celma, President of Metrópolis, said: “We have chosen to cede this business to MEDVIDA, which was no longer strategic for us, due to its expertise, solid solvency position and objectives to continue offering optimal service and capital protection to our clients”.
Antonio Trueba, CEO of MEDVIDA, said: “We are very pleased to have been able to offer Metrópolis the solution they needed to restructure their business. This transaction is fully consistent with our strategic objective of increasing insurers’ performance by facilitating the release of corporate and financial resources allocated to their life insurance portfolios.”