BNP Paribas Cardif announced today the signature of an agreement with the company Ageas to take full ownership of Cargeas Assicurazioni (CARGEAS), a major non-life bancassurance provider in Italy.
BNP Paribas Cardif (50% - 1 share) and Ageas (50% + 1 share) have jointly owned CARGEAS, a company selling health, homeowner, automobile and creditor insurance to both individuals and businesses in Italy.
The two shareholders in this joint-venture have expanded CARGEAS’ business in Italy since 2009, developing non-life insurance products and services such as automobile and homeowner cover. In 2016 CARGEAS had gross written premiums of 227 million euros and recorded a net profit under IFRS of 44 million euros.
This transaction is subject to regulatory approval and is expected to be finalised by the end of the year.
“This acquisition is part of our 2020 development plan. It will strengthen our presence in property and casualty insurance and double our protection revenue in Italy. With the acquisition of Cargeas Assicurazioni (CARGEAS), we will now offer a complete range of insurance for our individual policyholders, working closely with our partners particularly UBI Banca and BNL in Italy” concludes Virginie Korniloff, BNP Paribas Cardif Chief Operating Officer Domestic Markets.
 A former subsidiary of UBI Banca, UBI Assicurazioni became Cargeas Assicurazioni in 2015.