Generali, through its subsidiary Tranquilidade, has entered into a distribution agreement with the Portuguese Postal Service Group CTT. At the same time, the insurance company will take an 8.71% stake in Banco CTT’s share capital.
Generali, through its subsidiary Tranquilidade, has announced that it has entered into a distribution partnership with CTT Group, a Portuguese postal services group. This agreement should allow the insurer to distribute life and loss insurance policies across the CTT post office network, as well as its Banco CTT banking subsidiary, “Based on a long-term distribution agreement, with exclusive five-year renewable terms”-Can we read the press release.
At the end of this process, which would enable Generali to enhance its distribution capacity in Portugal, the insurer would also acquire a stake in Banco CTT by increasing the reserved share capital by €25 million. “The Generali Group will become a shareholder in the corporation with a stake of approximately 8.71%.”-Can we read then? “Thanks to this agreement with CTT Group and Banco CTT, Tranquilidade will reach new customers, particularly in the life segment, while significantly increasing its overall premiums.”said Pedro Carvalho, CEO of subsidiary Generali.
At the end of 2021, Tranquilidade recorded 1.14 billion euros in premiums, including 1.06 billion euros in compensation, and 80 million euros in life. For its part, Banco CTT has more than 600,000 clients in its portfolio with more than €2 billion in client deposits.
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