UniCredit S.p.A. and UnipolSai Assicurazioni has entered into a share purchase agreement pursuant to which UniCredit purchased, 51% of the issued share capital of Incontra S.p.A. an Italian P&C insurance company.
In conjunction, UniCredit and Allianz entered into another share purchase agreement pursuant to which Allianz purchased the 50% of the issued share capital of Incontra.
UniCredit will grow from 49% to 50% of the issued share capital of Incontra, while Allianz will obtain the control of that company following shareholders' agreement.
The closing of both transactions is subject to customary authorizations by the competent authorities and it is expected to take place by year end; it is estimated that, at closing, the transactions will have a negligible capital impact for UniCredit.
The underlying decision of UniCredit's management is aligned with the strategic plan "UniCredit Unlocked" aimed to simplify the current bancassurance set-up and to increase flexibility. This new agreement is fully coherent with the 2022 arrangements between UniCredit and Allianz.
The completion of the sale and purchase between UnipolSai Assicurazioni and UniCredit shall terminate a fruitful partnership which has been of satisfaction for both parties.
Milan, 7 July 2023
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