Helvetia Group has increased its stake in the Spanish insurer Caser by around 10% and now owns 80% of the Spanish insurer. The seller is the Spanish bank Unicaja, which is reducing its holding of around 20% to about 10% after its merger with Liberbank. About 10% of the share capital is owned by Ibercaja. Caser will continue to work with both Unicaja and Ibercaja under the long-standing bancassurance cooperation agreements, which are not affected by these transactions and will remain unchanged. The parties have agreed not to disclose the purchase price.
Caser sells stake in Sa Nostra Vida
In addition, Caixabank is also taking over Helvetia Group's share in the life insurance company Sa Nostra Vida (Sa Nostra Compañía De Seguros De Vida, S.A.), which Helvetia previously held through Caser. The transaction, which is expected to be completed in the second half of 2022, will return a profit in the double-digit millions for Caser. Sa Nostra Vida contributed CHF 7.7 million to the Group's annual result in 2021 and generated gross premiums of CHF 41.1 million. The transaction reduces the weighting of the life business in the business volume of Helvetia Group as a whole and further strengthens its very robust solvency.
Caser acquisition is a success story
With these two transactions, Helvetia is further strengthening the importance of the attractive non-life business. "The acquisition of Caser is a success story: Caser made a profit contribution of CHF 72 million to the Group's overall result last year. Thanks to Caser's service and commission business, we are successfully diversifying our business mix in line with our strategy. The increase in our stake in Caser further boosts the importance of this business for Helvetia in turn", explains Philipp Gmür, Group CEO of Helvetia.