Generali and Crédit Agricole Assurances announce they have entered into exclusive negotiations on the acquisition La Médicale

Generali and Crédit Agricole Assurances announce that they have entered exclusive negotiations for Generali France to acquire La Médicale, the Crédit Agricole Assurances subsidiary providing insurance for healthcare professionals. The operation will include the sale by Predica^[1] to Generali of the portfolio of death benefit coverage marketed by La Médicale.

Created in 1948, La Médicale is a major player in France's insurance market for healthcare professionals. With annual premium income of €552 million (of which €80 million in premium income linked to Predica’s death benefit coverage) and more than 600,000 policies at the end of 2020, La Médicale partners more than 300,000 customers throughout France. Its offers are distributed by a specialised network of 125 general agents operating through 45 branches.

This project reflects Crédit Agricole Assurances’ aim to focus on the development of its bankinsurance model, through which it generates significant synergies with the other Crédit Agricole group entities. As part of its universal banking model and as a major player in the healthcare segment, Crédit Agricole Assurances is looking to bolster its offer in this space across all of its customers, through the Group's local banks.

This is part of a global response to the needs of customers through a network of banking advisers and digitalised services. Crédit Agricole Assurances’ development in the healthcare segment, a space that is facing significant societal challenges, is a means for it to meet the commitments of Crédit Agricole Group’s raison d’être: “Working every day in the interest of our customers and society”.

Through complementary skills and expertise and by drawing on the brand recognition of La Médicale, this project would open up the opportunity for Generali France to gain preferred access to peer professional targets in the medical industry. From both a strategic and commercial perspective, it would help to strengthen its health, personal protection and property and casualty activities, complete its health ecosystem and bolster its network of general agents, which now totals 668 agents and 765 branches nationwide.

The finalisation of this transaction is subject to the communication of information to and consultation with staff representative bodies and the granting of authorisation by the competent regulatory and competition authorities. It is expected to be finalised in mid-2022.

_[1] Predica SA (“Predica”) is the life insurance subsidiary of Crédit Agricole Assurances.