Santalucía Acquires 50% of Pelayo Life from Aviva Europe

Santalucía, the leading insurer in family protection, has reached an agreement with Aviva Europe SE for the acquisition of 50% of the share capital of Pelayo Vida.

As a result of this operation, Pelayo Vida will be owned by Santalucía and Pelayo Seguros, consolidating in the perimeter of the Santalucía Group. Your products will be marketed through Grupo Pelayo’s extensive distribution network.

Pelayo Vida closed 2017 with premium income of 13.1 million euros and managed funds of 96.6 million, obtaining a profit of 2.8 million euros. The solvency ratio of Pelayo Vida is 3.1 times higher than required.

With this acquisition, the Santalucía Group strengthens its sector position in the Life branch, in which at the end of the first quarter of 2018 it occupies the 5th position in the ICEA ranking, with consolidated revenues from premiums of more than 387 million euros and a market share of 4.84%.

Between both companies there are already strong commercial relationships in the Autos business for several years, thanks to a network assignment agreement whereby Santalucía distributes Pelayo’s products in that branch.

According to Andrés Romero, General Director of Santalucía, “The agreement reached is a new step in our firm and determined strategic commitment in the Life Branch, in which we want to continue advancing and consolidate ourselves as a benchmark player in the Sector, hand in hand , on this occasion, from a friendly entity such as Pelayo ”

For his part , José Boada, Chairman of the Pelayo Group, believes that ” the Life branch is an important pillar for the loyalty of the client portfolio and this agreement allows us to continue developing it together with a leading entity in the sector.”