The operation will allow Reale Mutua to double its own market share in Catalonia, reaching 4,5 percent.
The insurance company Reale Mutua has reached an agreement to acquire the Spanish insurer Mútual Flequera de Cataluña, the Italian company reported in a statement in which it also announced a net profit of 68 million euros in the first half of the year, a decrease of 9,04 percent.
In the statement, the Italian insurer explained "that it was chosen as the only candidate that will guarantee both the maintenance of jobs and the agreements with partners and policyholders."
The operation, which will have to receive the authorization of the supervisory bodies, will allow Reale Mutua to double its own market share in Catalonia, reaching 4,5 percent.
Reale Mutua is made up of five insurance companies present in Spain and Italy, with more than 2.700 employees and 3 million customers.
The Italian insurer also announced its results for the first half of the year, in which it recorded a net profit of 68 million euros, representing a decrease of 9,04 percent compared to the same period in 2006.
The total volume of premiums stood at 1.507 billion euros, a growth of 2,67 percent, according to the information, which added that in the property and casualty sector it increased by 5,8 percent and in the life insurance sector it decreased by 12,03 percent.
Any questions about this news?
Talk to Coexia, the AI of the foreign trade
