Covéa finalizes its disposals with Banco BPM

The headquarters of the Covéa group in Paris.

The Covéa group announces that it has finalized in Italy the sale of its shares in Bipiemme Vita and Bipiemme Assicurazioni to Banco BPM, for an amount of 309.4 million euros.

Initiated last April, the sale to Banco BPM of the shares held by Covéa in the share capital of Bipiemme Vita SpA and Bipiemme Assicurazioni SpA (i.e. 81%) was finalized a few days ago following the approval of the supervisory authorities Italian. The amount of this sale reached 309.4 million euros.

“This operation is part of the Covéa group’s strategy to refocus its international activities and make reinsurance its main lever for industrial development abroad”explains the mutualist group in a press release.

The mutual group’s Italian activities will have represented an additional average annual return of more than 5%. In 2021, these activities totaled €912m in revenue.

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