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Intesa Sanpaolo definitively purchased Lombarda Vita

Intesa Sanpaolo definitively purchased Lombarda Vita
12 April 2021 - Time: 17:36

Verona, 12 April 2021. Following what was already announced on 23 December 2020, Cattolica Assicurazioni informs that today, in execution of the binding agreement signed with UBI Banca concerning the early termination of the Life bancassurance agreements in place between the parties, which were supposed to end on 30 June 2021, the investment held by Cattolica in Lombarda Vita was entirely purchased by Intesa Sanpaolo S.p.A., which took over from UBI Banca as a result of the merger carried out today.

As envisaged in the agreements, the buyer paid Cattolica a total consideration of €219,8 million (amount net of the loan currently in place equal to approx. €80 million); the balance will be subsequently paid to Cattolica at the same time as the repayment of the loan itself (expected for the month of September 2021 and in any case subject to obtaining the necessary authorizations from IVASS).

The Cattolica Group, following the completion of the transaction, will reach an IAS/IFRS profit of over €100 million in the 2021 consolidated financial statements and a profit in Cattolica's financial statements of about €60 million. It is estimated that, considering the deconsolidation of the Company, the Group Solvency Ratio could further improve by approx. 8p.p. compared to the figure at 31 December 2020, which did not already include the aforementioned loan.