Kicking Off the Internalization of Life Insurance Services
Monday 23 June 2025
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We have successfully completed the strategic internalization process of the life insurance business, which involves UniCredit's 100% control of CNP UniCredit Vita and UniCredit Allianz Vita.
CNP UniCredit Vita S.p.A. will be renamed UniCredit Life Insurance ("ULI"), and UniCredit Allianz Vita S.A. will be renamed UniCredit Vita Assicurazioni ("UVA").
In 2024 the two companies, UAV and CUV, collected roughly EUR 8.6 billion of Gross Written Premiums (with a market shares of 7.2% of Life market), with total technical reserves of about EUR 45.6 billion.
In Italy in 2024, UniCredit’ life bancassurance business generated circa EUR 580 million in distribution fees (13.4% of UniCredit ‘total’s net commissions in Italy), on top of over EUR 100 million of profits from the shareholdings in the two companies.
“Our commitment is now to carry out the merger between the two companies as quickly as possible, creating a life company leader in the Italian insurance market not only in term of size, but also in efficiency, product innovation and quality of service to customers.”
Alessandro Santoliquido, with his extensive experience in the sector, has been appointed CEO of both companies, in addition to maintaining his role as Head of Group Insurance.
This setup will enable us to create further internal synergies and offer a more personalized and high-quality service to our clients. Additionally, it will allow us to diversify revenue streams and accelerate growth in one of the most profitable sectors, where our bank is already a major market player. The merger between ULI and UVA is scheduled for 2026: the new Italian bancassurance company will represent a significant expansion of our activities within Client Solutions and will hold a leadership position in high-value segments, such as unit-linked policies and life protection (CPI and MyCare Futuro).
Operationally, we will continue to rely on our existing service model, as well as our products, procedures, and processes: our way of working will remain unchanged, ensuring continuity of service. Life bancassurance is an integral part of our offering, and the decision to internalize this business will prove strategic for our bank and strengthen our ability to deliver valuable advisory services to our clients.