Societe Generale has announced it has decided to exercise its option to purchase Aviva France’s 50% stake in Antarius, an insurance company dedicated to the Crédit du Nord networks and currently jointly owned by Aviva France and Crédit du Nord, thereby ending the life-insurance partnership established with Aviva France.
In accordance with the agreement between Crédit du Nord and Aviva France, the acquisition will become effective by 2017, at the end of a period in which operational management of the company will be transferred to Sogécap, the French life-insurance company of the Societe Generale group.
Following this period, Societe Generale group will wholly own Antarius. Sogécap will become a shareholder alongside Crédit du Nord and manage the company while upholding the standards of quality and satisfaction demanded by Crédit du Nord clients. No accounting or prudential impact is expected for Societe Generale group before completion of the operation.
“The insurance businesses are at the heart of the Societe Generale group’s strategy and the bank intends to accelerate the roll-out of its bancassurance model in all its markets. We would like to thank Aviva for the quality of the relationship developed over the years with Societe Generale, and Credit du Nord in particular, and which has contributed to making this partnership a real success” said Bernardo Sanchez-Incera, Deputy CEO at Societe Generale group.
This acquisition will significantly strengthen the positions of Societe Generale Insurance business line: Antarius’ assets, which totalled €10.5 billion at the end of 2013, will take it beyond the €100-billion threshold.