Cattolica Assicurazioni announced the closing of the sale to Intesa Sanpaolo of the investment held in Lombarda Vita. “In execution of the binding agreement signed with Ubi Banca and concerning the early termination, with respect to the expiry date of 30 June 2021, of the life bancassurance agreements in place between the parties, the closing of the sale of the investment held by Cattolica in Lombarda Vita in favor of Intesa Sanpaolo, which took over from Ubi Banca as a result of the merger completed today ”, reads the press release of the Verona insurance group.
As envisaged in the agreements, the buyer paid Cattolica € 219.8 million (amount net of the loan currently in place equal to approximately € 80 million); the adjustment will subsequently be 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).
Following the completion of the transaction, the Cattolica Group will realize an IAS / IFRS profit exceeding 100 million in the 2021 consolidated financial statements and a profit in Cattolica’s statutory financial statements of approximately 60 million. It is estimated that, considering the deconsolidation of the company, the group Solvency Ratio could further improve by about 8 percentage points compared to the figure of last December 31st, which already did not include the above mentioned loan.