Acquisition by Societe Generale Insurance of a majority stake in Antarius
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On the 9th of February 2017, Societe Generale group announced the signature of an agreement with Aviva group on the terms of acquisition by Sogecap of Aviva France majority stake of 50% in Antarius.
This acquisition strengthens Societe Generale group’s integrated bancassurance model and underlines the confidence of the Group in the Insurance business line.
With Antarius, Societe Generale Insurance savings life insurance outstandings break through the threshold of 110 bn euros and Societe Generale Insurance moves up 2 or 3 positions in the Top 10 of Insurance groups on the French market. The internalization of Antarius allows the mobilization of significant synergies with Credit du Nord and offers new development prospects in the savings life insurance and protection businesses.
The acquisition will be effective on the 1rst of April 2017. On this date, Societe Generale group will own 100% of Antarius; Sogecap will become a shareholder alongside Credit du Nord and manage the company while upholding the standards of quality and satisfaction expected by Credit du Nord clients.
Antarius is the life insurance company dedicated to Credit du Nord savings and protection businesses. At the end of 2016, Antarius’ outstandings amounted to 13.6 billion euros and premiums totaled 2 billion euros.