UniCredit introduced Premium One, its inaugural life insurance product designed, issued and overseen by in-house teams.
This step is part of the bank’s strategy to strengthen internal expertise in fund management and strengthen its insurance operations, he reported. Reuters.
The decision to launch Premium One follows UniCredit’s efforts since 2021 to bolster fee-based income, which was hit by the bank’s earlier sales of its fund management division Pioneer and asset manager Fineco to support capital levels.
The newly launched policy is intended for wealth management and private banking clients in Italy.
Premium One invests in newly created in-house insurance funds managed by a team formed within UniCredit’s onemarkets funds business.
This team is also responsible for repackaging clients’ third-party funds.
According to UniCredit, this policy is the result of its efforts to generate higher returns from asset management.
The policy is offered through UniCredit Life Insurance, an entity formed earlier this year when it acquired full control over joint ventures (JVs) previously run with CNP Assurances and Allianz.
These joint ventures have since changed names: CNP UniCredit Vita now operates as UniCredit Life Insurance (ULI) and UniCredit Allianz Vita has become UniCredit Vita Assicurazioni (UVA).
Alessandro Santoliquido has been appointed CEO of ULI and UVA, while also leading the group’s insurance activities.
There are plans for ULI and UVA to merge by 2026, which will lead to the establishment of a new bancassurance provider focused on life policies in Italy.
This merged entity expects to have a presence in the unit linked and term life insurance markets.
“UniCredit Introduces First Internally Managed Life Insurance Policy” was originally created and published by Life Insurance International, a brand owned by GlobalData.
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