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Groupama – a major European player – acquires OTP Osiguranje

  • Groupama operates in 11 markets with 11.5 million customers and a premium income of 14.4 billion euros
  • It operates in Croatia under a new name as Groupama osiguranje, offering a number of innovative products in the life and non-life insurance segments
  • Transaction result of Groupama’s long-term strategic partnership with OTP Group

With a regulatory approval granted by the Croatian Financial Services Supervisory Agency (HANFA) for the acquisition of OTP Osiguranje by Groupama, a new international player begins operations on the Croatian insurance market.

Groupama – a major European insurance company with a presence in France for over a century – holds strong positions in markets throughout Europe. In 2020, the Group reported a premium income of 14.4 billion euros and an operating result of 306 million euros. Groupama employs 31,000 people worldwide and has more than 11.5 million customers, offering services from a well-balanced portfolio of life and non-life insurances in both retail and corporate markets.

As part of its expansion strategy in the CEE region, Groupama takes over OTP Osiguranje from its long-standing strategic partner, the OTP Group, with effect from August 31. The acquisition of the Croatian insurer is a continuation of the successful cooperation between the two companies to expand the range of insurance services in the markets where OTP Bank is present. With the acquisition of OTP Osiguranje, Groupama and OTP will diversify the portfolio of bancassurance products offered in Croatia, which represents another strategic step in the partnership of the two companies. The strategic alliance between OTP and Groupama, whose insurance activities complement those of OTP by offering comprehensive financial services, started in 2008. Since then, Groupama has held a significant stake in OTP Bank, making the French insurer a major institutional investor in the largest independent bank in the CEE region.

When carrying out its operations, Groupama Osiguranje will rely on the broad expertise, high standards and financial strength of the parent company, with an emphasis on innovative products suited to the needs of its local customers and the Croatian market. In the upcoming period, the insurer – known for its simple and quick innovative digital solutions – will be offering a high-quality range of bancassurance products and expanding into the overall life and non-life insurance markets via traditional and digital sales channels. The Group's Hungarian subsidiary – Groupama Biztosító – will act as the leading company and also exercise ownership rights over the Croatian operations. The members of the management board of Groupama Osiguranje are Sanel Volarić (Chairman) and Monika Brzović (Member of the Board).

“We are proud to start our operations in Croatia, continuing our strong relationship and strategic partnership with OTP Bank. We are confident that a strong international insurer, such as Groupama, will contribute to the Croatian insurance market’s further development and the overall positive economic trends and developments. We are confident that our Croatian team – with the Group’s strong support – will perpetuate our successful business model based on innovative offers suiting our customers’ needs.” – said Bertrand Woirhaye, Chairman of the Supervisory Board of Groupama Osiguranje and CEO of Groupama Biztosító in Hungary.

“Following the acquisition of OTP Osiguranje, one of the Croatian insurance companies with a focus on life insurance within the bancassurance segment, Groupama intends to offer a number of competitive products in the life and the non-life insurance segments, both to banks and the overall market by broadening the distribution channels. The main goal of Groupama Osiguranje will be to ensure successful business development, leveraging the strengths and resources of the Group with high respect for local market characteristics. I believe this will also benefit the market itself, as the Croatian insurance market will gain a new and competitive international player, which is entering the market at just the right moment that is when the country is transitioning towards the euro and when its economy is recovering and has positive outlooks following the stagnation caused by the coronavirus pandemic”said Sanel Volarić, Chairman of the Management Board of Groupama Osiguranje, adding that “operationally, nothing will change for the almost 60.000 clients of OTP Osiguranje. This means that existing clients can rely on their rights regarding existing policies and will be able to benefit from a whole range of new products and services in the future.“