Juan Pedro Hernández Moltó y José Manuel Martínez Martínez, Chairmen of CAJA CASTILLA LA MANCHA (CCM) and MAPFRE, respectively, have signed today in Toledo the strategic agreement that both institutions reached last December in order to jointly exploit and develop the Life Assurance and Pension Plans Business distributed through the branch network and the other channels of the Savings Bank.
Pursuant to the agreements that have been signed, each entity will own a 50% shareholding in CCM Vida y Pensiones, a company that will be managed by MAPFRE. The agreement, whose duration is unlimited, covers the entire Savings and Retirement product range sold currently by CCM, including accidents and pension plans, although the offer will be widened with the different types and lines of products distributed by MAPFRE in the market.
By this agreement, that includes a long-term business plan and anticipates significant growth rates, MAPFRE gives a considerable boost to the development of its bancassurance business, particularly within the area where CCM is located, while CAJA CASTILLA LA MANCHA reinforces its long-term Life and Retirement business by offering to its clients CCM products developed by MAPFRE.
The agreement strongly enhances the insurance and pension plans business within CCM and strengthens MAPFRE’s leadership in Life Assurance. According to the figures at the close of 2006, the addition of CCM Vida y Pensiones will lead MAPFRE’s Life assurance premiums to exceed €2,100 million, compared to €1,890 million before the agreement. The technical reserves would reach €15,550 million (before €14,700 million) and the individual pension funds would be in the region of €1,492 million, a €170 million increase.
José Manuel Martínez and Juan Pedro Hernández Moltó stated their great satisfaction with an agreement that both entities consider as strategic, which will allow to offer to the clients of CCM, through the branch network of the savings bank, new product lines and will enhance, thanks to the specialised management by MAPFRE, the development of the Life Assurance and long-term Retirement business, thereby encouraging savings and spurring economic activity.
January 16th 2006, Madrid
For more information please contact MAPFRE, Corporate Department of Communications and Social Responsibility, (phone +34 91 581 81 96 or +34 91 587 46 53, fax +34 91 581 83 82, e-mail firstname.lastname@example.org; email@example.com