La Banque Postale and the Groupama Group announce the closing of the transaction concerning La Banque Postale Assurances IARD

Having obtained the necessary authorisations from the supervisory authorities, La Banque Postale and the Groupama Group announce the closing of the transaction covering the acquisition by La Banque Postale of Groupama's 35% interest in La Banque Postale Assurances IARD as well as their extended cooperation in the areas of legal protection and assistance services.

La Banque Postale Assurances IARD, which was set up in late 2009 as a joint venture between La Banque Postale and the Groupama Group, markets property & casualty insurance products and services to La Banque Postale’s retail customers. With over 500 employees and an insurance portfolio comprising 1.8 million policies, La Banque Postale Assurances IARD has become an independent full-service insurance company.

Further to the acquisition of the Groupama Group’s 35% interest in La Banque Postale Assurances IARD, La Banque Postale is now the sole shareholder. La Banque Postale intends to actively continue developing the property & casualty business’s product and service offerings with a view to strengthening and consolidating its integrated bancassurance model.

The Groupama Group will remain a long-term partner of La Banque Postale Assurances IARD, with the agreement between the two groups also incorporating service agreements and reinsurance treaties with Groupama PJ (for legal protection services) and Mutuaide (for assistance services).