MEDVIDA to manage the run-off portfolio of Sa Nostra Vida

• Over 30,000 policies to be transferred that are part of the insurance business acquired by VidaCaixa in November 2022.
• The total volume of the portfolio, which is no longer open to new business, is €170 million in technical provisions and will provide €10 million in premiums per year.

MEDVIDA has reached an agreement with VidaCaixa whereby it will transfer part of Sa Nostra Vida’s life insurance portfolio.

The transaction which is now subject to regulatory approval by the Directorate General of Insurance and Pension Funds (DGSFP) and expected to be completed during the first half of next year, is limited to the portfolio that is no longer open to new business.

The agreement covers over 30,000 policies that are part of the insurance business which VidaCaixa acquired in November 2022 and correspond to life savings insurance, life risk insurance and life annuities of retail customers. The portfolio has a volume of 170 million euros in technical provisions and will provide 10 million euros in premiums per year.

Commenting on the transfer, Antonio Trueba, CEO of MEDVIDA, said: “We are delighted to be able to help VidaCaixa simplify its integration of the Sa Nostra Vida business, as well as offer policyholders the same protection and high-quality service and administration that we provide to all our customers”.