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Adeslas

Joining Adeslas Aresa and creates a national leader with a share of 25%

The national ranking of health insurance has turned a corner with the transaction announced last Friday, by which Mutua Madrilena , owner of Aresa Vidacaixa buys half-Adeslas. The insurance group passes and lead the industry in Spain, and to diversify their business and expand its geographical presence.

Mutua Madrilena (MM) is the new leader of the ranking of health insurance in Spain following the purchase of 50 percent for 500 Adeslas million by strengthening the leadership position held and the activity Adeslas Aresa, a subsidiary of the branch of GM.

Both companies represent more than 25 percent of the market share of health insurance and collect about 3.5 million customers. Operation were excluded Adeslas hospitals, which remain under the ownership of Criteria, the investment group whose major shareholder La Caixa.

The new health business will keep the name MM-Adeslas Vidacaixa business and he'll go to progressively integrate the activities of Aresa.

Following the alliance, the shareholders of General Insurance Vidacaixa-Adeslas Mutua Madrilena will be composed by 50 percent, Criteria in a 49.9 per cent and the remainder being held by minority shareholders who did not participate in the operation by which a year ago La Caixa Adeslas bought.

The detail of the operation, in which GM has agreed with La Caixa's Criteria buys 50 percent of Vidacaixa-Adeslas General Insurance, the life insurance company of La Caixa which includes healthcare company Adeslas provides for the joint appointment of the new leaders of business-Adeslas Vidacaixa, whose chief executive is John Hormaechea, Area General Manager MM insurer. Javier Murillo, current executive deputy general director Vidacaixa, is also CEO of the new society.

The amount of the overall agreement reached between the two insurance groups amounted to 1.075 million, of which about half are worth buying Adeslas and half to the purchase of 50 percent and the agreement SEGURCAIXA with La Caixa health products, home, cars and other classes of non-life through more than 5,400 offices of its commercial network.

Mutua Madrilena operation faces its own resources without borrowing, and reaches its target in the Plan 2009-2011, strategic diversification and geographic expansion, will have 56.6 percent of its business outside of Madrid, compared with 30 percent currently, and will significantly increase its position in areas of interest such as Catalonia, Levante and Andalusia, while also increasing its weight in both Castile and Galicia.

addition, GM will reach the second position of the national classification of non-life-insurance against the seventh-occupied, with a combined market share of 10 percent and will be positioned as the fourth insurer in the country, including the life business.

According Ignacio Garralda president of GM, the group would need about 17 years with an estimated annual growth of 5 percent for "organically achieve premium volume resulting from the acquisition." The partnership with La Caixa allows, therefore, "take a giant step in the insurance industry as a whole and go on to lead, in particular the health area." MM

available until now a portfolio of 2.4 million policyholders in 2009 and earned premium income of 1,293 million euros.