PARIS, FRANCE--(Marketwired - Jan 17, 2014) - On Friday, December 27, 2013, Médéric Épargne has sold its entire life insurance business to Optimum Vie, a portfolio of approximately 4,000 personal savings contracts (unit-linked and non-unit-linked policies).
On September 27, 2013, an agreement was signed between Optimum Vie S.A., the French subsidiary of Optimum Group, and Médéric Épargne, a subsidiary of Malakoff Médéric, for the acquisition of Médéric Épargne's entire life insurance portfolio. This transaction, which was submitted to the Autorité de Contrôle Prudentiel et de Résolution for approval has been authorized on December 18, and was officially published in the French Republic's Journal Officiel on December 24, 2013.
'This agreement is in line with the strategy we have established for our company over the past few years' said Anabelle Blondeau, President and Chief Executive Officer, Optimum Vie. 'In addition to providing high standards of service to Médéric Épargne's insureds, this transaction will enable Optimum to continue its development in France by further consolidating its position in the life insurance market' added Mrs. Blondeau.
'This transaction is part of our new marketing strategy' explains Romain Bernier-Dupréelle, Marketing Director, Individual Products at Malakoff Médéric, 'it also plans for a cooperation agreement between Optimum Vie and Malakoff Médéric in order to provide high standards of service and efficient management to insureds'.
About Optimum Vie S.A.
Acquired by Optimum in 1975, Optimum Vie is a French life insurance company which offers contracts linked to investment, capitalization, savings and retirement funds, as well as traditional pre-need products. Optimum Group is a private Canadian financial group active internationally in property and casualty insurance, life reinsurance, life insurance, actuarial consulting and asset management. Optimum Group's assets have reached more than $3 billion and its revenues, $600 million. The Group manages around $6 billion in funds. More than 500 people contribute to its success in Canada, France, and the United States. www.optimumvie.fr
About Médéric Épargne
Médéric Épargne is a French insurance company entirely dedicated to life insurance and personal savings, and is a subsidiary of Groupe Malakoff Médéric, a leader in the French social protection market, active in two main sectors: supplementary pension plans and personal insurance plans. www.malakofmederic.com