Mapfre and CaixaBank await the opinion of an independent expert before agreeing to break with Bankia

The valuation will arrive “in the next few days” and is necessary before both companies reach an agreement.

Antonio Huertas, president of Mapfre

Mapfre and CaixaBank They are already in the process of negotiating to reach an agreement on breaking the bancassurance agreement that the insurer had with Bankia and that it is necessary to break after the merger of the bank with CaixaBank.

The process is currently in the first phase, which consists of a independent expert value the business that Mapfre and Bankia maintained before reaching an agreement on the breakup, as explained this Thursday Fernando Mata, financial director of Mapfre, during the presentation of the insurer’s results.

This assessment will reach both companies “in the coming days”, as explained by Mata, who recalled that until the effective integration between the two banks has taken place, the talks have not been able to start.

Penalty

After obtaining this assessment, both will be able to start negotiating to reach an agreement on the compensation that CaixaBank will have to offer Mapfre after this breakup. The agreement, in any case, will include a 20% penalty, given that CaixaBank has already agreed with the insurance company to pay 120% of the valuation of the business.

The insurer presented this Thursday its results for the first quarter, in which it obtained a profit of 173.3 million euros, 36.7% more than in the same period of the previous year, driven by the improvement of the business in Spain, Latin America and North America.

At the beginning of the year, the company accounted for more than 109 million euros corresponding to claims incurred by Covid-19, of which more than 34 million correspond to health and another 48 million to Life-Risk.