Apicil acquires L&G France
French insurance group Apicil has announced it has completed the acquisition of Legal & General activities in France.
Established in 1934, L&G France is headquartered in Paris, with 19 branches located across the country and specialised in unit-linked savings and group risk.
Its client base reaches around 37,000 individual savings customers and 4,000 group risk small and medium-sized enterprises customers.
Premiums in 2014 have amounted to €371.8m in savings and €214.9m in group risk.
Renaud Célié, deputy CEO of Apicil, said assets under management will reach €13bn in 2016 from €6.8bn last year with the acquisition of L&G France.
Back to August 2015, when Apicil entered into talks with L&G, its managing director Philippe Barret, explained the acquisition would speed up Apicil’s growth in its two strategic markets: life insurance and medical, death and disability insurance.
Founded in 1938 and based in Lyon, Apicil remains the fifth largest health & protection mutual and paritarian insurer in France, with 1.5 million clients.