Banco del Estado de Chile completed the signing of an exclusive non-life insurance bancassurance agreement with HDI Seguros Chile, the retail insurance unit of Talanx Group, Germany´s third largest insurer. The transaction involved an upfront payment of US$ 47 million plus future earn-out payments and commissions.
BancoEstado is the state-owned bank in Chile and the market leader by deposits, sales network and number of customers, with a distribution network that spans 91% of the Chilean population.
Talanx Group, present in Latin America under the HDI brand specialized in retail insurance is the third-largest German insurance group in terms of premiums and one of the largest in Europe with a market cap of EUR 9.7 billion. The Hannover-based company is active in over 150 countries and operates as a multi-brand provider and operates in the Chilean retail insurance market through HDI Seguros since 2008.