BPCE wants to own the insurer that sells through novobanco. The French group has signed a Memorandum of Understanding (MoU) with Funds advised by Apax Partners LLP for BPCE Assurances to acquire 100% of the share capital of GamaLife, a life insurer whose policies are distributed through an agreement with novobanco.
No price was disclosed. BPCE says the transaction is expected to have a marginal impact on Groupe BPCE’s CET1 ratio, and that it is subject to the final terms and conditions of the transaction.
GamaLife specialises in life savings, retirement and personal protection policies. In 2025 it generated EUR 475 million in gross premiums and managed EUR 7.5 billion in assets. It serves nearly 500,000 customers and employs around 100 people in Lisbon and Milan. In Portugal, its main market, it ranks eighth in life insurance by annual premium volume, with a market share of approximately 4%. In Italy it operates through a branch that manages a life insurance and retirement portfolio purchased in 2022. It has also launched new commercial activity there through a network of brokers and banking partners.
BPCE frames the deal around Portugal. It says Portugal has become its second-largest market, and that with novobanco and Natixis in Portugal it has more than 8,000 employees there. The release describes novobanco as the country’s fourth-largest bank. BPCE says the transaction would build on the novobanco acquisition and mark BPCE Assurances’ first acquisition outside France. It also says the deal contributes to its Vision 2030 strategic plan.
“Together with novobanco’s distribution strength and BPCE Assurances’ know-how, these capabilities would enable us to accelerate the development of bancassurance in Portugal, for the benefit of novobanco’s customers,” said Corinne Cipière, CEO of BPCE Assurances.
Completion depends on consultation with the relevant employee representative bodies and on the required regulatory approvals. These include merger control clearance and approval from the competent Portuguese insurance supervisory authority. BPCE expects the transaction to close in the first half of 2027.
The release gives no price, no valuation basis and no target for premium growth under BPCE ownership. It also does not say whether the distribution agreement with novobanco will change.
Herald View
BPCE owns the bank; this deal buys the insurer that sells through it. GamaLife reaches Portuguese customers through its agreement with novobanco, so bringing it into BPCE Assurances keeps the insurance business inside the group rather than with an outside owner. At a marginal cost to CET1, the bar is low. The proof will be novobanco’s insurance sales after closing, not the signature on an MoU.
