Mapfre sees CCM jv raising life insurance premiums to 2.1 bln eur from 1.89 bln |
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Published
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Tue, 16 Jan 2007 15:28
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MADRID (AFX) - Corp Mapfre SA said a joint venture agreement with Caja Castilla la Mancha (CCM) to provide life insurance and pension products will boost Mapfre's life insurance premiums to over 2.1 bln eur from 1.890 bln before the agreement.In a statement, Mapfre said technical provisions will reach 15.55 bln eur, up from an initial 14.70 bln eur, while individual pension funds will increase by 170 mln eur to 1.492 bln.The two firms today finalised the joint venture agreement signed in December.Both groups will develop the life and pensions business through joint ownership of CCM Vida y Pensiones, which has more than 500 branches, while Mapfre will take on management responsibility.afxmadrid@afxnews.comped/jdy/wjCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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