BPCE announces the signing of a Memorandum of Understanding with Apax Funds for the acquisition of insurer GamaLife, with a view to developing its bancassurance model in Portugal

GamaLife, an established life insurance player in Portugal and Italy

GamaLife is an insurer specializing 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 based in Lisbon and Milan.

Portugal is GamaLife’s main and historic market where it ranks eighth in  life insurance by annual premium volume, with a market share of approximately 4%. Its policies are distributed through an agreement  with novobanco, the country’s fourth-largest bank. In Italy, GamaLife operates through a branch managing a life insurance and retirement portfolio purchased in 2022, and has launched new commercial activity through a network of brokers and banking partners.

A new step in BPCE’s strategy in Portugal

Portugal has become BPCE’s second-largest market. With novobanco and Natixis in Portugal, a multi-business-line center of expertise, BPCE has more than 8,000 employees in the country.

This transaction would build on the acquisition of novobanco and complement BPCE’s existing business in Portugal, with the aim of creating long-term value through the development of bancassurance. It would also mark BPCE Assurances’ first acquisition outside France, supporting the growth ambitions of this strategic business for Groupe BPCE.

“ Building on the expertise of GamaLife’s teams in Italy and Portugal, we want to take a new step in the development of BPCE Assurances in Europe. 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. This project illustrates our growth ambition in personal insurance, drawing on a European bancassurance model we know well and which is one of our group’s strengths,” said Corinne Cipière, CEO of BPCE Assurances.

A financially disciplined transaction

The transaction would be carried out by BPCE Assurances, subject to the final terms and conditions of the transaction, and is expected to have a marginal impact on Groupe BPCE‘s CET1 ratio.

Completion of the transaction remains subject to consultation with the relevant employee representative bodies and to the required regulatory approvals, including merger control clearance and approval from the competent Portuguese insurance supervisory authority.

The transaction is expected to close in the first half of 2027.