AG2R La Mondiale said it plans to merge the business into La Mondiale Europartner, its international life and pension division, creating a business with combined assets of more than €7bn. The deal is subject to regulatory approvals.
La Mondiale Europartner chief executive Fabrice Sauvignon said: “The market presence of La Mondiale Europartner is particularly significant in France and the United Kingdom on a Freedom of Services basis, and in Italy where it operates through a branch. The market activity of MassMutual Europe being principally in Italy, this merger should allow AG2R La Mondiale to reinforce its presence in Italy.”
MassMutual is a subsidiary of MassMutual International which is owned by Massachusetts Mutual Life Insurance Company, which operates businesses in Hong Kong and Japan and manages joint-venture investments in companies in China and Chile.
This time last year, AG2R La Mondiale launched a wealth management service into the UK – click here to read about it