UniCredit and Allianz Deepen Ties in Italy and Abroad

UniCredit and Allianz have signed a multi-country Framework Agreement (the "Agreement"), setting the basis for enhanced collaboration, benefiting clients of both companies and building on the companies' long standing and highly successful bancassurance partnership since 1996.

The Agreement covers UniCredit's footprint in Italy, Germany, Central and Eastern Europe and appropriately recognizes both partners' contribution to the value that is being created.

The Agreement encompasses joint investments (including training and pre-marketing) aimed at seamlessly integrating and accelerating the digitalization of their processes. It will also pave the way for a cooperation between the two groups in the insure-banking business, allowing UniCredit to offer its best-in-class banking products to customers on Allianz's open platform in Germany, Italy and other jurisdictions.

In Italy, Germany, Central and Eastern Europe, UniCredit serves over 15 million clients; Allianz Group serves over 30 million clients.

Two implementing agreements will be signed to amend and supplement the current arrangements in Italy and in Germany.

In particular, the Italian implementing agreement will include:

• the renewal of the current arrangements both in the life and non-life businesses to 2027, with some potential strategic flexibility for UniCredit starting from 2024;

• full access to Allianz's best-in-class products and the benefit of further innovation for UniCredit's customers;

• additional support for UniCredit by Allianz in developing an integrated platform and service model;

• ​enhancement of training and increased marketing support, aimed at further improving the quality of service and offering to customers.

As part of the renewed partnership, on February 10, 2022, CreditRas Vita and CreditRas Assicurazioni will be rebranded as UniCredit Allianz Vita and UniCredit Allianz Assicurazioni, respectively.

The German implementing agreement, subject to the fulfilment of required corporate laws formalities, will include further initiatives to strengthen digital bancassurance and marketing. These joint initiatives are set to revamp the joint commercial efforts.