Una Seguros, Portuguese insurer bought by China Tianyng in 2018, is entering a partnership with CTT Bank as it strives to keep its pace of income growth.
“We will launch in January a partnership with CTT Bank. The first product to be launched will be financial”, Una´s CEO Nuno David told Expresso newspaper in Portugal. CTT Bank “has a good retail network and does not offer insurance, only partnerships”, through other insurers, he added.
Having reached its first profit in 2021, around, EUR 1 million, Una achieved double digit growth in both major business segments: life (16%) and non-life (45%).
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The new partnership is expected to boost revenue growth in 2022, particularly in the non-life area, which includes savings products. “This is just a first step for a strategic partnership for the future”, David said.
Una needed a EUR 30 million capital increase to increase its solvency margin, which was at 140%, bellow the market average, although inside legal requirements,
Organic growth is the focus for Una´s CEO, but acquisitions are possible “if they bring added value”. “We are available to buy or have a stake in a retail bank that boosts the distribution of financial products”, David said.
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Una has been expanding its workforce: it had 91 workers in 2018, and now has 126.
The company´s investment portfolio is worth EUR 400 million, in sovereign debt of European Union countries like Portugal, France and Italy.
According to David, Una is also looking at investment opportunities in Asian market.