MILAN (Reuters) -UniCredit said on Monday it was launching its first life policy fully developed and managed in-house, underscoring efforts to rebuild internal fund management capabilities and strengthen its insurance business.
UniCredit has been working since 2021 to boost fee income, which took a hit when it sold fund management arm Pioneer and asset manager Fineco to shore up capital reserves.
* UniCredit says Premium One insurance policy targets wealth management and private banking customers in Italy.
* Policy issued by UniCredit Life Insurance, which the bank set up earlier this year after buying out CNP Assurances and Allianz and taking full control of “bancassurance” JVs.
* Policy invests in new internal insurance funds directly managed by a team UniCredit created within its onemarkets fund business, which also repackages for clients’ third-party funds.
* UniCredit says policy is a tangible result of strategy to earn more on asset management.
* UniCredit’s net fee push has implications for commercial partners. CEO Andrea Orcel has said a contract with Amundi, which accounts for the majority of UniCredit’s AUM, could struggle to be renewed and declined to comment on whether a partnership Germany’s Allianz would run after 2027.
(Reporting by Valentina Za; Editing by Alexander Smith)
