GNB Vida returns to profit amid sale process
Novo Banco's insurance business went from losses to a profit. It was able to get a positive result of 8.7 million euros in 2017.
After loosing 85 million euros in 2016, GNB Seguros Vida returned to profit. The sale process of Novo Banco’s insurance business is being finalized and unlike the bank, it presents a positive result of 8.7 million euros.
“GNB Seguros Vida presented a net result of 8.7 million euros, in consolidated terms, which represents a 94 million euros increase (in consolidated terms) in comparison to the previous years”, Novo Banco’s insurance company mentions in a press release sent to CMVM.
This positive result is especially a result of “the performance of the financial activity throughout the year, essentially due to the gains (+91.4 million euros) and less impairments (-28.4 million euros in consolidated terms)”.
The total business volume of GNB Seguros Vida rose to 149.3 million euros last year, which corresponds to a 2.5% homologous decrease, the entity states. According to the entity, this decrease is a result of the production of retirement and capitalization insurances.
GNB Seguros Vida’s return to profit takes place in a time when the sale process of Novo Banco’s insurance branch is about to come to an end. Global Bankers was the only institution that moved on to the final stage of direct negotiations to purchase GNB Vida, placed up for sale last year. According to what ECO was able to ascertain, this international group specialized in acquiring insurance firms is offering 250 million euros.
