Sabadell Negotiates Renewal of Health Alliance with Sanitas

✦ Meridian Analysis

Banco Sabadell is reported to be in advanced talks with Sanitas to extend the five‑year health‑insurance distribution agreement that is due to expire this year. The partnership, which began after Sabadell switched providers at the end of 2020, gives Sanitas exclusive access to the bank’s retail network, web, app and call‑centre channels while the insurer retains 100 % of the premiums and pays a commission to the bank. A co‑insurance clause splits the revenue 50‑50 between Sanitas and BanSabadell Seguros Generales, meaning the bank retains a material underwriting interest. Sanitas, the second‑largest health insurer in Spain, contributed €46 million in premiums from Sabadell’s customers last year, matched by an equal amount from the bank’s co‑insurance share. The partnership also sits alongside Sabadell’s long‑standing bancassurance alliance with Zurich, which supplies life, general and pension products and holds a 5.21 % equity stake. BPCE took a friendly stake in Sabadell, and 60 % of new accounts are now opened remotely. Details on the advisory teams, any regulatory approvals required and the timetable for signing remain undisclosed.

The Meridian Weekly