Groupe BPCE has signed a memorandum of understanding with funds advised by Apax Partners for its insurance arm, BPCE Assurances, to acquire GamaLife, a life insurer operating in Portugal and Italy, the French bank said on 3 November 2026. Terms were not disclosed.
Why BPCE Assurances (Groupe BPCE) is buying GamaLife
BPCE said the deal would build on its acquisition of novobanco and strengthen its bancassurance model in Portugal, now its second-largest market, as part of its Vision 2030 plan. It would be BPCE Assurances' first acquisition outside France.
“This project illustrates our growth ambition in personal insurance, drawing on a European bancassurance model we know well and which is one of our group’s strengths”
Deal terms and financing
BPCE Assurances would acquire 100% of GamaLife's share capital. BPCE said the transaction remains subject to final terms and is expected to have a marginal impact on the group's CET1 ratio.
Regulatory approvals and timing
Completion is subject to consultation with employee representative bodies and to regulatory approvals, including merger control clearance and approval from the Portuguese insurance supervisor. Apax said closing is expected in the first half of 2027.
Market context
GamaLife was created in 2019 through Apax's carve-out of GNB Vida from novobanco and acquired Zurich's Italian life and pensions business in 2022. It generated €475m of gross premiums in 2025, holds €7.5bn of assets, has about 100 employees in Lisbon and Milan and ranks eighth in Portuguese life insurance with a market share of about 4%.
