BPCE Assurances has agreed to acquire GamaLife, a life insurer operating in Portugal and Italy, from Apax Funds. It would be BPCE Assurances' first acquisition outside France.
Groupe BPCE announced on 3 November that it has signed a memorandum of understanding with Apax Funds and entered exclusive negotiations for 100% of GamaLife's share capital. The transaction is subject to final terms, consultation with employee representative bodies, and regulatory approvals, including merger control and approval from the Portuguese insurance supervisor. It is expected to close in the first half of 2027. Terms were not disclosed, and BPCE said the deal would have a marginal impact on Groupe BPCE's CET1 ratio.
GamaLife specialises in life savings, retirement, and personal protection. In 2025, it recorded €475m of gross premiums and €7.5bn of assets, and served nearly 500,000 customers with around 100 staff in Lisbon and Milan. It ranks eighth in Portuguese life insurance by annual premium, with a market share of about 4%.
The deal builds on BPCE's purchase of novobanco, which distributes GamaLife's Portuguese policies. Portugal is now BPCE's second-largest market, with more than 8,000 employees there.
Corinne Cipière, CEO of BPCE Assurances, said: “Building on the expertise of GamaLife’s teams in Italy and Portugal, we want to take a new step in the development of BPCE Assurances in Europe. Together with novobanco’s distribution strength and BPCE Assurances’ know-how, these capabilities would enable us to accelerate the development of bancassurance in Portugal, for the benefit of novobanco’s customers. 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.”
Matteo Castelvetri, Chief Executive Officer of GamaLife, said: “GamaLife has grown into a unique and exciting standalone platform across Portugal and Italy, built with the backing of the Apax Funds and the commitment of our people. In BPCE Assurances we have a partner with the scale and long-term commitment to support the next stage of the business, and our focus on serving our clients and distribution partners to the highest standard as we move forward.”
GamaLife was carved out of novobanco, where it operated as GNB Vida, by Apax Funds in 2019, and in 2022 it acquired Zurich's Italian life and pensions business.
