Sabadell negocia con Sanitas la renovación de su alianza en salud

Sabadell and Sanitas are negotiating the renewal of their health alliance agreement, which expired this year. This partnership, established five years ago, has been mutually beneficial for both entities. It constitutes the sole business venture not encompassed within the extensive banking and insurance pact that binds Sabadell to Zurich, their 18-year collaborator and third-largest shareholder with 5.21% of the capital.

Sabadell transitioned its health insurance provider to Sanitas at the end of 2020 amidst the pandemic, following which DKV took over as the new supplier. Preliminary reports suggest the renewal talks are progressing swiftly. The 2020 agreement was more than just a distribution partnership; Sanitas utilized Sabadell's banking channels as its exclusive provider to attract additional clients, earning a 100% share of the revenue, with a commission paid by Sanitas.

The agreement included a co-insurance, meaning a portion of the sales remained with BanSabadell Seguros Generales, giving Sabadell a more significant stake. Currently, Sabadell ranks fourth among Spanish banks, boasting 1,116 branches across the country and serving approximately 6.5 million clients. The digital transformation at Sabadell has been swift; six years ago, opening an account required a visit to a branch, while today, 60% of new account openings are completed through remote channels.

Since the pandemic, health insurance penetration has remained robust. For banks, having a reliable health insurer with a robust product is crucial for client retention. Sanitas, being Spain's second-largest insurer by revenue, offers a medical panel of over 58,000 specialists and more than 4,500 medical centers, along with hospitals and proprietary centers.

It also provides a telemedicine service. In the previous year, Sanitas earned 46 million euros in premiums from Sabadell clients, while the bank contributed another 46 million, with the co-insurance amounting to 50%. Sanitas paid 32 million in commissions to Sabadell for using its distribution channels.

Sanitas has capitalized significantly on commercial alliances with third parties, including a partnership with BBVA. The Swiss company Zurich serves as Sabadell's exclusive provider for life insurance, general insurance, and pension plans. Their relationship dates back to 2008, with both entities sharing a 50/50 ownership of two companies.

When BBVA initiated a hostile takeover bid against Sabadell in 2024, Sanitas took proactive measures by purchasing shares to prevent the acquisition, as a significant portion of its Spanish business was at stake. Currently, Zurich is Sabadell's third-largest shareholder, holding a 5.21% stake in the bank's capital. The commercial derivative business from this banking-insurance agreement surged by 122% last year, reaching 4,140 million euros, allowing Zurich to climb four positions in the sector's volume of premiums ranking, from the eighth to the fourth place.

The provider of death insurance for Sabadell is the Andalusian company Meridiano, serving throughout Spain.