Allianz and BBVA agreed to create a bancassurance joint venture in Spain including a long-term exclusive distribution agreement for the sale of property-casualty insurance products through BBVA’s banking network in Spain. Allianz will acquire 50% plus 1 share in the JV for an initial price of €277m ($326m) and in addition pay a variable amount of up to €100m ($118m) related to achieving specific business and operational goals. The inforce insurance business that BBVA Seguros will transfer to the new JV in 2019 had c. €300m ($353m) of gross premiums written. "Our strategic focus is very similar and our collaboration in building one of the biggest bancassurance partnerships in property-casualty insurance, including a focus on digital solutions will lead to mutual success. This partnership will enhance BBVA’s offering by delivering a full range of attractive non-life insurance products to customers, leveraging on its leading position in the country, as well as on Allianz’ recognized brand and capabilities. We continue to innovate and join forces in co-creating world-class digital products for our customers, and we are pleased that BBVA has chosen Allianz as the best solution provider for its customers," Oliver Bäte, Allianz Chief Executive Officer.