Vida Corp eyes life insurance acquisition

Chilean life insurer Vida Corp is interested in acquiring another life insurer to boost its presence in the local life and annuities market, the company's CEO Fernando Sina told BNamericas. The Chilean life and annuities market is small and crowded, with many local and international players, and profitability has decreased in the last couple of years. As a result, consolidation is likely to unfold in the next couple of years and that will provide Vida Corp with acquisition opportunities, Sina said. Vida Corp's controlling shareholder Corpgroup and US-based minority shareholder Mass Mutual Financial Group are both interested in growing in the Chilean life and annuities market as Vida Corp has performed very well in a highly competitive market. Sina said they have already evaluated some acquisition opportunities, which did not come through due to the price tag. Vida Corp will continue to look at upcoming acquisition targets and when a company with the right profile and the right price is at hand, the company would make a move, he said. In Vida Corp, Mass Mutual is an active minority shareholder with a 33.5% stake, Sina said. Mass Mutual has 27,000 employees and sales representatives around the world where it serves over 10 million clients, offering life insurance, annuities, mutual funds, money management, trust services, retirement planning products, disability income insurance and long-term care insurance.