Spain-based insurer Mapfre has agreed to acquire remaining stakes in its Brazilian non-life and life joint ventures with Banco do Brasil for €546m.

Currently, Mapfre holds 50% stake in BB Mapfre’s non-life business and after the completion of the latest deal it will assume 100% control over the JV.

BB Mapfre’s non-life business includes business coming from both the agency channel and automobile and large risks insurance from the bank channel.

Additionally, the Mapfre will assume control of 100% of the life business developed through the agency channel in which it currently holds 25% stake.

Besides mortgage life insurance, BB Mapfre will continue offering life and agriculture insurance through the bank channel.

Mapfre expects the acquisition to slash internal expenses, considerably improve productivity and business profitability.

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Mapfre chairman and CEO Antonio Huertas said: “This new configuration of the agreement will allow us to renew our alliance with Banco do Brasil, enlarge Mapfre’s business in the country, maintain exclusivity for our products in the Banco do Brasil channel, and organise our local businesses in a much simpler and more efficient manner.

He further added: “This agreement is clear proof of our complete confidence in Brazil’s economic development, and our commitment to both the country and our future with our partner.”

The transactions are subject to adjustment in line with the meeting of automobile insurance distribution targets in the BB bank channel and the dividends that will be given to shareholders upon completion of the transaction.