BPCE Assurances enters into exclusive negotations to acquire GamaLife from the APAX funds

Lisbon, 3 November 2026. GamaLife (the “Company”), an established life insurance platform in Portugal and Italy, today announced that BPCE Assurances has entered into exclusive negotiations with Funds advised by Apax Partners LLP (“Apax”) to acquire the Company.

GamaLife was created in October 2019 via the carveout of GNB – Companhia de Seguros de Vida, S.A. (“GNB Vida”) from novobanco Group (“novobanco”). The launch of GamaLife established a new life and wealth consolidation platform, supported by a long-term bancassurance agreement with novobanco.

During the Apax Funds’ ownership, GamaLife relaunched its product and distribution offering, accelerating its new product focus – in turn developing innovative solutions for the benefit of its end customers. Supporting the business through new hires, greater stewardship on asset and liability management, as well as investments through IT and commercial has allowed GamaLife to drive continued and sustained profit and capital generation.

In 2022, GamaLife extended its geographical reach through the acquisition of Zurich’s Italian life and pensions business, leveraging its dedicated expertise and market presence to support the transformation of a back-book into a recognisable front-book operation. In doing so, GamaLife has emerged as a leading player in the southern European life insurance market and remains well positioned to capture any future opportunities.

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.”

Andrew Waidhofer, Partner at Apax, said: “When the Apax Funds acquired GNB Vida, we identified the opportunity to drive value creation through investment into the Company. The carveout and buildout of GamaLife, as well as its expansion into Italy, reflected our conviction in the business, and we have valued the partnership with Matteo and the management team throughout – building GamaLife into a leading player in both Portuguese and Italian markets.”

The transaction is expected to close in H1 2027. Completion of the transaction remains subject to consultation with the relevant employee representative bodies and to the required regulatory approvals, including merger control clearance and approval from the competent Portuguese insurance supervisory authority. Terms of the transaction were not disclosed.

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About GamaLife

GamaLife is a pan-European life insurance and wealth management platform focused on technology and sustainability, founded in 2019. GamaLife in Portugal is regulated by the Autoridade de Supervisão de Seguros e Fundos de Pensões and has been operating since 1993. As at December 2025, the company held total assets of 7.5 billion euros in Portugal and Italy.

About Apax

Apax is a global private equity advisory firm investing in mid-market businesses across the Tech & Telecom, Services, and Marketplaces/Data/Consumer sectors. Combining the scale of a global firm with the focus of a sector specialist, Apax works with management teams to create long-term value through operational value creation. With more than 50 years of private equity experience in operational value creation, Apax has raised and advised funds with aggregate commitments of approximately $80 billion.

About Groupe BPCE

Groupe BPCE is the second-largest banking group in France and the fourth-largest in the euro zone by capital. A cooperative group serving the real economy, it supports 36 million clients worldwide, backed by the commitment of its 110,000 employees. In France, Groupe BPCE relies on its major local banking networks, Banque Populaire and Caisse d’Epargne, both deeply rooted in their regions, as well as on Palatine. It operates across the full spectrum of banking and insurance activities. In Europe, it supports its clients through novobanco, BPCE Equipment Solutions, and Oney. Internationally, the Group leverages its expertise in corporate and investment banking through Natixis CIB and in asset management through Natixis IM.

Groupe BPCE draws on its diverse business lines to provide local, accessible solutions for all and to help deliver a lasting positive impact. Its financial strength is recognized by four credit rating agencies: Standard & Poor’s (A+, stable outlook), Fitch (A+, stable outlook), Moody’s (A2, stable outlook) and R&I (A+, stable outlook).

About BPCE Assurances

A wholly owned subsidiary of Groupe BPCE, France’s second-largest banking group and the fourth-largest in the euro zone by capital, BPCE Assurances designs and manages personal insurance solutions (life insurance, protection insurance and mortgage loan protection insurance) and non-life insurance solutions (motor, home, supplementary health, personal accident and legal expenses cover) for individual and small business customers of Banque Populaire and Caisse d’Epargne networks.

For further information, please visit www.gamalife.pt or contact:

Hugo Real | hugo.real@h-advisors.global | +351 927 997 948 (Media) 

Lourenço Galvão | lourenco.galvao@h-advisors.global | +351 910 127 228 (Media)

investidor@gamalife.pt (Investors)