The GST financial group
, owner of Orígenes and Life, bought the American Prudential,
the
second life insurance company in Argentina,
which after 26 years decided to leave the country. The amount of the operation was not reported, which
must be approved by the National Insurance Superintendency.
The ST Group
appeared involved in the scandal of the insurance brokers
who took advantage of the vein that former President Alberto Fernández opened for them when, by decree, he forced all organizations dependent on the national Government to insure their operations with Nación Seguros.
The operation is being investigated by federal judge Julián Ercolini.
Fernández ordered the monopolization of public insurance in the Nation, but at the same time he allowed two things:
designate brokers between the bank and state agencies that had no reason to exist and authorize the Nation to outsource these insurances,
as in the case of ANSeS. and Gendarmerie, maneuvers that are being examined by Justice.
One of the insurance companies that participated was Orígenes Life.
GST grew exponentially during Fernández's administration.
In 2021 he bought MetLife and two years later, Cardif.
Prudential is the largest of that pack. It manages premiums for more than 10 billion pesos, which places it second in the ranking of life insurance providers, with 8.44% of the market.
The insurance scandal was
revealed by Clarín
when it described the contract signed by the ANSeS with Nación Seguros for the retirees and pensioners to whom it gave loans. The operation was initially for $20,000 million in addition to a commission of more than $3,000 annually, three times more than the usual market amounts,
for the broker Pablo Torres García, with strong ties to Sergio Massa and the Macrista leader Nicolás Caputo.
Clarín
said that ANSeS had been giving loans for 20 years and was self-insured. But former Economy Minister Sergio Massa and former President Alberto Fernández discovered the new vein and
set up a two-pronged business.
On the one hand,
they put a broker between two official organizations with no other function than allowing a business.
A confession of corruption. And on the other hand, they brought in
private companies to which they gave 75% of the business. Among them, Life Origins.
The news known this Wednesday is that GST acquired 100% of Prudential's life insurance portfolio.
The operation occurred within the framework of Prudential's reorganization and its global positioning.
All the products that this company has been offering until now will be administered by GST.
Prudential was established in Buenos Aires in 1998, focusing on
family protection to Argentina's middle and high income market.
With its acquisition, GST will increase its participation in the insurance business, where it already operates life and retirement through Life and Origins, respectively.