Greek banks are positioning themselves for a stronger presence in the insurance sector, as a series of acquisitions and strategic partnerships reshape the country’s bancassurance landscape. The moves reflect expectations of significant growth in insurance-related revenues over the coming years.
According to developments in the sector, a new agreement involving a major Greek bank and Allianz Greece is expected to be announced soon, potentially alongside quarterly financial results. The deal follows broader changes in the market, including a recent acquisition that has already altered existing banking-insurance partnerships.
The new collaboration is seen as a strategic necessity, allowing banks to expand their distribution of insurance products through both physical branches and digital platforms. While details of the agreement are still emerging, it is expected to strengthen the bank’s position in offering a full range of insurance services exclusively through its network.
Expanding bancassurance market
Greek banking groups are increasingly focused on bancassurance as a key source of future income. Executives in the sector see strong potential for growth in commission-based revenues and overall profitability.
Currently, insurance premiums in Greece represent around 2.5% of GDP, significantly below the European average of approximately 9%. Industry expectations suggest this gap will gradually narrow in the coming years, driven by regulatory changes, incentives, and growing public awareness of insurance products.
Some banking groups project that revenues from insurance activities could even double by the start of the next decade.
Recent major transactions
Recent transactions have already set the stage for this shift. One of the most notable deals involved a major Greek bank’s acquisition of a leading domestic insurance company, completed in late 2025. The integration has already begun contributing to financial results, with tens of millions of euros in new insurance-related income recorded in early 2026.
In another major move, a different banking group increased its stake in a life insurance company to full ownership, forecasting annual pre-tax profits of around €100 million from the unit. The group has also strengthened its presence in Cyprus through additional insurance acquisitions and planned mergers.
Meanwhile, another major bank is consolidating insurance operations in Cyprus through the acquisition and merger of multiple companies, aiming to create a unified insurance platform.
Strategic expansion across the sector
Elsewhere, another Greek banking group is finalizing major insurance acquisitions in Cyprus, combining several insurers under one structure, with full financial consolidation expected in the coming years.
At the same time, a separate bank maintains a significant stake in a life insurance company while continuing strategic partnerships with international insurance groups, building on long-standing collaborations in the sector.
