Spanish Professional Mutualities to Merge for Enhanced Benefits
The leading professional mutualities in Spain—Mutualidad (formerly Mutualidad de la Abogacía), Mutualidad de los Procuradores, and Mutualidad de Gestores Administrativos—have announced a merger by absorption plan aimed at enhancing benefits and services for their 225,000 mutualists while establishing significant economic synergies. This move, detailed in a joint statement released on Friday, seeks to consolidate the social security system in Spain and strengthen the sector’s competitive capacity.
The operation, subject to approval by the general assemblies of each mutual society, combines managed savings of €10.719 billion, own funds of €594 million, and solvency that doubles the legal requirements set by the regulator.
Enrique Sanz Fernández-Lomana, President of Mutualidad, emphasized that this merger represents a step forward in the implementation of the ADN 23-27 Strategic Plan, which envisaged inorganic growth for the entity to consolidate its position as a leader in social security in Spain. Meanwhile, the presidents of the Procuradores and Gestores Administrativos mutualities highlighted the efficiency and competitiveness benefits that this integration will bring, ensuring substantial improvements in benefits for mutualists.
