CNP ASSURANCES (EPA:CNP) - CNP Assurances announces that it has received approval from the Brazilian regulator to start operations in the Consórcio segment
Transparency directive : regulatory news
02/08/2021 16:18
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Press ReleaseParis, 2 August 2021
CNP Assurances announces that it has received approval from the Brazilian
regulator to start operations in the Consórcio segment
CNP Assurances announced on March 31, 2021 the completion of its new
twenty-year exclusive distribution agreement in the Caixa Econômica Federal
(CEF) network, covering the consórcio product(1).
This transaction was subject to review by the Brazilian Central Bank (BACEN),
which issued its authorisation on 29 July 2021.
All conditions necessary for the start of operations of the new partnership
have been met and the activities of the new joint venture will start shortly.
(1) This product, which to some extent uses the principles of a savings plan
and a tontine, allows participants in a group to obtain financing at a lower
rate than the market rate by lending each other money for a given period of
time.
About CNP Assurances
A benchmark player in the French personal insurance market, CNP Assurances is
active in 19 countries in Europe, notably in Italy, and in Latin America, with
a significant presence in Brazil, its second largest market.
Acting as an insurer, co-insurer and reinsurer, it has more than 36 million
personal risk/protection insureds worldwide and more than 12 million
savings/pensions policyholders. In line with its business model, the Group's
solutions are distributed by multiple partners. The solutions are aligned with
each partner's physical or digital distribution model, while also being
tailored to local clients' lifelong protection and support needs in each
country.
CNP Assurances has been listed on the Paris Stock Exchange since October 1998
and is a subsidiary of L a Banque Postale. The Group reported net profit of
EUR1,350 million in 2020.
Press contacts
Florence de Montmarin
+33 (0)1 42 18 86 51
Tamara Bernard
+33 (0)1 42 18 86 19
Caroline Ceintrey
+33 (0)1 42 18 85 73
servicepresse@cnp.fr
Investors and analysts
Khalil Tabbi
+33 (0)1 42 18 65 95
Jean-Yves Icole
+33 (0)1 42 18 86 70
Typhaine Lissot
+33 (0)1 42 18 83 66
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