CNP ASSURANCES (EPA:CNP) - CNP Assurances increases its ownership in its subsidiary CNP Cyprus Insurance Holdings to 100%

Transparency directive : regulatory news

04/06/2019 08:30

PRESS RELEASE

                                                            Paris, 4 June 2019

CNP Assurances increases its ownership in its subsidiary CNP Cyprus Insurance
                                Holdings to 100%

CNP Assurances strengthens its presence in the Cypriot market following the
acquisition from Bank of Cyprus of the remaining 49.9% stake in CNP Cyprus
Insurance Holdings, a 50.1% subsidiary of CNP Assurances since the end of
2008.

The acquisition consideration amounts to EUR97.5m and will be financed by CNP
Assurances using its own resources.

CNP Cyprus Insurance Holdings is the second largest insurance operator in
Cyprus offering the full spectrum of life and non-life insurance products and
services distributed through the largest network of independent agents in the
country. In 2018, CNP Cyprus Insurance Holdings contributed EUR157m to CNP
Assurances premium income (up by 8.4% compared to the previous year) and
EUR7.3m to the Group's net profit.

The acquisition of the Bank of Cyprus' stake enables CNP Assurances to take
full control of its subsidiary and thereby strengthen its position in Cyprus, a
market with attractive growth potential in which CNP Cyprus Insurance Holdings
is a leading player with a market share of 21 % in life and 13 % in non-life.

The completion of this acquisition will be subject to approval of the relevant
regulatory authorities. Closing of the transaction is expected in the second
half of 2019.

"Controlling 100% of the capital of CNP Cyprus Insurance Holdings demonstrates
our confidence in the future of this subsidiary that offers the full spectrum
of life and non-life insurance products and services in a country that has
returned to growth since the 2013 crisis. This further reflects our confidence
in the management team, which has been successfully involved in the recovery
and development of the subsidiary since our initial investment in 2008" said
Antoine Lissowski, CNP Assurances' Chief Executive Officer.

About CNP Assurances

CNP Assurances is France's leading personal insurer, with net profit of
EUR1,367 million in 2018. The Group has operations in other European countries
and in Latin America, with a significant presence in Brazil, its second largest
market.

It has more than 37 million personal risk/protection insureds worldwide and
more than 14 million savings/pensions policyholders. Acting as an insurer,
co-insurer and reinsurer, CNP Assurances develops innovative personal risk
insurance and savings solutions. These solutions are distributed by many
partners and are tailored to their distribution methods, ranging from physical
networks to full online, and to policyholders' needs in each country.

CNP Assurances has been listed on the Paris Stock Exchange since October 1998
and has a stable core shareholder base (Caisse des Dépôts, La Banque Postale,
Groupe BPCE and the French State).

Contacts
Press
Florence de Montmarin / +33(0)1 42 18 86 51
Tamara Bernard        / +33(0)1 42 18 86 19

servicepresse@cnp.fr

Follow us on : Twitter, Linkedin, Facebook

Investors and analysts
Nicolas Legrand      / +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
Julien Rouch         / +33(0)1 42 18 94 93

infofi@cnp.fr

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CNP ASSURANCES (EPA:CNP) - CNP Assurances increases its ownership in its subsidiary CNP Cyprus Insurance Holdings to 100%

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