CNP ASSURANCES (EPA:CNP) - [CNP Assurances] Acquisition of Aviva Group's life insurance businesses in Italy

Transparency directive : regulatory news

04/03/2021 07:59

Press Release

Paris, 4 March 2021

CNP Assurances has signed an agreement with the Aviva Group for the acquisition
                    of life insurance businesses in Italy.
      CNP Assurances will double its Italian life insurance market share.

CNP Assurances is pursuing its international growth strategy and consolidating
its position in the Italian life insurance market, with the signature of an
agreement to acquire Italian life insurance businesses from Aviva. The
acquisition will double CNP Assurances' share of this market.

The transaction perimeter includes the following Aviva Group life businesses in
Italy:
- 51% of Aviva S.p.A., a life insurance company in which UniCredit S.p.A.
  holds 49%.
- 100% of Aviva Life S.p.A., a life insurance company and Aviva Italia Servizi
  S.c.a.r.l., which provides business support services to the two insurance
  companies.

Both life insurance companies offer competitive and innovative savings and
protection products. The savings products offer returns that are among the
highest in the Italian market as their capital requirements have been
significantly reduced. The products are sold through diversified distribution
channels that include both bancassurance partnerships and networks of financial
advisors in the wealth management segment. The two companies had combined
premium income of EUR2.9 billion in 2020, and combined technical reserves of
EUR17.8 billion at year-end 2020.

Additionally, the transaction will strengthen the partnership between CNP
Assurances and UniCredit S.p.A. through Aviva S.p.A., complementing their
existing partnership through CNP UniCredit Vita S.p.A.

On completion of the transaction, CNP Assurances will be the fifth largest life
insurer in Italy. Its market share will double to around 6% based on premium
income.

The acquisition price of EUR543 million will be financed by CNP Assurances
using its own resources. The estimated impact on the Group's SCR coverage ratio
will be around 6 points.

"We are very pleased to be announcing this transaction which will strengthen
our presence in Italy, the Group's second largest European market. Thanks to
the open model developed with leading partners and to the innovative products
offered by the two life insurance companies acquired, this transaction will
expand our distribution base in Italy, especially in the wealth management
segment, as this has been achieved in France. This operation is in line with La
Banque Postale's Strategic Plan." said Antoine Lissowski, Chief Executive
Officer of CNP Assurances.

The transaction is subject to various conditions precedents, including
obtaining the necessary approvals by the competent supervisory and competition
authorities.

About CNP Assurances

A benchmark player in the French personal insurance market, CNP Assurances is
active in 19 countries in Europe and Latin America, with a significant presence
in Brazil, its second largest market. Acting as an insurer, co-insurer and
reinsurer, CNP Assurances develops innovative personal risk/protection and
savings/pensions solutions. 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' needs in each country. CNP Assurances has been listed on the Paris
Stock Exchange since October 1998. The Group reported net profit of EUR1,350
million in 2020.

Contacts

Press

Florence de Montmarin   +33 (01) 42 18 86 51
Tamara Bernard          +33 (01) 42 18 86 19
Caroline Ceintrey       +33 (01) 42 18 85 73

Investors and analysts

Nicolas Legrand         +33 (01) 42 18 65 95
Jean-Yves Icole         +33 (01) 42 18 86 70
Typhaine Lissot         +33 (01) 42 18 83 66

servicepresse@cnp.fr

Follow us on: Twitter, Linkedin, Facebook, Instagram

CNP ASSURANCES's latest news

05/04/2024 18:18

CNP ASSURANCES (EPA:CNP) - [CNP Assurances] Acquisition of Aviva Group's life insurance businesses in Italy

Transparency directive : regulatory news

CNP ASSURANCES's latest news

Other stories