CNP Assurances Sells CNP Cyprus Insurance Holdings to Hellenic Bank

CNP Assurances has finalized the sale of its entire shareholding in CNP Cyprus Insurance Holdings (CIH) to Hellenic Bank Public Company Ltd. This move aligns with CNP's strategy to streamline its international presence, while still eyeing growth across Europe. The transaction value stands at €182 million.

CIH, a key player in Cyprus's life and non-life insurance markets, contributed less than 1% to CNP Assurances Group's premium income in 2024. The impact on the group's Solvency Capital Requirement (SCR) coverage ratio is minimal, improving it slightly by approximately 0.4 percentage points.

This strategic divestment allows CNP Assurances to concentrate resources more effectively within its core markets, enhancing its European expansion goals. CIH included several entities such as CNP Cyprialife and CNP Asfalistiki, emphasizing a strong local presence.