from CNP ASSURANCES (EPA:CNP)
CNP Assurances SA finalises the sale of all its shares in the Italian joint venture CNP UniCredit Vita to UniCredit
CNP Assurances SA finalises the sale of all its shares in the Italian joint venture CNP UniCredit Vita to UniCredit
CNP Assurances SA today announces the completion of the transaction initiated following UniCredit's notification on 1st October 2024 to exercise its option to purchase all the shares held by CNP Assurances SA in their Italian joint venture CNP UniCredit Vita, in accordance with their current shareholders' agreement.
CNP UniCredit Vita, a 51%-owned subsidiary operating under an exclusive partnership model, generated premium income of €3.5 billion in 2024 (9% of the Group total) and consolidated net profit of €43 million (2.7% of the Group total).
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This disposal has a positive impact on the CNP Assurances group's SCR coverage ratio of around 4 pts.
The CNP Assurances group is maintaining its growth momentum in Italy, its second-largest market in Europe and the third-largest in the world: CNP Assicura[1], its wholly-owned open model subsidiary, generated premium income of €3.2 billion in 2024 (8.6% of the Group total), up 19.6%, with consolidated profit of €38 million (2.4% of the Group total), up 5.6%. CNP Assicura signed around ten commercial agreements in 2024, consolidating its business and confirming its solid ambitions.
« "I would like to thank all the employees of CNP Unicredit Vita for their commitment over the years, which has contributed to the success of this subsidiary within the Group.
CNP Assurances remains fully committed to Italy and is pursuing its development plans through its subsidiary CNP Assicura and its Italian branches. »
About the CNP Assurances Group
The CNP Assurances Group is a property and personal insurer with more than 8,300 employees. Its net income amounted to €1,582m in 2024. A subsidiary of La Banque Postale, the Group is no. 2 in property loan insurance and life insurance in France. It is the 5th largest insurer in Europe and the 4th largest insurer in Brazil. Its solutions are distributed in 19 countries by various partners and insure more than 36 million people in personal insurance and protection, and 13 million in retirement savings. CNP Assurances is a responsible insurer and investor (more than €400bn invested in all sectors) that works for an inclusive and sustainable society, protecting and facilitating all life paths.
