Paris, 4 April 2016
Partnership between AG2R LA MONDIALE and CNP Assurances Operational launch of Arial CNP Assurances, leading player in the field of company retirement savings
Following the signature of a framework contract on 15 December 2015, CNPAssurances and AG2R LA MONDIALE announce today the start of operations of their strategic partnership in the field of private pensions, in a joint venture named Arial CNP Assurances.
The operation has been approved by the French Prudential Supervisory Authority (ACPR) and the French Competition Authority (ADLC).
The partnership will take the form of a 40% investment by CNP Assurances in Arial Assurance, a subsidiary of AG2R LA MONDIALE*.
Bringing together the personnel, resources and business of the two partners, Arial CNP Assurances plans to become the leading company retirement savings provider. The purpose of the joint venture of AG2R LA MONDIALE and CNP Assurances is to manage private pension schemes for nearly 20,000 companies ranging from SMEs to companies leading the CAC40, i.e. almost €12 billion in outstandings. For its development, Arial Assurance will take advantage of the financial strength and expertise of its two shareholders: AG2R LA MONDIALE, the number-one social protection Group and leader in the field of private pensions and CNP Assurances, the number-one provider of personal insurance in France.
The governance of Arial CNP Assurances reflects the balance between the two Groups within the joint venture, with the composition of the Board of Directors representing the respective stake of each partner. Frédéric Lavenir, CEO of CNP Assurances, serves as Chairman and André Renaudin, CEO of AG2R LA MONDIALE, as Vice Chairman. Operational governance is shared between Patrice Bonin, CEO of Arial CNP Assurances and former Chairman of the Executive Board of ArialAssurance, and Yann Illouz, Deputy Managing Director of Arial CNP Assurances and, until now, Director of the retirement solutions department of CNP Assurances.
Mr Bonin and Mr Illouz declared: “CNP Assurances and AG2R LA MONDIALE, due to their respective positions on the market and their history, owe it to themselves to drive forward the coverage of retirement needs of the French people. The creation of Arial CNP Assurances, the only French insurer exclusively dedicated to private pensions, gives shape to this common goal. We aspire to become “the pension solution” serving businesses and their employees by focusing on continuing the development of innovative service offers and by committing to uphold a quality service backed by proprietary tools renowned for their efficiency and offering top-notch financial security to our clients through a stable and strong joint ownership”.
*The partnership will take the form of a 40% investment by CNP Assurances in Arial Assurance, a subsidiary of AG2R LA MONDIALE, for around €43m, after capital reductions following Solvency II implementation.