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CNP Assurances and Malakoff Médéric are in talks to set up a new pensions
business with Caisse des Dêpots. The company would help employees and the
self-employed to prepare for and finance their retirement with innovative
solutions designed to supplement the pension paid under the government-sponsored
pay-as-you-go scheme.
The Boards of Directors of CNP Assurances and Malakoff Médéric have
authorized the continuation of negotiations to set up the partnership. The
project has been presented to employee representatives from both companies and a
final decision is expected to be made in September.
The purpose of the joint venture would be to provide companies,
employees and the selfemployed with a comprehensive pensions offering, supported
by personalized advice.
The joint venture would draw on both partners’ expertise in the
pensions business.
It would be owned on a 50-50 basis by two subsidiaries created for the
purpose of the joint venture, one by Malakoff Médéric and the other by Caisse
des Dépôts and by CNP Assurances which would be the subsidiary’s majority
shareholder.
With their shared commitment to the social economy and long-standing
customer relationships, as well as their financial strength and sustainable
business models, the partners are well equipped to make the project a
success.
CNP
Assurances
CNP Assurances is France’s leading personal insurer, with premium
income of €29.2 billion in 2008 and over 4,300 employees. Throughout its
150-year history, its ambition has been to offer to each of its 24 million
policyholders, including 14 million in France, high quality products to protect
them against the risks of everyday life and to meet their savings needs in each
phase in their life.
Listed on the first market of the Paris Bourse since October 1998, CNP
Assurances is backed by a core group of four major shareholders (the French
State, Caisse des Dépôts et Consignations, La Poste and Caisse d’Epargne) united
by a shareholders’ agreement.
Attentive to customers’ needs in a constantly changing environment, CNP
Assurances anticipates social change, with product offerings in the three main
segments of the personal insurance market – savings, pensions and personal risk
insurance –backed by a comprehensive line-up of personal services.
The
25.8% growth in pensions revenue to €2,866 million in 2008 attests to the
Group’s expertise in pension products for private individuals and company
pension plans.
Malakoff
Médéric
Malakoff Médéric is the leading provider of social insurance cover in
France, managing both supplementary pension plans and personal insurance plans
(health, employee benefits, savings and long-term care).
With 6,500 employees, its ambition is to enhance the social protection
afforded to individual and corporate customers, and contribute to the well-being
of the recipients of its pension and other insurance benefits.
In 2008, the Group reported premium income of €3.3 billion and
paid out €13.3 billion in pension benefits. Malakoff Médéric is the leading
manager of AGIRC-ARRCO supplementary pension plans, with 205,000 corporate
customers, 3.2 million active plan participants and 2.6 million
retired participants, and the third largest group insurer, with
182,000 corporate customers and 3 million insured employees.
CNP Assurances - Press
Relations
Sophie
Messager/Alexis Nugues
Tel : +33 (0)1 42 18 86 51
E-mail : servicepresse@cnp.fr
Malakoff
Médéric
Isabelle Mosneron
Dupin
Tel : +33 (0)1 56 03 38
55
E-mail : imosnerondupin@malakoffmederic.com
Roxane
Philippe
Tel : +33
(0)1 49 09 27 17
E-mail :
roxane.philippe@tbwa-corporate.com
Disclaimer
Some of the
statements contained in this press release may be forward-looking statements
referring to projections, future events, trends or objectives which, by their
very nature, involve inherent risks and uncertainties. Actual results could
differ materially from those currently anticipated in such statements by reason
of factors such as changes in general economic conditions and conditions in the
financial markets, legal or regulatory decisions or changes, changes in the
frequency andamount of insured claims, particularly as a result of changes in
mortality and morbidity rates, changes in surrender rates, interest rates,
foreign exchange rates, the competitive environment, the policies of foreign
central banks or governments, legal proceedings, the effects of acquisitions and
the integration of newly-acquired businesses, and general factors affecting
competition.
Further
information regarding factors which may cause results to differ materially from
those projected in forward looking statements is included in CNP Assurances’
filings with the Autorité des Marchés Financiers. CNP Assurances does not
undertake to update any forward-looking statements presented herein to take into
account any new information, future event or other factors.
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