Over more than 60 years, CNP Assurances and certain civil service mutual
insurers that are now members of the MFP Services group have built a strong
partnership based on the joint development of personal risk insurance policies
for civil servants.
Since the reform of France’s Mutual Insurance Code in 2002, a growing number
of mutual insurers have teamed up to create new groups that are better equipped
to meet the challenges of tighter regulation and increased competition. This
movement has been observed not only among civil service mutual insurers but also
among companies serving the private sector. In this environment, MFP Services
and CNP Assurances intend to deepen their ties through a new partnership
structure. To this end, CNP Assurances will acquire an interest in MFPrévoyance
SA, an MFP Services subsidiary, that will act as a vehicle to:
- Strengthen the partners’ positioning in the civil service mutual insurance
- Accelerate their expansion in the overall group employee personal risk
- Help develop coverage for emerging risks such as long-term illnesses.
- Support the civil service mutual insurers’ corporate service
CNP Assurances will pay a total of €86.5 million to acquire 65% of the joint
venture, which will have roughly €126 million in equity.
About CNP Assurances:
CNP Assurances, the number one
personal insurer in France since 1991, reported premium income of €32.6 billion
in 2009. With 150 years of experience in the business, its ambition is to offer
to each and every one 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 has its roots in the public sector and enjoys the backing of a core
group of four major shareholders (Caisse des Dépôts et Consignations, the French
State, La Banque Postale and BPCE Group) united by a shareholders’
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.
In partnership with the civil service mutual insurers, CNP Assurances covers
the personal risk insurance needs of around 3 million civil servants.
The risks covered include death, disability, a spouse’s loss of employment
(loan insurance policies) and loss of autonomy. Over the years, CNP Assurances
has also developed a significant business insuring loan guarantees issued by
In 2009, total insurance and reinsurance premium income generated by CNP
Assurances with civil service mutual insurers amounted to €580 million,
representing 75% of total premiums written by the mutual insurance partnership
centre. Its offer is comprised of employee personal risk insurance products
(accounting for 52% of premiums), loan insurance (24%), pensions (17%) and
health insurance (7%). The number one group insurer in France, CNP Assurances is
also the leading loan insurance provider and third largest employee personal
risk insurance provider (excluding loan insurance).
About MFP Services:
MFP Services is a group of mutual
insurers serving national and local government employees and hospital staff. The
group manages the State-sponsored health insurance scheme for 1.5 million civil
servants as well as the top-up healthcare benefits offered by 19 of its member
In addition, MFP Services draws on its members’ resources to deliver
dedicated solutions tailored to the specific needs of each mutual insurer and
its members. These include employee personal risk insurance, banking solutions,
data processing services, a supplementary pensions offer and mortgage loan
MFPrévoyance, a subsidiary of the MFP
Services group, manages compulsory and voluntary employee personal risk
insurance plans for some 30 civil service mutual insurers, thereby enabling them
to offer death/disability cover for national and local government employees and
hospital staff, including coverage of major risks.
MFPrévoyance leverages its expertise to develop a wide range of products
shaped by cooperative values.
These products enable civil service mutual insurers to deliver the best
possible protection to their members and to provide them with overall guarantees
covering long-tail risks.
In addition to providing cover for major risks such as death, loss of
autonomy, temporary or permanent disability and lost-time incidents,
MFPrévoyance advises and supports mutual insurers in developing and deploying
MFPrévoyance’s 2009 key figures:
- Premium income: €126.2 million
- Paid claims and benefits: €65.2 million
- Combined equity: €60.2 million
- Net profit: €6.1 million
- Total assets: €333.6 million
- Total technical reserves: €228.5 million
- Assets under management: €220 million
Investor and Analyst Relations
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MFP Services :
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