Paris, 4 April 2007
CNP Assurances completes the acquisition of 94% of Spanish insurer Skandia Vida
CNP Assurances, France s leading personal insurer, has today completed the acquisition of 94% of Spanish insurer Skandia Vida S.A. de Seguros y Reaseguros ( Skandia Vida ) from Skandia Insurance Company Ltd, a subsidiary of Old Mutual plc.
The transaction, which was announced on 20 December 2006, has been cleared by the Spanish regulatory authorities.
The acquisition is in line with CNP Assurances international development strategy, which focuses primarily on southern Europe, giving the Group a foothold in the Spanish individual life insurance market alongside its operations in Italy and Portugal.
Skandia Vida will be renamed CNP Vida.