CNP Assurances and UniCredit have just completed the renewal of their partnership in the life insurance business in Italy through the company CNP UniCredit Vita, 57.5% held by CNP Assurances, 38.8% held by UniCredit and 3.7% held by Cardif. Concluded for seven years as from 1 January 2018 (i.e. through 31 December 2024), the partnership takes the form of a shareholders’ pact among CNP Assurances, UniCredit and Cardif, supplemented by a distribution agreement between CNP UniCredit Vita and UniCredit.The distribution agreement embodies new ambitions,consolidates the CNP Assurances Group’s position in Italy and provides for the creation of a dedicated sales organisation to enhance the distribution of unit-linked savings products, individual protection insurance and term creditor insurance, in line with CNP Assurances Group's strategy for reorienting the product mix. The scope of its geographical perimeter remains unchanged, covering Central and Southern Italy, including Sardinia and Sicily (i.e. 1,365 UniCredit branch offices and points of sale).
“By consolidating our partnership with a major European bank like UniCredit, this new agreement strengthens the European positioning of CNP Assurances. The agreement is highly ambitious in terms of reorienting our product mix through the creation of a dedicated sales organisation within our jointly held subsidiary. The additional effort devoted to the marketing of capital-light products will create value for all parties,” said CNP Assurances CEO Frédéric Lavenir.
“I am confident that the renewal of the partnership with CNP Assurances, coupled with the enhancement of the business support initiatives by CNP UniCredit Vita and a renewed focus on bancassurance products by UniCredit network, will provide further boost to the bancassurance business in Italy and will support the achievement of the Transform 2019 revenue targets,” said UniCredit CEO Jean Pierre Mustier.