CNP Assurances announces the completion of the acquisition of certain Italian life insurance businesses from Aviva, initiated on March 4, 2021.

The scope of the transaction concerns the following Aviva life businesses in Italy:

  • 51% of Aviva S.p.A., a life insurance company in which UniCredit S.p.A. holds 49%; Aviva S.p.A. will change its company name to CNP Vita Assicura1.
  • 100% of Aviva Life S.p.A., a life insurance company; Aviva Life S.p.A. will change its company name to CNP Vita Assicurazione1.
  • 92.99%2  Aviva Italia Servizi S.c.a.r.l., which provides business support services to the two insurance companies; Aviva Italia Servizi S.c.a.r.l. will change its company name to CNP Vita SCARL1.

Both life insurance companies offer competitive and innovative savings and protection products.

The acquisition price of €543 million was financed by CNP Assurances using its own resources. The estimated impact on the Group’s SCR coverage ratio is around 7 percentage points.

As per the agreement signed in March 2021 by and between UniCredit S.p.A. and CNP Assurances, and in the context of the partnerships agreements entered into on the date hereof by and between CNP Assurances and UniCredit S.p.A., and which include notably a shareholders' agreement relating to Aviva S.p.A., UniCredit can exercise, at its sole discretion and until 30 December 2021, the right to acquire the 51% owned by CNP Assurances in Aviva S.p.A. at a pre-agreed premium to the price paid by CNP Assurances to acquire Aviva S.p.A. from Aviva (the “UniCredit Call Option”). 
In the event UniCredit exercises the UniCredit Call Option, CNP Assurances has the right to sell the whole stake of CNP Assurances in Aviva Life S.p.A. and Aviva Italia Servizi S.c.a.r.l. to UniCredit at the price paid by CNP Assurances to acquire these companies from Aviva (the “CNP Put Option”).

1 Registration in progress 
2 The remaining share capital, 7.01%, being held by UniCredit S.p.A. indirectly through its participation in Aviva S.p.A