CNP Assurances signed today an agreement to sell its Spanish life insurance subsidiary CNP Partners to Mediterráneo Vida1, after completing the applicable information and consultation procedures with the employee representative bodies.
CNP Partners is a life insurance company mainly dedicated to traditional savings products in Spain and Italy in an open model. At 31 December 2021, its turnover and net profit represented 0.75% and 0.01% respectively of the Group's total.
As indicated in its press release of 9 March 2022, this sale will enable CNP Assurances to streamline its European operations. The Group will continue to develop its protection business (borrower and provident) in the Spanish market through its branches.
The completion of this transaction remains subject to various conditions precedent, including the obtaining of authorisation from the competent authorities in prudential matters.
1 Sociedad Anónima de Seguros y Reaseguros (Sociedad Unipersonal)