CNP Assurances has announced the completion of the sale of 100% of the capital of CNP Partners, its Spanish life insurance subsidiary, to Mediterráneo Vida. CNP Partners' activities are mainly dedicated to traditional savings products in Spain and Italy, under an open model.
As part of its strategic development, CNP Assurances will continue to expand its loan protection and personal protection business through its Spanish branch1.
This sale, amouting to €126,3 million at the closing of the transaction, has an impact of around 0.5 bp on the CNP Assurances Group solvency ratio 2².
At 31 December 2021, CNP Partners' premium income and net profit represented 0.75% and 0.01% respectively of the CNP Assurances Group's results.
Chief Executive Officer of CNP Assurances
"The sale of CNP Partners is in line with the Group's strategy and the rationalisation of its business in Europe.
CNP Assurances is maintaining its presence in Spain, particularly in the protection market, through its Spanish branch.
On behalf of the Group, I would like to thank all our employees for their daily commitment to serving our policyholders.”
1 Corresponding to "CNP Caution Sucursal En España" and "CNP Assurances Sucursal En España"
2 Impact at 30 June 2022