CNP Assurances finalised two transactions to rationalise the shareholding of its Italian joint ventures with UniCredit.
The agreement, announced on 27 July 2022, allows CNP Assurances to develop its open model in Italy through its wholly-owned subsidiary CNP Vita Assicura S.p.A., while continuing its partnership with UniCredit.
It provides for:
- Acquisition of UniCredit’s 49% stake in CNP Vita Assicura S.p.A. for €500m, increasing CNP Assurances stake in CNP Vita Assicura S.p.A to 100%,
- Sale of 6.5% of CNP UniCredit Vita S.p.A. (“CUV”) to UniCredit for €70m, with CNP Assurances keeping a controlling stake of 51% in CUV.
This transaction is in line with CNP Assurances' development strategy in Italy, where its subsidiaries performed significantly in the first half of 2022. CNP Vita Assicura S.p.A's share of premium income represents 29% of international business and 48% of business in Europe excluding France.
The acquisition price for 49% of CNP Vita Assicura S.p.A is financed by CNP Assurances using its own resources. The impact on the Group’s SCR coverage ratio is around -1% point.
Stéphane DEDEYAN, Chief Executive Officer of CNP Assurances, declared:
“This transaction allows CNP Assurances to pursue its development in the country through a two-leg model with an historical distribution partnership with UniCredit via their joint-venture CUV and an open and multi-partner model via CNP Vita Assicura S.p.A and CNP Vita Assicurazione S.p.A., both 100% owned by CNP Assurances”.