CNP Assurances has begun exclusive negotiations with Mediterráneo Vida(1) for the sale of its Spanish life insurance subsidiary CNP Partners, subject to certain conditions precedent.
CNP Partners is a life insurance company specialised primarily in the open model distribution of traditional savings products in Spain and Italy. It contributed 0.75% of the CNP Assurances Group’s total premium income in 2021.
The purpose of the proposed sale is to streamline CNP Assurances’ European operations. CNP Assurances will continue to grow its protection business (term creditor insurance and personal risk insurance) in the Spanish market through its local branches.
The next step in the process consists of consulting employee representatives.
(1) Sociedad Anónima de Seguros y Reaseguros (Sociedad Unipersonal)