Following its acquisition of Aviva’s life insurance businesses in Italy last year, CNP Assurances continues to pursue its international growth strategy with the signature of an agreement with UniCredit, its historical partner, including the following components:

-    Acquisition by CNP Assurances of UniCredit’s 49% stake in CNP Vita Assicura S.p.A. for €500m, allowing CNP Assurances to increase its 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 allows CNP Assurances to rationalize the organisation of its Italian operations and pursue its development in the country through a two-leg model:

-    A historical distribution partnership with UniCredit via their joint-venture CUV (covering Central and Southern Italy, including Sardinia and Sicily);

-    An open, multi-partner model via CNP Vita Assicura S.p.A and CNP Vita Assicurazione S.p.A., both 100% owned.

The acquisition price for 49% of CNP Vita Assicura S.p.A will be financed by CNP Assurances using its own resources. The estimated impact on the Group’s SCR coverage ratio will be around -1 point.

"This transaction is the logical next step after the acquisition of Aviva's life insurance activities last year, and will allow us to accelerate the development of our open model in Italy while maintaining our strong strategic partnership with UniCredit, our historic partner in this market. We are very pleased with this transaction, which confirms CNP Assurances' international ambitions and our commitment to Italy, the group's second international market” said Stéphane Dedeyan, Chief Executive Officer of CNP Assurances.

Completion of the transaction is subject to obtaining the necessary approvals by the competent authorities.