CNP Assurances announces the completion of the acquisition of ICATU's stake in CNP Capitalização S.A. "CNP Cap", bringing its stake to 100%1.
CNP Cap markets savings products and in 2022 its total revenues related to savings contracts were of BRL 841 million2.
This transaction, worth BRL 194.5 million3, is the last part of a more global agreement, announced on 14 September 2022, enabling CNP Assurances to pursue its international development strategy with the acquisition of 100% of Caixa Seguridade's stakes in five companies offering the possibility of marketing insurance, dental care, savings and consórcio products (Holding Seguros4, Previsul, Odonto Empresa, CNP Capitalização and CNP Consórcios).
Stéphane Dedeyan, Chief Executive Officer of CNP Assurances
"Today we are completing the final stage of an acquisition project that is fully in line with our international and multi-partner development strategy.
The signing of these agreements will enable CNP Assurances, Brazil's third-largest insurer, to accelerate its development in Brazil by relying on two distribution models: an exclusive long-term partnership with its long-standing partner in Brazil, Caixa Econômica Federal, and new growth drivers under an open model with these wholly-owned acquisitions”.
1 The acquisition was made by CNP Participações em Seguros Ltda. (“Holding Seguros”), a Brazilian subsidiary 100% owned directly and indirectly by CNP Assurances.
2 Approximately €152.6 million at a rate of R$ 5.51 per €1
3 After deduction of dividends paid or declared after 1st January 2022, i.e. approximately €35.3 million at a rate of R$ 5.51 per €1
4 Formerly known as “Holding Saúde”