This press release is issued jointly with La Banque Postale
- La Banque Postale and CNP Assurances announce the creation effective 11 April 2023 of a dedicated division bringing together all of the Group’s insurance activities and their legal entities, hosted by CNP Assurances Holding, which is wholly owned by La Banque Postale.
- CNP Assurances Holding combines CNP Assurances SA and the four insurance subsidiaries of La Banque Postale (IARD, Healthcare, Personal risk and Advisory).
- This operation follows the creation of the major public financial centre, initiated in 2018 with the double merger between La Poste and Caisse des Dépôts on the one hand, and La Banque Postale and CNP Assurances on the other.
This is the third and final stage of the merger of La Banque Postale and CNP Assurances, following the creation of the major public financial centre, a long-standing project announced by the Minister of the Economy and Finance alongside Caisse des Dépôts and La Poste in 2018. After La Banque Postale’s simplified takeover bid on CNP Assurances, which ended in June 2022 and was followed by a delisting, La Banque Postale became the sole shareholder of CNP Assurances, thus owning 100% of its capital.
Now, this final phase consists of combining the property and personal insurance businesses of La Banque Postale and CNP Assurances to create a comprehensive, integrated bank insurer model, in France and internationally.
To this end, after consulting with the Staff Representative Bodies of all the companies concerned and obtaining the approval of the competent regulatory authorities, La Banque Postale announces that it owns 100% of the legal entity named “CNP Assurances Holding”, bringing together the insurance activities of La Banque Postale and CNP Assurances. From 11 April 2023, this holding company brings together all of the Group’s insurance entities within a single structure, i.e. CNP Assurances SA and the four insurance subsidiaries of La Banque Postale (property insurance, healthcare, personal risk, and brokerage).
This new structure is headed by Stéphane Dedeyan, Chief Executive Officer of CNP Assurances, and Véronique Weill, Chairwoman of the Board of Directors of CNP Assurances, also as Chairwoman of the Board of Directors. Both will continue their functions within CNP Assurances.
The new CNP Assurances group, formed by the holding company and its subsidiaries, comprises the following legal entities:
- CNP Assurances SA, which generated €36 billion in premium income in 2022, including €19.2 billion in France and €1.9 billion in attributable net profit (IFRS 4)
- The four subsidiaries of La Banque Postale Assurances (La Banque Postale Assurances IARD, La Banque Postale Prévoyance, La Banque Postale Assurance Santé, La Banque Postale Conseil en Assurances), which represent €1.1 billion in premium income in France and had a combined 4.5 million policies in the portfolio at the end of 2022.
The purpose of this merger is to:
- Roll out a “full” bancassurance model (personal and property insurance) through a single insurance vector, CNP Assurances, within La Banque Postale, and speed up the equipment in insurance products for all customer segments.
- Expand CNP Assurances’ multi-partnership model to the activities of the subsidiaries of La Banque Postale’s insurance division, in particular property and casualty insurance, with CNP Assurances becoming a property and personal insurer serving customers and society as a whole.
“The merger of our property and personal insurance businesses is the final step towards becoming a major public bancassurance group. It reflects a strong growth ambition in France and abroad. By making CNP Assurances the single entry point for all insurance products distributed by La Banque Postale to its network, this final step aims to improve the quality of service and support for all our customers.
This operation creates synergy and will also enable us to accelerate our development and diversify CNP Assurances’ multi-partner model in France and internationally." Philippe Heim – Chairman of the Board of Directors of La Banque Postale.
“This is a new step that officially marks the birth of our collective of insurers as a fully integrated insurance group. This merger will facilitate coordination between our activities and our business lines and help to better support La Banque Postale’s customers in their life journeys. It will also allow CNP Assurances’ multi-partner model to be scaled up to the full insurer level and meet all of its partners’ needs.
For us, it is not only a development project but also a human and collective adventure. We will soon be pleased to welcome the Ile-de-France teams of La Banque Postale Assurances’ insurance division to our new headquarters in Issy-Les-Moulineaux to strengthen our cooperation.” Stéphane Dedeyan – Chief Executive Officer of CNP Assurances and member of the Executive Board of La Banque Postale.