CNP Assurances has entered into exclusive negotiations with Hellenic Bank Public Company Ltd (“Hellenic Bank”) for the sale of its insurance operations in Cyprus and Greece1.
With CNP Cyprus Insurance Holdings (“CIH”), CNP Assurances operates in both the life and non-life insurance sub-sectors in Cyprus, which represent less than 1% of CNP Assurances Group’s total premium income in 2023 and in Greece, for a non-significant amount.
We are proud of the work done with CIH, and believe that the transaction should allow it to find new growth drivers with a strong local network. The proposed sale to a local player would provide further opportunities for CIH to continue its journey and its development for the years to come.
The proposed sale is in line with the Group’s strategy to re-focus its existing international footprint, while remaining committed to expansion in Europe in particular.
Hellenic Bank would acquire 100% of CNP Cyprus Insurance Holdings for a total consideration of €182m (corresponding to 1.0x CNP CIH book value). The estimated impact of the proposed transaction on CNP Assurances Group’s SCR coverage ratio is expected to be marginal, around c.+0.7%-pts.
The proposed transaction would be subject to obtaining the required regulatory approvals and would be expected to complete by Q1 2025. The next step in the process consists of informing and consulting CNP Assurances' European works council.
1 Including in particular CNP Cyprialife, CNP Asfalistiki, CNP Zois SA and CNP Cyprus Properties Ltd