CNP Assurances takes note of the decision by the UniCredit Board’s to exercise its option to purchase all of the shares held by CNP Assurances (51%) in their Italian joint venture CNP UniCredit Vita (CUV). This option is exercisable pursuant to the terms and conditions of their current shareholders' agreement, and completion of the proposed transaction is subject to obtaining customary regulatory authorizations.
CUV generated in 2023 premium income of €2.8 billion (8% of the Group total) and consolidated profit of €25 million (1.6% of the Group total). CNP Assurances is proud of the progress made with this partner and of the success of their joint venture.
CNP Assurances is maintaining its growth momentum in Italy through its wholly-owned subsidiary, CNP Vita Assicura, which in 2023 generated business equivalent to that of CUV, with premium income of €2.7bn (7.5% of the Group total) and consolidated profit of €36m (2.3% of the Group total). In 2024, the signing of around ten commercial agreements will enable this business to be consolidated.
CNP Assurances is awaiting the contractual formalisation of UniCredit's announcement.