The CNP Assurances Group and La Mutuelle Générale are entering into exclusive negotiations for the establishment of a structuring partnership in the field of social protection (individual and group health and protection) with a view to creating a leading player in the market.
Under the project, the CNP Assurances Group would acquire a majority stake in a public limited company, currently a subsidiary of La Mutuelle Générale, to which the latter would have previously transferred its existing health and protection insurance businesses (excluding statutory contracts and mutual insurance activities).
This company, controlled exclusively by the CNP Assurances Group, would rely on the teams and tools provided by La Mutuelle Générale and the synergies unlocked by the combined expertise and know-how of the two partners. It would thus benefit from numerous growth drivers resulting from the complementary fit between the two Groups, creating a very high added value offering and responding to growing needs and development opportunities in the social protection market in France.
The employee representative bodies of each of the two Groups will be informed and consulted before the signing of the final agreements, which must first be approved by their respective governance bodies.
The completion of the project will hinge on obtaining the approvals and authorisations of the competent authorities.
“The aim with this project is to drive the development ambitions of the CNP Assurances Group in the social protection market. It is fully in line with the CNP Assurances Group’s strategic plan to develop protection activities in fields vital to societal issues (health, personal protection) consistent with its corporate mission and membership of the major public financial centre.” announce Marie-Aude Thépaut, Chief Executive Officier of CNP Assurances.
“This project is fully in line with our strategic ambition to contribute to the construction of a major player in social protection in France. It allows us to guarantee long-term support for our long-standing members within the mutual insurance company while broadening the development prospects of our employees as part of an ambitious project.” says Patrick Sagon, Chairman of La Mutuelle Générale.