CNP Assurances SA has announced the completion of the sale of 100% of the capital of CNP Cyprus Insurance Holdings (« CIH ») to Hellenic Bank Public Company Ltd, allowing the Group CNP Assurances to re-focus its existing international footprint, while remaining committed to expansion in Europe.
CIH1 operates in both the life and non-life insurance sub-sectors in Cyprus, which represented less than 1% of CNP Assurances Group’s total premium income in 2024 and in Greece, for a non-significant amount.
This sale, amounting to €182 million, has a marginal impact on CNP Assurances Group’s SCR coverage ratio, around c.+0.4% pt.
1 Including in particular CNP Cyprialife, CNP Asfalistiki, CNP Zois SA and CNP Cyprus Properties Ltd