PARIS, January 8, 2014 /PRNewswire/ --
CNP Assurances, through its Brazilian subsidiary Caixa Seguros, has signed an agreement with Tempo Participações to acquire Tempo Dental for BRL 133.6 million (€41.7 million).
Tempo Dental is one of the leading dental insurance companies in Brazil, with more than 524,000 policyholders and revenue of close to BRL 65 million (€20 million) for the first nine months of 2013. The transaction, which is subject to the approval of Brazil's anti-trust authorities (CADE) and health insurance supervisor (ANS), will enable Caixa Seguros to expand its offer in health insurance, a segment where the company has been present since 2011.
Caixa Seguros's Chief Executive Officer, Thierry Claudon said, "The acquisition of Tempo Dental will allow us to address the needs of a large chunk of the Brazilian population-including the 20 million people who have never seen a dentist-by delivering high quality services at low prices via an extensive network of professionals spanning the entire country."
Like last March's acquisition of Previsul, this transaction is in line with CNP Assurances' strategy in South America. It will enable its Brazilian subsidiary to expand its distribution network, acquire an operating hub and deepen its presence in the affordable insurance segment.
About CNP Assurances
CNP Assurances is France's leading personal insurer, with net profit of €951 million in 2012. The Group also has operations in other European countries and in Latin America, with a significant presence in Brazil. It serves 27 million insureds under personal risk and protection contracts worldwide and 14 million savings and pensions policyholders.
For 160 years, CNP Assurances has been protecting people against the risks of everyday life. The Group designs and manages life insurance, pension, personal risk and protection (term creditor insurance and health insurance) products.
In France, CNP Assurances distributes its individual insurance products through La Banque Postale and the Caisses d'Epargne, as well as through its own CNP Trésor network. In Brazil, its second largest market, the Group's partner is Caixa Econômica Federal, the country's second-biggest state-owned bank.
In group insurance, CNP Assurances crafts tailor-made personal risk, pension and term creditor insurance products that are aligned with the needs of companies, local authorities, mutual insurers, non-profit organizations, and banks in Europe and Latin America.
Through its subsidiary Caixa Seguros, the CNP Assurances Group is Brazil's fifth largest insurer, with 8 million policyholders. In 2012, it reported record high net profit in this market, up 21% year-on-year to BRL 1.22 billion (€470 million), on revenue of BRL 7.97 billion (€3.1 billion).
Listed on the first market of the Paris Bourse since October 1998, CNP Assurances enjoys the backing of a core group of four major shareholders (Caisse des Dépôts et Consignations, La Banque Postale, Groupe BPCE and the French State) united by a shareholders' agreement.
SOURCE CNP Assurances