CNP Assurances – Change in the Partnership with the Crédit Agricole Group

Mar 09, 2016, 13:20 ET from CNP Assurances

PARIS, March 9, 2016 /PRNewswire/ --

On 9 March 2016, the Crédit Agricole Group announced, as part of its "Strategic ambitions for 2020" plan, its intention to internalise the group borrower insurance contracts of the Regional banks.

For information regarding CNP Assurances:

- The average contribution from the partnership with Crédit Agricole to the recurring EBIT of CNP Assurances has been €30m over the last three years, i.e. around 2% of EBIT France.

- This contribution could, accordingly, gradually decrease from 2018.

- The practicalities of the change in this partnership between CNP Assurances and the Crédit Agricole Group, especially with regard to the portfolios of existing contracts, are under discussion.  

About CNP Assurances

CNP Assurances is France's leading personal insurer with net profits of €1,130 million in 2015. The Group also has operations in other European countries and in Latin America, with a significant presence in Brazil. It has more than 28 million personal risk/protection insureds worldwide and more than 13 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 insurance and protection products (term creditor insurance and health insurance).

  • In France, CNP Assurances distributes its individual insurance products through La Banque Postale and the Caisses d'Epargne, as well as through its own network: Amétis. 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.

CNP Assurances has been listed on the Paris Stock Exchange since October 1998 (the first market) and has a stable shareholder structure thanks to the signing of an agreement between its major shareholders (Caisse des Dépôts, La Banque Postale, Groupe BPCE and the French State).

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SOURCE CNP Assurances