PARIS, April 4, 2016 /PRNewswire/ --
Following the signature of a framework contract on 15 December 2015, CNP Assurances and AG2R LA MONDIALE announce today the start of operations of their strategic partnership in the field of private pensions, in a joint venture named Arial CNP Assurances.
The operation has been approved by the French Prudential Supervisory Authority (ACPR) and the French Competition Authority (ADLC).
The partnership will take the form of a 40% investment by CNP Assurances in Arial Assurance, a subsidiary of AG2R LA MONDIALE.
Bringing together the personnel, resources and business of the two partners, Arial CNP Assurances plans to become the leading company retirement savings provider. The purpose of the joint venture of AG2R LA MONDIALE and CNP Assurances is to manage private pension schemes for nearly 20,000 companies ranging from SMEs to companies leading the CAC40, i.e. almost €12 billion in outstandings. For its development, Arial Assurance will take advantage of the financial strength and expertise of its two shareholders: AG2R LA MONDIALE, the number-one social protection Group and leader in the field of private pensions and CNP Assurances, the number-one provider of personal insurance in France.
The governance of Arial CNP Assurances reflects the balance between the two Groups within the joint venture, with the composition of the Board of Directors representing the respective stake of each partner. Frédéric Lavenir, CEO of CNP Assurances, serves as Chairman and André Renaudin, CEO of AG2R LA MONDIALE, as Vice Chairman. Operational governance is shared between Patrice Bonin, CEO of Arial CNP Assurances and former Chairman of the Executive Board of Arial Assurance, and Yann Illouz, Deputy Managing Director of Arial CNP Assurances and, until now, Director of the retirement solutions department of CNP Assurances.
Mr Bonin and Mr Illouz declared: "CNP Assurances and AG2R LA MONDIALE, due to their respective positions on the market and their history, owe it to themselves to drive forward the coverage of retirement needs of the French people. The creation of Arial CNP Assurances, the only French insurer exclusively dedicated to private pensions, gives shape to this common goal. We aspire to become "the pension solution" serving businesses and their employees by focusing on continuing the development of innovative service offers and by committing to uphold a quality service backed by proprietary tools renowned for their efficiency and offering top-notch financial security to our clients through a stable and strong joint ownership".
About AG2R LA MONDIALE
AG2R LA MONDIALE, the number 1 social protection group in France, provides a complete range of products and services in the areas of pensions, savings, personal risk and health. A leader in personal insurance with a country-wide presence, the Group insures individuals, companies and sectors to protect health, secure assets and incomes, protect against personal accidents and prepare for retirement.
A partnership with a mutualist and cooperative governance, AG2R MONDIALE fosters a unique social protection model that closely combines profitability and solidarity, performance and social commitment. The Group each year devotes more than €100 million to help vulnerable individuals and support individual and collective initiatives in the area of housing, health prevention and aid to caregivers.
For the latest news about the Group, visit: http://www.ag2rlamondiale.fr / Twitter: @AG2RLAMONDIALE
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 36 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