CNP Assurances takes a 100% stake in Aviva in Italy

The company “continues its international growth strategy with the signing of an agreement with UniCredit”. This agreement includes the acquisition of UniCredit’s 49% stake in CNP Vita Assicura SpA for an amount of 500 million euros.

The French public insurer CNP Assurances announced on Wednesday the acquisition of the shares of the Italian bank Unicredit in a former life insurance subsidiary of Aviva in Italy, after having bought a first half last year.

The company “is pursuing its international growth strategy with the signing of an agreement with UniCredit,” it said in a press release. This agreement includes the acquisition of UniCredit’s 49% stake in CNP Vita Assicura SpA for an amount of 500 million euros.

CNP Assurances had taken a first major step in March 2021 by acquiring for 543 million euros (530 million francs) the first 51% of what was then presented as “certain Italian life insurance activities of Aviva” , renamed at the close of the transaction on 1er last December CNP Vita Assicura SpA

British insurer Aviva had previously announced its withdrawal from Italy with the sale of its remaining operations in the country in order to concentrate its forces in the United Kingdom, Ireland and Canada.

The operation announced on Wednesday is accompanied by the sale of 6.5% of the shares of CNP Assurances to Unicredit in their joint venture CNP UniCredit Vita SpA CUV (covering central and southern Italy, including Sardinia and Sicily ) for 70 million euros, the French group remaining the majority in this structure with 51% of the shares.

The whole “is the logical continuation of the acquisition of the life insurance activities of Aviva last year”, underlines the general manager of CNP Assurances, Stéphane Dedeyan, quoted in the press release. “It will allow us to accelerate the development of our open model in Italy while maintaining our strategic partnership with UniCredit, our historic partner in this market,” he notes.

It’s been a busy week for CNP Assurances, which announced on Tuesday the acquisition of the minority stake (34%) of Swiss Life in their joint personal and property assistance subsidiary Filassistance International.

The company, a 100% subsidiary of La Banque Postale since the success of a simplified takeover bid (OPA) carried out in May, must also publish its second quarter results on Wednesday morning.

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