CNP Assurances

M&A Activity • May 5, 2022

Paris, 5 May 2022

CNP Assurances announces the signing of a share purchase agreement with Mediterráneo Vida relating to its subsidiary CNP Partners

CNP Assurances signed today an agreement to sell its Spanish life insurance subsidiary CNP Partners to Mediterráneo Vida¹ , after completing the applicable information and consultation procedures with the employee representative bodies.

CNP Partners is a life insurance company mainly dedicated to traditional savings products in Spain and Italy in an open model. At 31 December 2021, its turnover and net profit represented 0.75% and 0.01% respectively of the Group's total.

As indicated in its press release of 9 March 2022, this sale will enable CNP Assurances to streamline its European operations. The Group will continue to develop its protection business (borrower and provident) in the Spanish market through its branches.

The completion of this transaction remains subject to various conditions precedent, including the obtaining of authorisation from the competent authorities in prudential matters.

¹ Sociedad Anónima de Seguros y Reaseguros (Sociedad Unipersonal)

About CNP Assurances

A leading player in the French personal insurance market, CNP Assurances operates in 19 countries, including 17 in Europe, particularly Italy, and in Latin America – where it is very active in Brazil, its second-largest market. As an insurance, coinsurance and reinsurance provider, CNP Assurances has more than 36 million insured parties in personal risk/protection insurance worldwide and more than 11 million in savings/pension. In accordance with its business model, its solutions are distributed by multiple partners and adapt to their physical or digital distribution method, as well as to the needs of customers in each country in terms of their protection and convenience.

CNP Assurances has been listed on the Paris Stock Exchange since October 1998 and is a subsidiary of La Banque Postale. It reported net profit of €1.552 billion in 2021.

About CNP Partners

CNP Partners is the Spanish subsidiary of the CNP Assurances group, one of the leading personal insurance companies in Europe, France and Brazil, with more than 170 years of experience and presence in Europe and Latin America.

It entered the Spanish market in 2004 and, thanks to the group's international experience, distributes its own products, adapting them to its partners and clients, whether they are private individuals, companies or private wealth.

Specialising in personal insurance, CNP Partners markets a wide range of life-risk and life-savings, payment protection and pension products. In addition, it offers protection and distribution solutions to its partners and has high technological and digital capabilities at the service of its partners.

CNP Partners is established in Spain and also operates in Italy, where it has had a branch office since 2014. The distribution of its products is carried out through agreements with financial institutions, brokers and mediators, as well as through the digital channel.

In 2021, it has reached a volume of assets under management of more than 2,378 million euros and 2,056 million euros in technical provisions.