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CNP Assurances M&A Activity 2023
1208_iss_2023-01-30_fb67849f-cba4-406d-abec-9cb19690be9d.pdf
M&A Activity
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Press Release
Paris, 30 January 2023
CNP Assurances continues to finalize its acquisitions inBrazil announced on 14 September 2022
CNP Assurances announces the completion of the acquisition of Caixa Seguridade's stake in CNP Participações em Seguros Ltda. "Holding Seguros"1 , bringing its ownership to 100%.
Holding Seguros holds 100% of Companhia Seguros Previdência do Sul "Previsul" and 51% of CNP Capitalização S.A. "CNP Cap".
Previsul markets life, property and credit insurance products. In 2022, it issued 1.2 million policies representing premiums of BRL 253 million2 . CNP Cap markets savings products and in 2022 its total revenues related to savings contracts were of BRL 841 million3 .
This transaction, worth BRL 166.8 million4 , is part of a more global agreement, announced on 14 September 2022, enabling CNP Assurances to pursue its international development strategy with the acquisition of 100% of Caixa Seguridade's stakes in five companies offering the possibility of marketing insurance, dental care, savings and consórcio products (Holding Seguros5 , Previsul, Odonto Empresa, CNP Capitalização and CNP Consórcios).
The next and final step in this agreement is the purchase of ICATU's 49% stake in CNP Cap.
1 formerly known as "CNP Seguros Participações em Saúde Ltda., "Holding Saúde"
2 Approximately €45.9 million at a rate of R\$ 5.51 per €1
3 Approximately €152.6 million at a rate of R\$ 5.51 per €1
4 After deduction of dividends paid or declared after 1 January 2022, approximately €30.3 million at a rate of R\$ 5.51 per €1
About CNP Assurances
A leading player in the French personal insurance market, CNP Assurances operates in 19 countries 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. As a responsible insurer and investor that is working towards an inclusive and sustainable society and taking action to protect as many people as possible, CNP Assurances included its corporate mission in its articles of association on 16 April 2021.
CNP Assurances is a subsidiary of La Banque Postale. It reported net profit of €1,552 million in 2021.
