CNP Assurances

Regulatory Filings • Nov 16, 2023

Issy-les-Moulineaux, 16 November 2023

The ACPR approves portfolio transfer from MFPrévoyance to CNP Assurances

According to this morning's Official Gazette of the French Republic, the Autorité de Contrôle Prudentiel et de Résolution (ACPR) has issued a favourable opinion on the transfer of MFPrévoyance's portfolio to CNP Assurances, one of the last steps before the merger of MFPrévoyance's activities into CNP Assurances.

The approval by the ACPR of the transfer of the portfolio from MFPrévoyance to CNP Assurances is the penultimate step before the merger of MFPrévoyance's activities into CNP Assurances scheduled for 31 December 2023, once the creditor objection period has expired.

Since November 2021, MFPrévoyance has been 100% owned directly and indirectly by CNP Assurances.

The proposed merger is in line with CNP Assurances' development strategy on the social protection market, particularly in the supplementary social protection segment (mainly Provident) of the State public service. The transaction will enable MFPrévoyance to continue its historical activities and start implementing operational synergies aimed at streamlining and strengthening the resources of CNP Assurances to support its development in the Social Protection markets, at the heart of its corporate purpose and in line with its membership of the major public financial division.

About CNP Assurances

Present in 19 countries around the world, the CNP Assurances group is a leading player in the insurance industry with more than 6,500 employees and net profit of €1,939 million in 2022 (IFRS 4). A subsidiary of La Banque Postale, CNP Assurances is a member of the major public financial group. In France, CNP Assurances is No. 1 in property loan insurance, No. 2 in life insurance and, in 2023, will have integrated the property insurance activities of La Banque Postale, making it a comprehensive insurer of property and persons. It is the fifth largest insurer in Europe, particularly in Italy, which is now its second largest market after France. In Brazil, the Group's solid growth has enabled it to reach third place. Based on a multi-partnership or "open" model, its solutions are distributed through long-term strategic partnerships. In total, more than 32 million people worldwide are insured by CNP Assurances for personal risk/protection and 14 million for savings and pensions. CNP Assurances is a responsible insurer and investor (€400 billion invested in all sectors of the economy). It works to promote an inclusive and sustainable society by providing solutions that protect and facilitate all life journeys for as many people as possible.