CNP Assurances has finalized the sale of its subsidiary CNP Cyprus Insurance Holdings to Hellenic Bank for €182 million, a strategic move to refocus on its European growth ambitions.
Information on the Target
CNP Cyprus Insurance Holdings (CIH) is a subsidiary of CNP Assurances, operating in the life and non-life insurance sectors in Cyprus and Greece. CIH contributes less than 1% to the total revenue and net profit of CNP Assurances Group for the year 2024, underscoring its relatively minor role within the larger organization.
The company manages several insurance brands, including CNP Cyprialife, CNP Asfalistiki, CNP Zois, and CNP Cyprus Properties, primarily catering to the local markets, while its operations remain largely concentrated in the region.
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Industry Overview in Cyprus
The insurance industry in Cyprus has exhibited steady growth, driven by increasing awareness of insurance products and the need for financial protection among t
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Disclosed details
Transaction Size: $197M