CNP Assurances SA has successfully completed the sale of its stake in the joint venture CNP UniCredit Vita to UniCredit, enhancing its financial strength and focusing on growth opportunities in Italy through its wholly-owned subsidiary, CNP Assicura.
Target Information
CNP Assurances SA has announced the completion of its agreement subsequent to UniCredit's notification on October 1, 2024, regarding its exercise of the purchase option for all shares held by CNP Assurances in the joint venture, CNP UniCredit Vita. This partnership, structured as an exclusive partnership model, resulted in CNP UniCredit Vita being 51% owned by CNP Assurances.
In 2024, CNP UniCredit Vita generated a revenue of €3.5 billion, contributing to 9% of the total group revenue, with a consolidated profit of €43 million, representing 2.7% of the group's total. The divestiture is anticipated to positively impact CNP Assurances' Solvency Capital Requirement (SCR) coverage ratio by approximately 4 percentage points.
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Industry Overview in Italy
The Italian insurance market is characterized by its significant size and growth potential, ranking as CNP Assurances' second largest market in Europe and the third globally. Italy's ins
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UniCredit
invested in
CNP UniCredit Vita
in 2024
in a Joint Venture deal
Disclosed details
Revenue: $3,765M
EBITDA: $43M
Net Income: $43M