PR Newswire/Les Echos/
Paris, 2nd April 2013
CNP Assurances has been in Cyprus since 2008, through its 50.1 % held
subsidiary, CNP Laiki Insurance Holdings (CNP LIH). The remaining 49.9 % of
CNP LIH is held by Laiki Bank, which has been put into liquidation following
the agreements between the Eurogroup and the Cypriot government.
The business of the subsidiary is split between life insurance (60 %) and
non-life insurance (40 %). A little more than two-thirds of sales is through a
network of independent agents, the remainder through the branches of Laiki
Bank. More than 99 % of the contracts are for amounts less than 30 000 EUR.
In 2012, the contribution of CNP LIH to the net income of CNP Assurances was
11.5 MEUR out of total net income of 951 MEUR.
Given the terms and conditions of the implementation of the bank restructuring,
as henceforth detailed, the impact on the value of deposits and other banking
assets held by CNP LIH is presently estimated at less than10 MEUR (for an
impact on the net income of CNP Assurances of less than 5 MEUR).
The value of CNP LIH in the consolidated accounts of CNP Assurances at 31
December 2012 is 170.9 MEUR (compared to a total consolidated equity position
of 14.1 Billion EUR). This includes goodwill of 79.4 MEUR, the value of which
will be examined, during the closing of the accounts at 31 March 2013, with a
view to the business prospects of the subsidiary.
CNP LIH has indicated that it will continue to pursue its normal business
service to its clients.
About CNP Assurances
CNP Assurances is France's leading personal insurer, with net profit of EUR951
million in 2012. The Group also has operations in other European countries and
in Latin America, with a significant presence in Brazil. It has 23 million
savings and personal risk policyholders worldwide and 17 million insureds under
term creditor insurance contracts.
CNP Assurances's business is to promote confidence in the future by offering
products that protect against the risks of everyday life. The Group designs
and manages life insurance, pension, term creditor insurance and personal risk
insurance products. The products are distributed by partners that have a
strong market presence.
- In France, CNP Assurances distributes its individual insurance products
through La Banque Postale and the Caisses d'Epargne, as well as through
its own CNP Trésor network.
- In group insurance, CNP Assurances and its international subsidiaries
design term creditor insurance products for a large number of financial
institutions. They also craft tailor-made pension and employee benefits
contracts for local authorities, companies and mutual insurance partners.
Listed on the first market of the Paris Bourse since October 1998, CNP
Assurances enjoys the backing of a core group of four major shareholders
(Caisse des Dépôts et Consignations, La Banque Postale, Groupe BPCE and the
French State) united by a shareholders' agreement.
Disclaimer: Some of the statements contained in this press release may be
forward-looking statements referring to projections, future events, trends or
objectives that, by their very nature, involve inherent risks and
uncertainties. Actual results could differ materially from those currently
anticipated in such statements by reason of factors such as changes in general
economic conditions and conditions in the financial markets, legal or
regulatory decisions or changes, changes in the frequency and amount of
insured claims, particularly as a result of changes in mortality and morbidity
rates, changes in surrender rates, interest rates, foreign exchange rates, the
competitive environment, the policies of foreign central banks or governments,
legal proceedings, the effects of acquisitions and the integration of
newly-acquired businesses, and general factors affecting competition.
Further information regarding factors which may cause results to differ
materially from those projected in forward-looking statements is included in
CNP Assurances' filings with the Autorité des Marchés Financiers. CNP
Assurances does not undertake to update any forward-looking statements
presented herein to take into account any new information, future event or
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-0- Apr/03/2013 08:43 GMT
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