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CNP Assurances Signs Agreement to Sell Cyprus and Greece Operations

CNP Assurances has signed an agreement to sell its insurance operations in Cyprus and Greece to Hellenic Bank Public Company Ltd. The deal follows consultation with employee representative bodies. The CNP Cyprus Insurance Holdings (CIH) operates in both life and non-life insurance sectors in Cyprus, contributing less than 1% to CNP Assurances Group’s total revenue and profit in 2023, with minimal activity in Greece.

The sale is expected to provide CIH with new growth opportunities through Hellenic Bank’s extensive local network. This transaction aligns with CNP Assurances' strategy to streamline its international presence while focusing on European expansion. The sale price for 100% of CIH is €182 million, roughly equal to its book value. The impact on CNP Assurances Group’s SCR coverage ratio is projected to be marginal at approximately +0.7%.

The agreement is pending several conditions, including regulatory approvals, and completion is anticipated by the first quarter of 2025.

R. E.

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