CNP Assurances: becomes 100%-shareholder of CNP Cyprus

(CercleFinance.com) - CNP Assurances announces the acquisition of the 49.
9% stake in CNP Cyprus Insurance Holdings.
This company has been a 50.1% subsidiary of CNP Assurances since the end of 2008.

The purchase price amounts to 97.5 million euros and will be financed by CNP Assurances from its own funds.

As the second largest insurance group in Cyprus, CNP Cyprus Insurance Holdings offers a full range of life and non-life insurance products and services that it distributes by a network of independent agents - the largest in the country.

In 2018, CNP Cyprus Insurance Holdings contributed 157 million euros to CNP Assurances' revenues (up 8.4% compared to the previous year) and 7.3 million euros to the group's result.

"The acquisition of the Bank of Cyprus' stake enables CNP Assurances to take full control of its subsidiary and thereby strengthen its position in Cyprus, a market with attractive growth potential in which CNP Cyprus Insurance Holdings is a leading player with a market share of 21% in life and 13% in non-life," the group said.



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