CNP Communicates On Its Cyprus Situation
PARIS, April 2, 2013 /PRNewswire/ --
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 are 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 €.
In 2012, the contribution of CNP LIH to the net income of CNP Assurances was 11.5 M€ out of total net income of 951 M€.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 than 10 M€ (for an impact on the net income of CNP Assurances of less than 5 M€). The value of CNP LIH in the consolidated accounts of CNP Assurances at 31 December 2012 is 170.9 M€ (compared to a total consolidated equity position of 14.1 Billion €). This includes goodwill of 79.4 M€, 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 €951 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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV