CNP Assurances to raise its stake in Aviva Italy to 100%

CNP Assurances is pursuing its international growth strategy through a new agreement with UniCredit, its long-time partner in the Italian market.

The agreement stipulates, among other things, the following:

• The French insurer will increase its stake in CNP Vita Assicura SpA, formerly known as Aviva SpA, from 51% to 100%. The operation involves the purchase of the remaining 49% of the Italian life subsidiary's capital from UniCredit for an amount of 500 million EUR (508.385 million USD). The acquisition price will be financed by the group using its own resources.
• CNP Assurances will sell a 6.5% stake in the capital of the joint venture CNP UniCredit Vita SpA (CUV) to the Italian bank for 70 million EUR (71.2 million USD). CNP Assurances will remain the majority shareholder of the joint venture with a 51% stake.