PARIS (Agefi-Dow Jones)–The insurer CNP Assurances announced on Wednesday that it had entered into exclusive negotiations with the company Mediterraneo Vida with a view to selling its Spanish life insurance subsidiary CNP Partners.
“CNP Partners is a life insurance company which mainly focuses on traditional savings products in Spain and Italy under an open model,” CNP Assurances said in a press release. At the end of 2021, the company represented 0.75% of the French group’s total turnover.
“This proposed sale aims to streamline the European operations of CNP Assurances,” said the insurer. CNP Assurances will continue to “develop its protection activity (borrower and provident insurance) on the Spanish market through its branches”, he specified.
The next step in the process will be to consult the employee representative bodies, said CNP Assurances.
-Eric Chalmet, Agefi-Dow Jones; 01 41 27 47 95; [email protected] ed: LBO
Agefi-Dow Jones The financial newswire
Dow Jones Newswires
March 09, 2022 13:02 ET (18:02 GMT)