CNP Assurances to sell CNP Cyprus Insurance Holdings to Hellenic Bank

CNP Assurances has entered into exclusive negotiations with Hellenic Bank Public Company for the sale of its insurance operations in Cyprus and Greece.

With CNP Cyprus Insurance Holdings, CNP Assurances operates in both the life and non-life insurance sub-sectors in Cyprus, which represent less than 1% of CNP Assurances Group’s total premium income in 2023 and in Greece, for a non-significant amount.

The proposed sale is in line with the Group’s strategy to re-focus its existing international footprint, while remaining committed to expansion in Europe in particular.

Hellenic Bank would acquire 100% of CNP Cyprus Insurance Holdings for a total consideration of €182 million (corresponding to 1.0x CNP CIH book value).

The proposed transaction would be subject to obtaining the required regulatory approvals and would be expected to complete by Q1 2025.