CNP Assurances Sells in Portugal its Majority Stake in the Insurance Group Global Seguros to Rentipar Seguros SGPS

CNP Assurances Sells in Portugal its Majority Stake in the Insurance Group
Global Seguros to Rentipar Seguros SGPS

PARIS, November 12 /PRNewswire-FirstCall/ -- CNP Assurances entered into
an agreement with Rentipar Seguros SGPS for the sale of its stakes of 83.52%
et 83.57% respectively in Global - Companhia de Seguros, S.A. and Global Vida
- Companhia de Seguros de Vida, S.A. (together, Global Seguros), for a total
consideration of 117 million euros, valuing both companies at 140 million
euros for 100% of share capital. Rentipar Seguros SGPS is a company
controlled by Mr. Horacio da Silva Roque, founder and majority shareholder of
Banif group, which in particular holds the Portuguese insurance company
Acoreana Seguros.
Subject to customary regulatory approvals, the closing of the transaction
should occur during the first quarter of 2010. The price is subject to an
adjustment mechanism based on the change in net asset value and should allow
CNP Assurances to book a net capital gain of approximately 25 million euros.
The transaction will reinforce the solvency ratio of CNP group by
approximately 0.7%.
Following the recent partnerships signed with Barclays Bank Plc in Spain,
Portugal and Italy and with Marfin Popular Bank in Greece and Cyprus, this
transaction completes the refocusing of CNP Assurances in Southern Europe on
its bancassurance core business.
With a business model close to Global Seguros' - in particular a
distribution through agents -, Acoreana Seguros is a well-known non-life
insurance player in Portugal. CNP Assurances is therefore confident in the
future development of Global Seguros within a group with strong growth
perspectives.
Cautionary Note Regarding Forward-Looking Statements
Some of the statements contained in this press release may be
forward-looking statements referring to projections, future events, trends or
objectives which, by their very nature, involve inherent risks and
uncertainties. Actual results could differ materially from those currently
anticipated in such statements by reason of factors such as changes in
general economic conditions and conditions in the financial markets, legal or
regulatory decisions or changes, changes in the frequency and amount of
insured claims, particularly as a result of changes in mortality and
morbidity rates, changes in surrender rates, interest rates, foreign exchange
rates, the competitive environment, the policies of foreign central banks or
governments, legal proceedings, the effects of acquisitions and the
integration of newly-acquired businesses, and general factors affecting
competition.
Further information regarding factors which may cause results to differ
materially from those projected in forward looking statements is included in
CNP Assurances' filings with the Autorite des Marches Financiers. CNP
Assurances does not undertake to update any forward-looking statements
presented herein to take into account any new information, future event or
other factors.
Appendix
CNP ASSURANCES
CNP Assurances, France's leading personal insurer and among the top 5
European life insurers, reported 2008 premium income of EUR28.3 billion and
EBIT of more than EUR2.3 billion. The Group's international operations
represented premium income of EUR3.2 billion, or 11% of total premiums, and
accounted for 22% of total EBIT. Its main host countries outside France are
Italy, Brazil, Greece & Cyprus, Portugal and Spain. The group is committed to
expanding its international footprint as evidence by Barclays Bank Plc deal
in Spain, Italy and Portugal in June 2009. For further information about CNP
Assurances, please visit our website www.cnp.fr
Global - Companhia de Seguros, S.A
2008 key figures (on a 100% basis), non-life insurance player with
operations in the Portuguese market through a network of non-exclusive agents:
- market share of 3.3%
- gross written premiums of 143.2 million euros
- net assets of 47.8 million euros
- net income of 4.4 million euros
Global Vida - Companhia de Seguros de Vida, S.A.
2008 key figures (on a 100% basis), life insurance player with operations
in the Portuguese market through a network of non-exclusive agents: -
market share of 0.5%
- gross written premiums of 38.7 million euros
- net assets of 14.1 million euros
- net income of -0.8 million euros
ACOREANA SEGUROS
2008 key figures, non-life and life insurance player with operations in
the Portuguese market through a network of non-exclusive agents and a
partnership with Banif:
- market share of 4.0% in non-life ; market share of 2.9% in life
- gross written premiums of 447.4 million euros (non-life: 173 million
euros; life: 274 million euros)
- net asset of 37 million euros
- net income of 3.0 million euros
SOURCE CNP Assurances

CNP Assurances - Press Relation, Tamara BERNARD , Phone : +33(0)1-42-18-86-19,
E-mail: servicepresse@cnp.fr; CNP Assurances - IR Team, Jim ROOT, Phone :
+33(0)1-42-18-71-89, jim.root@cnp.fr; Jean-Yves ICOLE, Phone :
+33(0)1-42-18-94-93, jean-yves.icole@cnp.fr