PARIS, April 2 CNP Assurances, which
has a 50.1 percent stake in a Cyprus subsidiary, said on Tuesday
that the restructuring of the island's Laiki Bank would have an
impact of less than 5 million euros on the French insurer's net
CNP Assurances' shares fell sharply last week amid worries
over its CNP Laiki Insurance Holdings (CNP LIH) and exposure to
the Cyprus financial crisis.
The French company has a 50.1 percent stake in CNP Laiki
Insurance Holdings while the remaining 49.9 percent is held by
Laiki Bank, which has been put into liquidation under agreements
between the Eurogroup and the Cypriot government.
"Given the terms and conditions of the implementation of the
bank restructuring...the impact on the value of deposits and
other banking assets held by CNP LIH is presently estimated at
less than 10 million euros (for an impact on the net income of
CNP Assurances of less than 5 million)," the statement said.
CNP LIH had a value of 170.9 million euros at end-2012 in
the consolidated accounts of CNP Assurances of which 79.4
million was goodwill.
In 2012, the contribution of CNP LIH to the net income of
CNP Assurances was 11.5 million euros out of total net income of
951 million euros.
(Reporting by Dominique Vidalon; Editing by Grant McCool)