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UPDATE 1-CNP Assurances says Cyprus unit hit higher than thought
May 16, 2013 / 6:12 AM / in 4 years

UPDATE 1-CNP Assurances says Cyprus unit hit higher than thought

* Sees Cyprus crisis hit at 16 mln eur

* 50 mln eur provision to cover unit’s goodwill depreciation (Adds details)

PARIS, May 16 (Reuters) - CNP Assurances said on Thursday that the impact of the financial crisis in Cyprus on its CNP Laiki Insurance Holdings unit would be 16 million euros ($20 million), up from a previous estimate of 5 million.

The French insurer also said it had made a provision of 50 million euros to cover the unit’s estimated goodwill impairment.

CNP’s Laiki Insurance unit had a value of 170 million euros ($217.28 million) at end-2012, of which 80 million was goodwill.

CNP has a 50.1 percent stake in CNP Laiki Insurance 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.

The French company estimated in April that the restructuring of Laiki Bank would have an impact of less than 5 million euros.

Shares in CNP Assurances, which have lost around 7 percent of their value in the last three months, closed at 11.54 euros on Wednesday. ($1 = 0.7775 euros) (Reporting by Elena Berton; Editing by Helen Massy-Beresford)

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