Creation of a major bancassurance group: final stage of the merger between La Banque Postale and CNP Assurances

This is the third and final stage of the merger of La Banque Postale and CNP Assurances, following the creation of the major public financial centre, a long-standing project announced by the Minister of the Economy and Finance alongside Caisse des Dépôts and La Poste in 2018. After La Banque Postale’s simplified takeover bid on CNP Assurances, which ended in June 2022 and was followed by a delisting, La Banque Postale became the sole shareholder of CNP Assurances, thus owning 100% of its capital.

April 12, 2023 Reading time: 3 min

La Banque Postale and CNP Assurances announce the creation effective 11 April 2023 of a dedicated division bringing together all of the Group’s insurance activities and their legal entities, hosted by CNP Assurances Holding, which is wholly owned by La Banque Postale.
CNP Assurances Holding combines CNP Assurances SA and the four insurance subsidiaries of La Banque Postale (IARD, Healthcare, Personal risk and Advisory).
This operation follows the creation of the major public financial centre, initiated in 2018 with the double merger between La Poste and Caisse des Dépôts on the one hand, and La Banque Postale and CNP Assurances on the other.

Now, this final phase consists of combining the property and personal insurance businesses of La Banque Postale and CNP Assurances to create a comprehensive, integrated bank insurer model, in France and internationally. To this end, after consulting with the Staff Representative Bodies of all the companies concerned and obtaining the approval of the competent regulatory authorities, La Banque Postale announces that it owns 100% of the legal entity named “CNP Assurances Holding”, bringing together the insurance activities of La Banque Postale and CNP Assurances.

From 11 April 2023, this holding company brings together all of the Group’s insurance entities within a single structure, i.e. CNP Assurances SA and the four insurance subsidiaries of La Banque Postale (property insurance, healthcare, personal risk, and brokerage).

This new structure is headed by Stéphane Dedeyan, Chief Executive Officer of CNP Assurances, and Véronique Weill, Chairwoman of the Board of Directors of CNP Assurances, also as Chairwoman of the Board of Directors. Both will continue their functions within CNP Assurances.

The merger of our property and personal insurance businesses is the final step towards becoming a major public bancassurance group. It reflects a strong growth ambition in France and abroad. By making CNP Assurances the single entry point for all insurance products distributed by La Banque Postale to its network, this final step aims to improve the quality of service and support for all our customers. This operation creates synergy and will also enable us to accelerate our development and diversify CNP Assurances’ multipartner model in France and internationally.

Philippe Heim — Chairman of the Board of Directors of La Banque Postale