CNP Assurances and Allianz France announced today that they have finalized a transfer of savings contracts from Allianz France to CNP Assurances. The transfer comprises more than 20,000 life insurance and capitalization policies for total assets of 2.1 billion euros.
The Excelis and Satinium products were marketed by La Banque Postale to its individual customers between 2009 and 2019 and are no longer distributed. La Banque Postale continues to monitor the customers holding these policies.
Initiated as part of the alliance of the La Banque Postale Group and CNP Assurances, the transfer confirms the position of CNP Assurances as the sole insurer of the La Banque Postale Group and is part of the Group’s strategy to increase the share of assets invested in unit-linked accounts in its savings portfolios. At the end of December 2020, these two portfolios consisted approximately 60 percent of unit-linked accounts.
The transaction is also consistent with Allianz France’s determination to actively manage its portfolio of life insurance policies while continuing to bring its customers attractive insurance products, in line with its strategic plan, Allianz France 2025.
In France, the transaction was approved by the French Prudential Supervision and Resolution Authority (ACPR) on November 19, 2021 and published in the Official Journal of November 30, 2021. It has also been approved by the Monegasque supervisory authority.
Customers covered under the transfer, who are already customers of La Banque Postale, have been duly informed.
Fabien Wathlé, CEO of Allianz France, said: “We applaud the completion of this transaction, which fully corresponds to our strategy by helping to simplify our operating model.”
Stéphane Dedeyan, CEO of CNP Assurances, said: “We are very pleased with the finalization of this transaction, which serves to strengthen CNP Assurances’ position as the sole insurer of La Banque Postale and is an integral part of our drive to transform our assets under management with portfolios mainly invested in unit-linked products. La Banque Postale customers affected by these transfers can rest assured about the continuity of the management of their contracts and our determination to provide them with the best possible service.”