Allianz France and CNP Assurances announce the transfer of Allianz France’s savings contract portfolio to CNP Assurances

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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.”

* Technical provisions at book value on December 31, 2020.

About Allianz France

As a multi-line insurer specializing in wealth and social protection, Allianz France harnesses its extensive expertise and the dynamism of its 8,500 employees in France. Nearly 7,000 sales intermediaries, agents, advisors, brokers and partners advise and support the 5.5 million customers having placed their trust in Allianz France.

The Allianz Group is one of the world's leading insurers and asset managers with more than 126 million* private and corporate customers in more than 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 706 billion euros** on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage nearly 1.7 trillion euros** of third-party assets. Thanks to the systematic integration of environmental, social and governance criteria in our operations, business processes and investment decisions, we continue to be recognized as among the sustainable insurers in the Dow Jones Sustainability Index (September 23, 2022). In 2021, over 155,000 employees achieved total revenues of 148.5 billion euros and an operating profit of 13.4 billion euros for the group.

These assessments are, as always, subject to the disclaimer provided below.

*Including non-consolidated entities with Allianz customers.
** As of September 30, 2022

Press contact

Anne-Sandrine Cimatti
Allianz France
As with all content published on this site, these statements are subject to our cautionary note regarding forward-looking statements:

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