Over 20,000 life insurance and capitalisation policies for total assets of €2.1 billion have now been transferred from Allianz France to CNP Assurances.
“We applaud the completion of this transaction, which fully corresponds to our strategy by helping to simplify our operating model,” stated Allianz France chief executive Fabien Wathlé in a release, which noted that the products were distributed to individual customers of La Banque Postale between 2009 and 2019.
The savings contract portfolio transfer was initiated as part of the alliance between La Banque Postale Group and CNP Assurances, which makes the latter the exclusive insurer of the La Banque Postale Group.
Meanwhile, the move is in line with the Allianz France 2025 strategic plan.
Commenting on the transfer completion, CNP Assurances CEO Stéphane Dedeyan said: “We are very pleased with the finalisation 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.”
