Two contenders for the large Cypriot insurance company who are in discussions for its acquisition
By Panagiotis Rougalas
There are two entities that are in discussions for the acquisition of his subsidiary of the French insurance giant CNP Assurances, of CNP Cyprus Insurance Holdings, one from Cyprus and one from Germany.
In the print edition of “K” on Wednesdaythe newspaper informed that there are discussions for the sale of CNP Cyprus. As already written by “K”, Hellenic Bank is in discussions for a possible acquisition of CNP Cyprus, while according to the latest information about the process, the German insurance giant, ERGO Insurance Group, is also in discussions.
These are the two entities that have reached “far” in the discussions for the sale of CNP Cyprus and it turns out that there is a tangible interest in one of the largest insurance companies in Cyprus.
It is noted that “K” asked the headquarters of CNP Cyprus in France, i.e. CNP Assurances, to comment on the discussions of the sale of its subsidiary in Cyprus, and the answer was “no comment”. There was a similar response from the management of CNP Cyprus.
Who is ERGO Germany
ERGO is one of the largest insurance groups in Germany and Europe. According to the Group's website, it is represented in more than 25 countries worldwide, with an emphasis on the core and developing markets of Europe and Asia. ERGO offers a wide range of insurance, pensions, investments and services and in the German domestic market, ERGO is one of the leading providers in the life, non-life and health sectors with a wide range of products. In 2022, ERGO collected total premiums of €20 billion and paid its customers net policy benefits of €15 billion.
2 insurance and 1 question mark
The Hellenic Bank already has 2 insurance companies under its umbrella, Pancypriaki and Hellenic Life. In the nine months of 2023, the Bank's net income from its insurance operations amounted to 13 million euros, compared to 13.2 million euros in the corresponding period of 2022, reduced by 1% on an annual basis.
It is likely that the interest in the acquisition of CNP Cyprus is also related to the changes that are expected within Hellenic, i.e. the changes that will be brought about by the Bank's major shareholder, Eurobank.