Aviva plc (“Aviva”) announces that its French subsidiary, CGU France, has reached an agreement in principle to enter a bancassurance partnership with Crédit du Nord, a French banking group and subsidiary of Société Générale, in co-operation with Cardif, a French life insurance company. This agreement is subject to contract.
Aviva plc (“Aviva”) announces that its French subsidiary, CGU France, has reached an agreement in principle to enter a bancassurance partnership with Crédit du Nord, a French banking group and subsidiary of Société Générale, in co- operation with Cardif, a French life insurance company. This agreement is subject to contract.
This agreement will add bancassurance distribution in France, through over 600 branches and to 1.3 million customers, to the existing multi-distribution capability of CGU France.
The following announcement has been issued in France today:
Aviva to take a shareholding, from late 2004, in Antarius, the life insurance subsidiary of Crédit du Nord
Crédit du Nord, a member of the Société Générale group, and Cardif, a subsidiary of BNP Paribas, have been in a life insurance partnership since 1977. Initially, between 1977 and 1996, the partnership was based on the sale of Cardif’s life insurance products via Crédit du Nord’s banking network, and then from 1996, through a 50:50 owned life insurance company, Antarius.
From mid 2002, under the terms of the Antarius agreement, Crédit du Nord has the option to change its partner. Crédit du Nord has chosen to partner CGU France, a subsidiary of Aviva, taking account of the relationship developed in the non-life sector between Société Générale and the leading insurance group in the UK.
On 30 September 2002, the Crédit du Nord group, CGU France, and Cardif, signed a three-way co-operation agreement.
The agreement provides, subject to contract and to the approval of the appropriate authorities, for the acquisition by CGU France in late 2004 of the 50% shareholding currently held by Cardif in Antarius, the life insurance subsidiary of Crédit du Nord, created in 1996. In 2001 Antarius had premium income of €547million and policyholder funds under management at the end of 2001 were €2.5 billion. From late 2004, CGU France will manage and administer the portfolio of Antarius and the new business.
Cardif will continue to maintain its role as insurer of the portfolio of life insurance contracts written with Crédit du Nord’s clients between 1977 and 1996. Policyholder funds under management related to these contracts, at the end of 2001, were €3.3 billion.
CGU France and Cardif will take all the necessary steps to ensure the continuity of quality of service to Crédit du Nord’s customers.
CGU France has also recently signed an agreement to provide car and household insurance through Crédit du Nord’s branches and associated banks.
Enquiries:
Analysts/Investors:
James Matthews, Head of Investor Relations
+44 (0)20 7662 2137
Media:
Ian Frater, Head of Group Media Relations
+44 (0)20 7662 8221
Alex Child-Villiers, Financial Dynamics
+44 (0)20 7269 7107
Notes to editors:
Aviva
- On 1 July 2002, CGNU plc changed its name to Aviva plc. Aviva’s French businesses will change their name to Aviva around the end of 2002.
- Aviva is the largest provider of life and pensions to Europe, the UK’s largest insurance group and has substantial positions in other markets around the world. Aviva is the world’s seventh-largest insurer based on worldwide gross written premiums.
- Aviva’s principal business activities are long-term savings, fund management and general insurance, with worldwide premium income and retail investment sales from ongoing business of more than Ł28 billion, and over Ł200 billion of assets under management at 31 December 2001.
- CGU France currently operates in the life market in France through Abeille vie, which had €3.2 billion of new business in 2001, and in general insurance through Abeille assurances and Eurofil. These businesses are complemented by Victoire Asset Management, our award winning investment management company in France.
Crédit du Nord
- The Crédit du Nord group is a federation of 8 regional French banks. It operates through 614 branches and services 1.3 million customers.
Cardif
- Cardif is an international life insurer, based in France, and a subsidiary of BNP Paribas. Specialist in cross-border partnerships, it sells savings, pensions and protection products in 27 countries, notably via the bancassurance channel. Cardif has over 150 corporate and institutional partners worldwide.