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Groupe BPCE creates a comprehensive streamlined insurance platform within Natixis to support its ambition as a bancassureur in the bancassurance arena and to enhance service delivered to Banque Populaire and Caisse d’Epargne clients

Groupe BPCE plans to combine its insurance businesses within Natixis to support its strategic ambition to make bancassurance a core component of its future development in France. On completion of its industrial project, Natixis will therefore become the Group insurance platform, serving Banque Populaire and Caisse d’Epargne clients in life as well as in non-life insurance

In non-life insurance, Natixis plans to acquire Groupe BPCE’s 60% controlling stake in BPCE Assurances (1). BPCE Assurances, in association with MACIF and MAIF develops non-life insurance solutions for Caisse d’Epargne clients, as well as health insurance solutions for Caisse d’Epargne and Banque Populaire clients. BPCE Assurances currently has 1.5 million clients and generated €583 million in earned premiums in 2012. This acquisition would proceed with no change to the existing equity and industrial partnerships with MACIF and MAIF. Equally, it will have no impact on the partnership developed separately by MAAF, the Banque Populaire network and Natixis in non-life insurance for Banque Populaire clients.

With regard to life insurance, Groupe BPCE informed CNP Assurances of its intention to change its distribution relationships with the company as of January 1st, 2016 when its existing distribution agreements expire. While pursuing its 2014-2017 strategic plan and remaining a stable and long-term shareholder of CNP Assurances, Groupe BPCE will implement as of this date its strategic decision to integrate life insurance and loan insurance protection businesses within Natixis’ insurance platform, which will manufacture the insurance contracts distributed by the Caisse d’Epargne network as it already does for the Banque Populaire network.

The decision to roll out this bancassurance strategy forms part of a medium- and long-term industrial plan. On one hand, CNP Assurances would continue managing contracts underwritten prior to 2016, currently representing technical reserves in excess of €100 billion, as well as future flows relating to these contracts. On the other hand, Groupe BPCE and CNP Assurances intend to initiate discussions on new partnerships, including on certain life insurance new business segments, from January 1st 2016 onward.

Groupe BPCE is therefore pursuing its construction with the creation of a unified and streamlined insurance platform dedicated to Banque Populaire and Caisse d’Epargne network clients, in order to continually enhance integration of the value chain related to strategic activities that are complementary of the Group’s various banking businesses.

 (1) On November 6, 2013 BPCE SA held 46.4% of BPCE Assurances, and by MURACEF, a mutual insurance company (SAM) of Groupe BPCE. The remaining capital (40 %) is held by Macif in an amount of 25 % and Maif holds 15 %.