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Going beyond their strict contractual obligations, CNP Assurances and
UniCredit have decided upon a significant commercial initiative to assist those
clients who invested in Index Linked contracts based on Lehman Brothers
bonds.
The Board of Directors of CNP UniCredit Vita, whose reference shareholders
are CNP Assurances and UniCredit, have approved a plan to protect the value of
investments made by clients in Index Linked contracts linked to Lehman Brothers
bonds for an amount of approximately 400 Million Euros.
The purpose of this initiative is to protect policyholders. The
value thus placed on the relationships founded on trust with customers explains
the good level of business this yearend, despite the crisis.
This initiative concerns approximately 25,000 customers who bought 13
different issues of Index Linked contracts, for a total nominal amount of 572.6
Million Euros. These contracts were for the most part sold between 2001 and 2003
by the distribution networks of the former Capitalia Group and almost all of
them come to maturity during the first half of 2009. The Company proposes
among other things to convert these policies into new contracts wherein at
maturity clients will receive the intital capital invested, net of coupons
already received.
In order to facilitate the transaction, a committee will be established, to
be presided by a qualified third party from outside the Company and from outside
the two reference shareholders.
The task of this committee will be to
validate the proposals made to policyholders and to aid in the resolution of
specific cases.
This commercial initiative will impact the consolidated net profit of CNP
Assurances for an amount less than 100 Million Euros. This impact has
already been incorporated into the guidance numbers provided to the
market.
UniCredit and CNP Assurances have also taken this opportunity to extend
their exclusive distribution agreement by 3 years, out to 2017. Through
this significant initiative, the two groups have testified to their commitment
to a dynamic and value-creating partnership on the Italian
market. Press
Relations
Agathe Sanson
Tel : +33 (0)1 42 18 85 23
E-mail : servicepresse@cnp.fr
Investor and Analyst
Relations
Jim Root
Tel : +33 (0)1 42 18 71 89
Jean-Yves Icole
Tel : +33 (0)1 42 18 94 93
E-mail : infofi@cnp.fr
Some of the statements contained in this press release may be
forward-looking statements referring to projections, future events, trends or
objectives which, by their very nature, involve inherent risks and
uncertainties. Actual results could differ
materially from those currently anticipated in such statements by reason of
factors such as changes in general economic conditions and conditions in the
financial markets, legal or regulatory decisions or changes, changes in the
frequency and amount of insured claims, particularly as a result of changes in
mortality and morbidity rates, changes in surrender rates, interest rates,
foreign exchange rates, the competitive environment, the policies of foreign
central banks or governments, legal proceedings, the effects of acquisitions and
the integration of newly-acquired businesses, and general factors affecting
competition.
Further information regarding factors which may cause results to
differ materially from those projected in forward looking statements is included
in CNP Assurances’ filings with the Autorité des Marchés Financiers. CNP Assurances does not undertake to update any
forward-looking statements presented herein to take into account any new
information, future event or other
factors.
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