BNP Paribas set to buy French life insurance business Neuflize Vie from ABN Amro and AXA
BNP Paribas Cardif, the insurance subsidiary of BNP Paribas Group, is set to acquire French life insurance firm Neuflize Vie from its parent companies AXA and Dutch investment bank ABN Amro.
BNP Paribas Cardif to acquire Neuflize Vie from ABN Amro and AXA
Operated through Neuflize OBC, ABN Amro’s private banking unit in France, Neuflize Vie was founded in 1990 through a joint venture with AXA, with ABN Amro owning a 60% stake and AXA a 40% stake.
ABN Amro says that BNP Paribas Cardif “intends to acquire all shares in Neuflize Vie for an undisclosed amount”, adding that the combination will “constitute an undisputed leader in high-end life insurance in France”.
Neuflize Vie provides high-net-worth individuals, families and businesses with life insurance policies, retirement and estate planning services, and insurance products linked to investment portfolios.
As of 31 December, Neuflize Vie claimed to have €11.4 billion in capital under management and €389 million in equity, generating a turnover of €524 million.
ABN Amro adds that the transaction will “marginally affect” its profitability and risk-weighted assets, while generating a “minor positive impact” on its CET1 capital ratio.
A closing date for the deal has not been defined, and the transaction remains subject to customary closing conditions and regulatory approvals.
As part of the deal, Neuflize OBC will also enter into a strategic partnership with BNP Paribas Cardif to “ensure that Neuflize OBC’s clients continue to have access to high-end insurance products”.
