Three requests for partial transfer of Arial CNP Assurances’ portfolio were published in the Official Gazette on 12 May. They must enable the subsidiaries of CNP Assurances and AG2R La Mondiale to become a FRPS.
Arial CNP Assurances has submitted three requests to the ACPR to transfer part of its contract portfolios to AG2R Prévoyance, La Mondiale and CNP Assurances. These are contracts currently carried out by Arial CNP Assurances that are not eligible for transfer to an FRPS.
And for good reason, the subsidiary decided to consolidate its position in the supplementary pension market by starting its transformation into a FRPS. This change in the statute will allow for this latest version of the envelope of the IORP Directive, a regulation more tailored to long-term investment.
The outstanding amounts of these contracts can be redirected directly to the shareholders of Arial CNP Assurances – AG2R La Mondiale and CNP Assurances – in order to be housed within their own balance sheets.
The creditors of these insurance companies have two months ahead of them to comment on this project.
At the same time, the Union Mutualiste Retraite (UMR) is expected to follow in Arial’s footsteps in the coming months. In fact, the union also plans to file an application for transformation into FRPS in the course of 2022 and integrate the Vyv group.