French insurance firm CNP Assurances has signed an agreement with the Italian banking group UniCredit as part of its international growth strategy.

As part of the agreement, CNP Assurances will buy UniCredit’s 49% stake in CNP Vita Assicura for €500m taking the French firm’s shareholding in CNP Vita Assicura to 100%.

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The insurer has also agreed to sell a 6.5% stake in CNP UniCredit Vita to the Italian bank for €70m, thereby increasing UniCredit’s stake in the venture to 45.3% from 38.8%.

CNP Assurances will continue to retain a controlling stake of 51% in CNP UniCredit Vita.

The French firm said the deal will allow it to rationalise the organisation of its Italian operations and pursue its development in the country via a bancassurance partnership with UniCredit and a multi-partner model with CNP Vita Assicura and CNP Vita Assicurazione.

For UniCredit, the deal is aimed at simplifying its bancassurance operations and increasing flexibility.

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The bank estimates that the deal will have a positive impact of around ten basis points on capital and approximately €200m on net profit based on H1 2022 data.

In December 2021, CNP Assurances acquired the Italian life insurance operations of Aviva in a deal valued at €543m.

CNP Assurances CEO Stéphane Dedeyan said: “This transaction is the logical next step after the acquisition of Aviva’s life insurance activities last year, and will allow us to accelerate the development of our open model in Italy while maintaining our strong strategic partnership with UniCredit, our historic partner in this market.

“We are very pleased with this transaction, which confirms CNP Assurances’ international ambitions and our commitment to Italy, the group’s second international market.”