BNP Paribas Assurance builds out international coverage
23.01.2008 | Press release
- Present in 42 countries
- 7 launches in new countries in 2007
- Nearly 40% of business generated outside France
BNP Paribas Assurance, the world leader in creditor insurance, opened its 42nd international location in late December 2007, culminating a year of exceptional international expansion.
As announced at the beginning of 2007, BNP Paribas Assurance accelerated the development and globalization of its activities, expanding international coverage with the addition of 7 new countries during the year: Ukraine, Croati a, Norway, Turkey, Colombia, Denmark and Canada.
BNP Paribas Assurance now has operations in 42 countries: 25 countries in Europe, 7 in Asia, 6 in Latin America, 2 in North America and 2 in Africa. International operations are headed by Jean-Bertrand Laroche and Renaud Dumora, both members of the Executive Committee.
The company has consolidated its coverage of regions where it already held strong positions and where its major partners—banks and financial institutions—already had a presence.
International operations accounted for 39 percent of total business for BNP Paribas Assurance in 2007, representing a 15-percent increase (28 percent in 2006). International business was divided between savings (67 percent) and protection insurance (33 percent). Gross written premiums are sold via numerous partnerships and six joint ventures.
“International operations now account for nearly 40 percent of our business, significantly accelerating the growth of BNP Paribas Assurance,” said Eric Lombard, Chairman and Chief Executive Officer of BNP Paribas Assurance. “Higher standards of living, ageing populations and the rise in demand for savings and protection solutions around the world create tremendous growth opportunities for an international enterprise such as ours. To seize these opportunities we will continue to innovate and continually adapt our portfolio of products and solutions to the needs of all the countries where we do business.”*
BNP Paribas Assurance (www.assurance.bnpparibas.com) is the Life and Property & Casualty insurance unit of BNP Paribas. It develops and markets products and services under two commercial brands. Products distributed through the BNP Paribas retail branch network in France are branded BNP Paribas. Those distributed by other channels in France and in international markets are branded Cardif. BNP Paribas Assurance is the world leader in creditor insurance and the fourth-largest life insurance company in France. Its life and non-life insurance units have received an AA+ rating from Standard & Poor's.