Isabella Fumagalli joins the Executive Committee as head of Italy, with responsibility for development of all BNP Paribas Assurance distribution channels and partnerships in the country. Following the acquisition of UBI Assicurazioni with Ageas (formerly Fortis) and the development of a partnership with BNL Vita, Italy has become the second-largest domestic market for BNP Paribas Assurance. Its Cardif unit has been active in Italy since 1989.
With the appointment of Isabella Fumagalli, the Executive Committee of BNP Paribas Assurance now counts 20 percent women.
Isabella Fumagalli holds a degree in business from Bocconi University in Milan. She joined Cardif in 1999 after three years as a consultant and seven years with J.P. Morgan, where she held a series of management positions in Milan and London.
From 1999 to 2002, Isabella Fumagalli was responsibile for developing Cardif's savings business (life insurance investments) in Italy. In 2002 she became managing director and chief executive of Cardif Assicurazioni. In 2007 she was named head of the Southern Europe geography for BNP Paribas Assurance, which includes Italy, Spain, Portugal and Croatia. Her responsibilities were expanded to the larger Central and Southern Europe zone in 2008, adding Austria, Hungary, the Czech Republic, Slovakia, Bulgaria, Romania and Serbia.
Olivier Héreil, Director of Investments and Asset Management for BNP Paribas Assurance, has been named to the Executive Committee. He retains his current responsibilities, overseeing management financial and property assets held by BNP Paribas Assurance insurance companies, as well as Asset and Liabilities Management (ALM). This appointment reflects the increased significance of asset management in a challenging economic and financial environment.
BNP Paribas Assurance had 117.9 billion euros in assets under management at December 31, 2009 following strong growth in its businesses, particularly in Asia due to strong development of savings in the region. In France alone, general fund assets total approximately 70 billion euros, invested mainly in bonds, equities and real estate.
A graduate of the ESSEC business school, Olivier Héreil has a background as a financial analyst and actuary. He is a member of the Société Française des Analystes Financiers (SFAF) and the Institut des Actuaires. He has contributed to the development of Cardif's asset management activities since 1982.
After working as a financial analyst and in financial markets, in 1987 he was given responsibility for management of Cardif's mutual fund and insurance portfolios. He was appointed chief executive of Cardif Asset Management in 1989, becoming chairman in 1997. In 2000 he was named to his current position as Director of Investments and Asset Management for the Insurance Companies of BNP Paribas Assurance.
Olivier Héreil is also a member of the board of the French Association of Institutional Investors, Af2i. He has taught courses in financial markets for many years. He is head of the Fixed Income and Derivatives curriculum at the SFAF training center and teaches classes as part of the Master 2 program at Université Paris-Dauphine and Paris X Nanterre.
The Executive Committee of BNP Paribas Assurance is headed by Eric Lombard, Chairman and Chief Executive Officer, and Pierre de Villeneuve, Deputy Chief Executive Officer, along with three Chief Operating Officers:
Gérard Binet – Chief Operating Officer, Senior Advisory Desk
Stanislas Chevalet – Chief Operating Officer, Head of Digital & Brokers Channel and Efficiency Technology and Operations
Virginie Korniloff – Chief Operating Officer, Head of the Retail Banking Channel and Worldwide Marketing
The other members of the Executive Committee are:
Renaud Dumora – Head of Finance and Risk Management
Isabella Fumagalli – Head of Italy
Olivier Héreil – Chief Investment Officer
Jean-Bertrand Laroche – Head of the Partnerships Channel
Michel Piano – Head of Human Resources and Logistics
Photos are available on request from the press office.
About BNP Paribas Assurance
BNP Paribas Assurance 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. It had gross written premiums of 20.7 billion euros in 2009. With a diversified geographic footprint, BNP Paribas Assurance has strong positions in Europe, Latin America and Asia. In 2009, BNP Paribas Assurance generated 41% of its gross written premiums outside France.
It counts over 8,000 employees, 74% of them outside France.
BNP Paribas Assurance is actively committed to exemplary Corporate Social Responsibility. It has adopted a Socially Responsible Investment program, encourages diversity throughout the enterprise (earning the "Gender Equality at Work" label in France) and supports local economic development in the markets where it operates.
BNP Paribas Assurance is equally committed to environmental responsibility and has deployed an action plan to achieve a 10-percent reduction in the company's carbon emissions.