CNP Insurance Social Protection wants to modernise social protection

Over the past several months, the reconciliation between the LWOP Insurance, subsidiary of the Postal Bank Group, and General Mutual, a group historically linked to La Poste, finally took place at the beginning of the year. It leads to the creation of CNP Assurances Protection Sociale, and defends the ambition to modernize the sector.

FACTS

• CNP Insurance Social Protection is presented as an expert in health and welfare protection solutions, and as a subsidiary of the CNP Insurance Group.

• This new entity is the result of the reconciliation of CNP Assurances and La Mutuelle Générale and the division of the activities of La Mutuelle Générale. CNP Assurances Protection Sociale is thus a public limited company 65% owned by CNP Assurances Holding and 35% by La Mutuelle Générale since 31 December 2024.

• It now covers 1.4 million people and estimates its turnover at over 900 million euros. 1,300 employees of La Mutuelle Générale are accompanied by a team of some 20 employees of CNP Assurances to form the new integrated entity within the group.

• The creation of CNP Insurance Social Protection comes after months of waiting, following the validation of the competent authorities.

ISSUES

• Create Reference With CNP Assurances Protection Sociale, CNP Assurances and La Mutuelle Générale have sought to create a new reference player, a leader in the health and foresight market in France. As Marie-Aude Thépaut, Managing Director of CNP Assurances, points out, the creation of CNP Assurances Protection Sociale must allow the group to double its turnover (to reach nearly €2.2 billion in turnover) and to approach, in the long term, the largest social protection players in France.

• Modernising the market : The objective of this new group is also clearly to participate in the modernization of its business sector by expanding the solutions of health coverage and foresight. The General Mutual Open an idea lab focused on artificial intelligence last July, which could serve the interests of the new group overall.

PERSPECTIVE

• One reform the supplementary social protection of civil servants is currently under way in France. It has been in operation since 1 January 2022 and is intended in particular to enable public officials to receive reimbursement of part of their supplementary social protection contributions to cover their health costs. The overall objective of these measures is to reduce inequalities between the public and private sectors.

• CNP Assurances intends to take advantage of these developments to secure new markets with CNP Assurances Protection Sociale. The Caisse des dépôts and the Ministry of Environmental Transition are among its first clients.

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