Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229- 91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu.  
  EUROPEAN COMMISSION  
Brussels,  28.6.2021  
C(2021)  4926 final   
PUBLIC VERSION 
CNP Assurances S.A.  
4 place Raoul -Dautry   
75015 Paris  
France  
 
UniCredit S.p.A. 
Piazza Gae Aulenti 3   
20154 Milano Italy 
Subject : Case M. 10352 – CNP / UNICREDIT / AVIVA LIFE / AVIVA SPA  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No  139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 4 June 2021, the  European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which CNP 
Assurances S.A. (‘CNP’, France), ultimately controlled by Caisse des Dépôts et 
Consignations (‘CDC’, France)  acquire s within the meanin g of Article 3(1)(b ) of the 
Merger Regulation sole  control over the whole of the Aviva Life S.p.A. (‘Aviva Life’, 
Italy)  and Aviva Italia Servizi, S.c.a.r.l. (‘Aviva Servizi’, Italy) both belonging to 
Aviva plc’s group, and CNP and UniCredit S.p.A. (‘UniCr edit’, Italy) acquire within 
the meaning of Article  3(1)(b) of the Merger Regulation joint control of Aviva S.p.A. 
(Italy) also belonging to Aviva plc’s group, by way of purchase of shares .3 
2. The business activities of the undertakings concerned are:  
− CNP de velops, provides and manages insurance products globally. In Italy, CNP 
is mainly active in the provision of life insurance products, 
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Functioning of the European Union ( ‘TFEU ’) has introduced certain changes, such as the 
replacement of ‘Community ’ by ‘Union’  and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout this decision.  
2  OJ L 1, 3.1.1994, p . 3 (the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 226, 14.06.2021 , p. 5. 

2 − UniCredit is an Italian banking group providing banking and financial services in 
Italy and worldwide , 
− Aviva Life provides  life insurance products in Italy,  
− Aviva Servizi provides fiscal, administration and financing, information 
technologies, human resources, actuarial, marketing and communication and legal services to its shareholders within the Aviva plc group, 
− Aviva S.p.A . provides life insurance products in Italy.  
3. After examination of the notification, the European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulation and of 
paragraph 5( c) of the Commission Notice on a simplified procedure for treatment of 
certain concentrations under Council Regulation (EC) No  139/2004.
4 
4. For the reasons set out in the Notice on a simplified procedure, the European Commission has decided not to oppose the noti fied operation and to declare it 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in application of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agreement . 
For the Commission   
(Signed)  
Olivier GUERSENT  
Director -General  
 
                                                 
4  OJ C 366, 14.12.2013, p. 5.