BPCE Assurances announces the success of its first public subordinated debt issuance and obtains an A+ rating from Fitch Ratings
BPCE Assurances has achieved a major milestone in its development with the successful issuance of its inaugural public subordinated debt, for a total amount of €680 million. This transaction demonstrates investors' confidence in the financial robustness of BPCE Assurances' model and its commitment to positive impact. The A+ rating awarded by Fitch Ratings, with a stable outlook, confirms this strength and establishes BPCE Assurances’ position as a new issuer in financial markets.
This first issuance attracted sustained investor interest, with nearly 58% of international investors and an order book 14 times oversubscribed for a total of €9.5 billion. It consists of a €280 million “restricted tier 1” tranche and a €400 million” tier 2” tranche, structured as a Green Bond and backed by a 100% green real estate portfolio, thus demonstrating BPCE Assurances' commitment as a responsible insurer.
This transaction is a major step in the development of BPCE Assurances, marking its inaugural access to the capital markets, strengthening the diversification and autonomy of its financing for the benefit of its policyholders. It also illustrates the coherence and relevance of Groupe BPCE's bancassurance model.
Recognition of BPCE Assurances' financial strength
Fitch Ratings has assigned BPCE Assurances an A+ (Insurer Financial Strength) rating, with a stable outlook, an issuer default rating in line with that of Groupe BPCE and at the highest level among the insurance subsidiaries of French banking groups.
This rating reflects BPCE Assurances' financial robustness and high profitability. The rating agency also highlighted BPCE Assurances' strategic importance to Groupe BPCE and the strong support it enjoys, thereby reinforcing its position as a leading issuer.
Corinne Cipière, Chief Executive Officer of BPCE Assurances, said: "The strength of BPCE Assurances' and its excellent financial solvency are confirmed by the A+ rating obtained from Fitch Ratings. This recognition, as well as our investors' clear confidence in our investment strategy, is reflected in the success of our inaugural issuance. This transaction is fully aligned with our Vision 2030 strategic plan, which aims to make Groupe BPCE the 4th largest insurer in France by 2030 and reaffirms our commitment to a sustainable and responsible business model.”
Key details of the issuance:
Issuer: BPCE Assurances
Issuance of €680 million of €280 million of restricted tier 1 subordinated notes and €400 million of Tier 2 subordinated notes
Instrument rating: BBB
Coupon: RT1 – 5.750% / T2 – 4.125%
Spread: RT1 – 342.6 bps / T2 – MS + 165 bps
Oversubscribed: RT1 – 15 x / T2 – 13 x
Expected settlement date: October 22, 2025
Global coordinator: Natixis CIB
Market: Euronext Growth Paris
A 100% subsidiary of Groupe BPCE, the second largest banking player in France and the fourth largest in the euro zone in terms of equity, BPCE Assurances designs and manages personal insurance solutions (life insurance, provident insurance, creditor insurance) and non-life insurance (car insurance, home insurance, supplementary health insurance, life accident coverage, legal protection, etc.) for individual and professional customers of the Banque Populaire and Caisse d'Epargne networks.
Expert
Corinne Cipière
Chief Executive Officer: Insurance and member of Groupe BPCE's General Management Committee
Corinne Cipière is Chief Executive Officer of BPCE Assurances since February 2024. Corinne Cipière has spent all of her career in the insurance industry. She b
