CNP Assurances says Cyprus unit hit higher than thought

CNP Assurances said on Thursday that the impact of the crisis in Cyprus on its CNP Laiki Insurance Holdings unit would be 16 million euros ($20 million), up from a previous estimate of 5 million.

The French insurer also said it had made a provision of 50 million euros to cover the unit's estimated goodwill impairment.

CNP Assurances has a 50.1 percent stake in CNP Laiki Insurance Holdings while the remaining 49.9 percent is held by Laiki Bank, which has been put into liquidation under agreements between the Eurogroup and the Cypriot government.