CNP AssurancesSA and SGAM AG2R LaMondiale said April 4 that their private pensions Arial CNPAssurances has begun operations, having gained regulatory approval.

The JV will manage private pension schemes for nearly 20,000companies that collectively represent almost €12 billion in outstandings. It willtake the form of a 40% investment by CNP Assurance in AG2R La Mondiale subsidiaryArial assurance SA.

Both companies noted that the composition of the board ofdirectors of Arial CNP Assurances represents the respective stake of eachstakeholder. CNP Assurances CEO Frédéric Lavenir serves as chairman, while AG2RLa Mondiale CEO André Renaudin was named as vice chairman. The new company'soperational governance will be shared between Arial CNP Assurances CEO PatriceBonin and managing director Yann Illouz, who is also the director of retirementsolutions department at CNP Assurances.