CNP Assurances - Investor Presentation
GROUP CAPITAL STRUCTURE
UNDER IFRS
IFRS EQUITY
CNP Assurances - Investor Presentation - March 2020
(€bn)
21.2
19.9
19.3
19.5
1.8
18.3
18.6
1.8
1.8
1.7
1.6
1.5
3.3
16.0
15.5
3.7
2.5
1.4
3.0
3.7
3.1
1.9
1.4
13.2
1.9
2.0
1.8
2.0
1.2
2.6
1.8
2.6
1.1
2.1
2.5
2.1
14.2
12.7
13.4
10.5
11.0
11.5
12.0
9.6
8.8
2011
2012
2013
Solid capital generation thanks to:
Retained earnings
Conservative dividend policy:
2014
2015
2016
2017
2018
2019
Non-controlling interests
Unrealised gains and others
Undated subordinated notes
Shareholders equity
✓ Priority to be given to maintaining or increasing the dividend per share from year to year
✓ Payout ratio of between 40% and 50%
✓ 50% to 60% of profit to be ploughed back into organic or external growth
Non-controlling interests represent the share of equity in our subsidiaries detained by our banking
partners (Caixa Econômica Federal in Brazil, Santander in Ireland, UniCredit in Italy)
30View entire presentation