CNP Assurances - Investor Presentation
CNP Assurances - Investor Presentation - March 2020
RISK AND
CAPITAL MANAGEMENT
Risk management of the Group takes into account SII impacts of all day-to-day management actions
(underwriting policy, reinsurance program, asset allocation, hedging program, etc.) and the Board of
Directors closely monitors SIl coverage ratio, both at Group level and at legal entity level
The Own Risk and Solvency Assessment (ORSA) is a core component of the Group's risk and capital
management framework. ORSA is a 5-year prospective and stressed view of the SII ratio, and is therefore
more conservative. The risk factors taken into account in ORSA include the Group's own risk factors (e.g.
sovereign risk) over and above those identified for SCR purposes
ORSA provides more stability in the medium term capital management compared to SII ratio as it includes
more efficient countercyclical measures. ORSA results are presented for approval to CNP's Board of
Directors and communicated to the Group's supervisor (ACPR)
341%
331%
324%
326%
332%
317%
300%
298%
280%
261%
227%
192%
190%
192%
198%
193%
187%
177%
180%
169%
161%
388%
FY 2015 FY 2016 FY 2017
Q1 2018 Q2 2018
Q3 2018
FY 2018
Q1 2019 Q2 2019
Q3 2019
FY 2019
Group SCR Coverage ratio
Group MCR Coverage ratio
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