CNP Assurances - Investor Presentation
MAIN CHARACTERISTICS
OF FRENCH SAVINGS PRODUCTS
Tax change
since January 1st, 2018
Bank Deposits &
Taxable Passbooks
Tax Free Passbooks
e.g. Livret A
Stocks, Bonds &
Mutual Funds
CNP Assurances - Investor Presentation - March 2020
Life Insurance
Properties
% of French household
wealth
8%
(€0.9tn)
5%
(€0.6tn)
12%
(€1.4tn)
17%
(€1.9tn)
58%
(€6.6tn)
Maximum amount
Unlimited
€23k
Unlimited
Unlimited
Unlimited
per person
Possibility to convert
into annuities
Yes
No
No
No
Wealth tax
None
None
None
[0.5% to 1.5%]
None
No
Yes, above €1.3m
of properties per
household
Inheritance tax
[0% to 60%]
Yes
Yes
Yes
None below €152k per beneficiary
(with illimited # of beneficiaries)
Yes
Income tax [0% to 45%]
& Social tax [17.2%]
30% flat tax
0%
30% flat tax
30% flat tax before 8 years
17.2% to 30% after 8 years(1)
17.2% to 62.2%
Yes
Guarantee of capital
Yes
Liquidity
Fully liquid
None
Fully liquid
Depending on capital
markets liquidity
Traditional: guarantee at any time
Unit-linked: optional guarantee in
case of death, disability or survival
Fully liquid
Simplified description for illustration purpose only. Source: INSEE and Banque de France
(1) 17.2% for the part of annual gains below €4.6k for a single person (€9.2k for a couple)
24.7% for premiums written before 2018 or with an AUM below €150k for a single person
30% flat tax for premiums written after 2018 and with an AUM above €150k for a single person, for the fraction of AUM above this threshold
None
Illiquid
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