CNP Assurances - Investor Presentation
BRAZIL:
NEW DISTRIBUTION AGREEMENT WITH CEF
CSH premium income
(R$bn)
New scope of exclusivity with CEF
(pensions, consumer credit life insurance, life
insurance)
CNP Assurances - Investor Presentation - March 2020
2018
2019
19.8
25.8
2018-2019
% change (reported)
+30%
Other insurance products distributed outside
CEF (brokerage, digital)
1.0
0.9
-9%
Other insurance products
distributed by CEF(1)
Total
2.7
3.1
+13%
23.5
29.7
+26%
> 25 years exclusivity on a new scope of business with 40% economic rights as of 1st January 2021
(vs 51.8% outside CEF) and 51% of voting rights
> Expected internal rate of return over 15%
Indicatively, the new agreement allows to secure approximately 90% of 2019 premium income and
50% of 2019 attributable net profit in Brazil(2)
(1) CNP agreed to waive the existing exclusive distribution rights of CSH for mortgage credit, savings, P&C and health insurance, as of 14 February 2021. The existing in-force
portfolios remain on CSH's balance sheet and could be sold in the future, after discussion with CEF and with the companies that will be selling these products.
(2) Taking into account only the new exclusivity perimeter and the business written outside CEF.
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