CNP Assurances - Investor Presentation
LOW GUARANTEED YIELD ON LIABILITIES
AND INCREASING SHARE OF UNIT-LINKED
> Breakdown of CNP Assurances liabilities by guaranteed yield:
74.1% 75.1% 75.3%
CNP Assurances - Investor Presentation - March 2020
16.1% 16.7%
18.8%
2017
2018
2019
Unit-linked liabilities
Liabilities without
any guaranteed yield
including protection
4.1% 3.7% 3.1%
Liabilities with 0% to
2% guaranteed yield
3.8% 2.5% 1.1%
Liabilities with 2% to
4% guaranteed yield
1.9% 1.9% 1.8%
Liabilities with > 4%
guaranteed yield (1)
> CNP Assurances business model is mainly based on fee and underwriting earnings, as reflected
by the breakdown of liabilities:
Fee earnings
Underwriting earnings
Spread earnings
Unit-linked policies: €65bn
Savings and pensions policies without any guaranteed yield: €200bn
Savings and pensions policies with low guaranteed yield: €15bn
Protection, personal risk, P&C and other reserves: €62bn
Own funds and subordinated debt: €28bn
Savings and pensions policies with high guaranteed yield: €6bn
(1) Liabilities with a guaranteed yield of more than 4% mainly concern Caixa Seguradora in Brazil, where interest rates are higher than in Europe
75%
17%
9%
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