Investor Presentation - CNP Assurances Corporate Bond Portfolio and SCR Coverage Ratio
Focus on Loss component (LC)
Direct P&L impact in the case of loss-making cohorts
FCF: Fulfilment Cash Flows
PVFCF: Present Value of Future Cash Flows or best estimate
Profitable
contracts
Onerous
contracts
Inflows
(premiums)
Outflows
(claims,
expenses,
etc.)
Discounting
adjustment
RA
Profit
CSM
Loss
Inflows
(premiums)
Outflows
(claims,
expenses,
etc.)
Discounting
adjustment
RA
Day one loss
Unearned profits
recognised over
the duration of the
contract
Estimated loss
recognised
immediately in the
income statement
CNP
assurances
In the case of loss-making cohorts (onerous contracts), the loss component is recognised directly in P&L (as a component of the insurance service result) and
not over the duration of the contract like the CSM.
At transition, the loss component represents less than €100m
Investor Presentation
March 23
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