Investor Presentation - CNP Assurances Corporate Bond Portfolio and SCR Coverage Ratio
Low guaranteed yield on liabilities and increasing share
of unit-linked
Breakdown of CNP Assurances liabilities by guaranteed yield:
19.4% 22.3% 22.9%
Unit-linked liabilities
76.7% 74.2% 74.0%
Liabilities without
any guaranteed yield
including protection
2020
1.5% 1.3% 0.9%
Liabilities with 0% to
2% guaranteed yield
0.7% 0.8% 0.8%
Liabilities with 2% to
4% guaranteed yield
1.7% 1.5% 1.5%
2021
2022
Liabilities with > 4%
guaranteed yield
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: €87bn
Savings and pensions policies without any guaranteed yield: €220bn
Savings and pensions policies with low guaranteed yield: €6,2bn
Protection, personal risk, P&C and other reserves: €60bn
Own funds and subordinated debt: €27,3bn
Savings and pensions policies with high guaranteed yield: €5,7bn
77%
15%
8%
CNP
assurances
1. Including liabilities from CVP and CSH in Brazil, where interest rates are higher than in Europe
Investor Presentation
March 23
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