Investor Presentation - CNP Assurances Corporate Bond Portfolio and SCR Coverage Ratio
Main characteristics of French savings products
MAXIMUM AMOUNT
PER PERSON
Bank Deposits
& Taxable Passbooks
Tax Free Passbooks
e.g. Livret A
Unlimited
€23k
Stocks, Bonds
& Mutual Funds
Unlimited
POSSIBILITY TO CONVERT
No
No
No
INTO ANNUITIES
WEALTH TAX
[0.5% TO 1.5%]
None
None
None
Life
Insurance
Unlimited
Yes
None
Properties
Unlimited
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%]
30% flat tax
0%
30% flat tax
& SOCIAL TAX [17.2%]
30% flat tax before 8 years
17.2% to 30% after 8 years(1)
17.2% to 62.2%
GUARANTEE OF CAPITAL
Yes
LIQUIDITY
CNP
assurances
Yes
None
Fully liquid
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
Investor Presentation
March 23
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