Investor Presentation - CNP Assurances Corporate Bond Portfolio and SCR Coverage Ratio
Variance analyses: insurance service result
In future communications, changes in the insurance service result will be presented in the following format:
Insurance
service result
Business model
CNP
assurances
Expected (stock)
Corresponds to the expected allocation to the CSM and RA, based on the stock of contracts in force
at the beginning of the year (taking as the basis opening CSM before changes in assumptions and
market effects)
Experience
adjustments (stock)
Impact of observed differences between expected and actual experiences (direct impact on P&L or
effect of CSM impact allocated to P&L) and changes in technical assumptions
=
Markets (stock)
+
New Business
+
Impact of changes in the economic environment (direct P&L impact for BBA scope or effect of
allocation to P&L of the CSM impact for VFA scope) + financial margin for the BBA scope
Profit or loss on New business written during the year (P&L impact of CSM recognised during the
period)
New Business
Direct P&L impact of the loss component in the case of loss-making cohorts
Investor Presentation
March 23
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