CNP Assurances - Investor Presentation
RECOGNIZED
FINANCIAL STRENGTH
MOODY'S
A1
Stable outlook
November 2019
Latest update
CNP Assurances - Investor Presentation - March 2020
S&P
A
Stable outlook
December 2019
Latest update
"CNP Assurances' credit profile is supported by (1) the
group's very strong market position in the French life
insurance market, (2) a low liability risk profile thanks to a
low average guaranteed rate on traditional savings
products, (3) a very stable level of profitability, as well as (4)
a very good financial flexibility, in part owing to a strong
shareholder, Caisse des Dépôts et Consignations (Aa2
positive), that will remain a key indirect shareholder within
the new shareholding structure" [Credit Opinion - 7 Nov.
2019]
"On 4 June, the French bank BPCE (A1/A1 stable, ba11)
announced its plan to extend its distribution agreement with
CNP Assurances (financial strength A1 stable) until
December 2030 from December 2022 and remain a long-
term shareholder in CNP. The plan is credit positive for
CNP because the insurer will retain access to a large
banking network, supporting its market position and
profitability." [Issuer comment - 11 June 2019]
"CNP Assurances holds a prominent position in the French
life insurance market (...). It benefits from profitable joint
ventures in Europe and Latin America, which generated
24% of the group's net profit at half-year 2019. CNP
Assurances' book of business predominantly comprises
capital-intensive savings products, which have relatively low
margins. Nevertheless, we have observed a shift in the
business mix over the past few years toward life-protection
and unit-linked. We expect revenues from life-protection
contracts to remain robust.".
"The French government has announced plans to combine
CNP with La Banque Postale to form a large public sector-
owned financial services hub from the first quarter of
2020. We expect the ongoing support to CNP from Caisse
des Depots et Consignations will moderate, but remain in a
more indirect way, with La Poste group playing a leading
role as a primary shareholder. We believe this transaction
will not transform the historical model of CNP Assurances
as an independent and multi-partnership bank-insurer". [Full
Analysis - 18 December 2019]
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