CNP Assurances - Investor Presentation
CNP HAS SEVERAL BUFFERS
TO COPE WITH FINANCIAL MARKET VOLATILITY
CNP Assurances - Investor Presentation - March 2020
> Low contractually guaranteed yield
Current French savings production has no contractually guaranteed yield (1) and the overall average
guaranteed yield across all policy liabilities is 0.23% at end December 2019
At the end of each year, CNP Assurances has the full flexibility to decide the yield attributed to
policyholders over and above guarantees (1.14% on average in 2019)
> €35.7bn IFRS unrealized gains (11.8% of total asset portfolio) at end December 2019
If necessary, gains can be realized to offset the impact of asset impairments or low interest rates
By construction, at least 85% of market movements are "pass-through" to policyholders, with equity
impact to shareholders being of second order
> €13.bn Policyholder Surplus Reserve (6.1% of French technical reserves) at end December 2019
If necessary, amounts in the surplus reserve can be used to absorb investment losses
(1) All new policies have 0% guaranteed yield, some old policies still exist with a positive guaranteed yield on top-up premiums. These old policies, which include a
guaranteed yield, will progressively disappear due to lapses and deaths of policyholders
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