Net new money did indeed grow at a slower rate in 2010, due to several factors. Life insurance is an extremely flexible product, and policyholders can withdraw part of their capital when they are in need of cash. In 2010, they made withdrawals for a variety of reasons, for example to buy a home, pay off debts or purchase a car while government scrappage incentives were still available. There is also a longer-term trend towards using life insurance as an additional source of retirement income. Previously, people in their early 60s
In 2010, our diversified international presence did its part to provide new sources of profitable growth, contributing 40% of EBIT for the year. But when I say that international operations have changed us, I’m not just talking about the figures. CNP Assurances has become a group where new synergies and opportunities for dialogue are continually being created, driving innovation and momentum. As a result, our corporate culture has been transformed.
Board of Directors and Committees of the Board 2010 Business Review and Sustainable Development Report > 9
CNP Barclays Vida y Pensiones Compania de Seguros (Spain, Portugal, Italy)
• Promote ethical practices across the business, with regulatory compliance, fair advice, a Code of Ethics and quality of service.
A shared commitment to ethics The CNP Assurances Code of Ethics was updated in 2010 after being reviewed by employee representatives. Printed in the Employee Orientation Guide handed out to new hires and posted on our intranet site, the Code informs employees about all the rules of ethics they are expected to uphold. A list of questions and answers illustrating how these rules apply to real life situations is also available on the intranet. An Ethical Procurement Guide and Charter for Buyers was drafted in 2010 to strengthen our commitment to pursuing a responsible procurement policy that aims to protect the interests of all stakeholders. Lastly, an employee protection clause is included in all calls for bids, requiring suppliers to pledge to respect human rights and to comply fully with French and international labour laws.
Our ten core principles A signatory of the United Nations Global Compact since 2003, CNP Assurances has taken on board the Compact’s ten principles: Human rights 1. Businesses should support and respect the protection of internationally proclaimed human rights; 2. Make sure that they are not complicit in human rights abuses.
Our business model is being successfully reproduced overseas where it serves to tap new sources of growth and profit. In most cases, this is accomplished by acquiring controlling interests in existing companies that have one or more distribution networks at their disposal, generally through the local banks. Our setup in Brazil, Italy, Cyprus, Greece and other countries illustrates this approach. Operations can also be launched by creating an entirely new company, generally with a local partner that has access to a distribution network. A prime example is Sino-French Life Insurance, a joint venture created with the Chinese Post Office on a 50/50 basis.
Carbon sinks (CNP Assurances woodland assets) in 2010: 79,500 of CO2 equivalent
Protection Active Emploi, the most acclaimed offer in 2010 Protection Active Emploi didn’t go unnoticed by the insurance industry. It was awarded the Argus d’Or gold medal for personal insurance product innovation in March of last year and the Trophée de l’Innovation in September, the only product to pick up two prizes.
Revenues are growing steadily, reaching €32 million in 2010. And with over 800 full-time equivalent employees, Âge d’Or Services also contributes to creating jobs.
• 2010: Ecureuil Solutions Obsèques is introduced in the Caisses d’Epargne network, offering a hotline to enable policyholders to obtain advice on how to ensure that their final wishes are respected.
Carrés Bleus also monitors the latest developments in healthcare practices and policyholders’ emerging needs, to help insurers to align their cover with actual demand.
An ISO 9001:2008 certification audit carried out in December 2010 confirmed that our statement processing systems comply fully with ISO standards.
WORKING WITH OUR PARTNERS TO DELIVER QUALITY OF SERVICE TO THE INSURED, IN COOPERATION WITH OUR PARTNERS
In France and internationally, backed by its unique business model, CNP Assurances works with La Banque Postale, the Caisses d’Epargne networks and its other partners to deliver services that meet customer needs effectively and efficiently. Meeting high standards of actual and perceived service quality requires maintaining a fluid relationship with policyholders and beneficiaries throughout the contract lifecycle and working together with the distribution networks to strengthen that connection.
To that end, we have taken steps to adjust our processes. For example, in 2010, the customer relationship management system for the Caisses d’Epargne’ private banking clientele was organised on a regional basis, so that customers now have a single point of contact for their entire portfolio.
Yann Illouz, Chief Executive Officer of CNP Europe Life, Ireland 2010 Business Review and Sustainable Development Report > 63
This approach requires a variety of personnel and skills planning tools and procedures, with the creation of development channels for each profession.
In 2006, we signed the Diversity Charter, thereby reaffirming our determination to resist all forms of discrimination in every aspect of our business.
The diversity steering committee, whose members include several senior executives, held its first meeting in May 2010. These meetings held every six months are intended to rally the support of all corporate functions behind this policy.
This policy requires a great deal of explanation to support change in employee behaviour. To promote this change, the Company plans to introduce sustainable development objectives in management incentive bonus plans. The carbon footprint analysis also led to recommendations for the future, such as changing IT equipment less often, strengthening environmental criteria in the supply selection process, introducing eco-driving training courses, and promoting alternative solutions for traveling between home and work through the development of bike garages and car-pooling initiatives, following a study of commuting practices for employees on the Company’s three largest sites.
Management bonus based on fullfilment of sustainable development objectives 2011 objectives
• Carrying amount Amount at which investments are carried in the balance sheet, corresponding to the purchase cost less accumulated depreciation or amortisation, where applicable, and any accumulated impairment losses.
• Gross operating profit (EBIT) Net insurance revenue less expenses, corresponding to operating profit before fair value adjustments, capital gains recognised in profit and non-recurring items.
• Long-term care insurance Insurance policy covering individuals against the risk of loss of autonomy in old age.
Regional offices • Angers 1, place François-Mitterrand BP 60804 49008 Angers Cedex 01
• Dijon Parc des Grands-Crus 60G, avenue du 14-juillet 21300 Chenove
Greater Paris, Picardy region and International head office (Ile-de-France, Picardy, International) Heron Building 66, avenue du Maine 75014 Paris
es ig n a n d p ro d u ct io n : P