The future starts today, not tomorrow. And to make our dreams and projects a reality, while also finding personal fulfilment, we all need the help of a trusted partner.
The characters in our portfolio are imaginary, but their stories are directly inspired by the lives of our insureds.
From regular walks and cinema outings to bridge nights with friends, Jeanne takes full advantage of her freedom. And if she wants to travel, she knows she’s got money set aside in life insurance.
67, fulfi lled. A fulfi lled mother of three, Léa has led a wonderfully rich life. Always protective of her children, she took out a long-term care policy years ago to prepare for when she’s no longer able to fend for herself.
And with term creditor insurance, she knows she’ll be protected against bad surprises.
9, covered. At age nine, Julien doesn’t know what the future holds.
He also doesn’t know that his grandparents have purchased a life insurance contract for him.
23, reassured. Julien just got accepted to a top-notch engineering university. His grandparents are proud of him and thankful they began setting aside savings for him all those years ago.
21, confi dent. For Raphaël, retirement is still a long way off, but thanks to his company’s benefi ts programme, he’s preparing for it without thinking.
68, worry-free. Raphaël doesn’t work anymore these days. Thanks to his supplementary pension, he has enough money to meet his needs and can make the most of his free time.
Alphandéry, Chairman of the Board of Directors p.20_ Interview with Gilles Benoist, Chief Executive Officer
The Group p.22_ Balanced governance p.24_ CNP Assurances’s international presence p.26_ Overview of stakeholders p.28_ Our mission: impart confidence in the future p.32_ An expert business model that inspires confidence p.34_ Risk management under Solvency II
Deteriorating economic conditions in the peripheral countries had a knock-on effect on the whole euro zone economy. The worsening sovereign debt crisis in the second half of the year fuelled investor concerns, while mounting pressure on banks to strengthen their capital base as a precautionary measure led a number of them to curtail their lending. This combination of factors negatively affected the economic climate.
year. The automatic result was a significant increase in our market share. Despite the effects of the crisis on our balance sheet, by deploying a prudent, cost-effective management strategy and gradually refocusing on the most profitable products, we generated over €1 billion in recurring profit and €872 million in net profit for the year, even after impairment losses on Greek debt and certain financial assets. Moreover, we restored the policyholders’ surplus reserve to its 2010 level, providing a €2.9 billion protective cushion against any future shocks. And we also vastly reduced our sovereign debt exposures.
Constant vigilance CNP Assurances has a sophisticated risk management system, which was further refined in 2011 to improve the handling of sovereign debt risk. As Chairman of the
Board of Directors, I will satisfy myself that the system is robust and reliable. We are also actively preparing for the implementation of
Solvency I I , which wi l l have major ramifications. In particular, the equity weighting of our portfolios will need to be further reduced and we are
Group’s fundamentals and in its ability to consolidate its positions in France and internationally to earn the lasting trust of policyholders, partners – particularly La Banque
Why has CNP Assurances’s market share in France increased so significantly? The determination of our distribution networks and the behaviour of our customers are the two main contributing factors. Our strength lies in our multi-partner model. The
CNP Assurances than elsewhere. That’s how we were able to widen our share of the
Looking at the issue in light of these two basic needs – retirement income and longterm care – we can safely say that there is no reason to worry about the future of life insurance in a country with our demographic profile. Products will have to be updated to deliver solutions that address these evolving needs more effectively. This trend will allow us to focus more on our business of insuring
CNP Assurances’s main market, we were particularly at risk, but in fact we fared better than our competitors in these exceptionally unfavourable conditions.
Our international operations also helped to make us more resilient than other insurers.
of our total revenue and 37% of EBIT, and represent a source of profitable growth that has offset the impacts of the crisis on the
The vitality of our two major distribution partners and the loyalty of our policyholders gave us an edge.”
risks and use our expertise to our advantage across the spectrum of everyday life risks.
DEPLOYING THE STRATEGY In charge of the operational management of the business, the Chief Executive Officer
Balanced governance CNP Assurances’s corporate governance structures and procedures are designed to protect the interests of its shareholders and policyholders.
He is assisted by an Executive Committee made up of six members representing the
Board of Directors of each of the main subsidiaries in France and CNP Assurances designates at least half of the members of the international subsidiaries’ Boards.
CNP Barclays Vida y Pensiones CNP Assurances: 50% Barclays Bank: 50%
* Subsidiaries at least 50%-owned by CNP Assurances that operate in the insurance sector ** Wholly-owned by CNP Assurances *** Property construction and investment company owned by CNP Assurances
Three Committees of the Board: Remuneration and Nominations Committee, Internal Control
CHINA Sino-French Life Insurance 10IRELAND CNP Europe Life 17,000 La Banque Postale points of sale 4,600 Savings Bank branches 370 independent fi nancial advisors 315 fi nancial institutions 300 CNP Trésor advisors 150 Âge d’Or franchisees 115 mutual insurers 70 non-profi t organisations 8 CNP Caution partners
UniCredit and Ycap branches 39,300 outlets: 2,700 bank branches 11,000 lottery ticket sales points 25,600 bank correspondents
SUPPLIERS: equipment, paper, consulting services, outsourced administrative, IT and other services CIVIL SOCIETY: insurance supervisors, industry
12 million insureds under term creditor insurance contracts 9.6 million individual life insurance policyholders 7 million benefi ciaries of Filassistance services 1.8 million insureds (4,600 companies) under employee benefi ts contracts 595,000 employees of 20,000 local authorities 40,000 Âge d’Or customers 25,000 CNP Caution benefi ciaries 6,000 insureds served by independent fi nancial advisors 3,800 companies served by Fongépar
France, giving us a clear vision of economic and social trends such as the ageing of the population and the emergence of new sources of vulnerability. By communicating with advisors in our partnership networks, we have developed an intimate understanding of policyholder needs that guides all of our innovations.
ments, constantly diversifying the asset portfolio and widening our geographic footprint. Furthermore, we increase our reserves whenever possible to guarantee fulfilment of our financial commitments to policyholders.
PROVIDING AFFORDABLE PROTECTION Since its creation, CNP Assurances has combated financial exclusion by pooling risks to offer solutions tailored to every budget. Premiums for the main life insurance contracts can be set as low as €30 per month.
In group life insurance, our contracts for companies, non-profit organisations, local governments and hospitals enable all employees to enjoy the same insurance cover at a reduced price thanks to the effects of pooling.
The theme of our discussions in 2011 was preserving autonomy in old age. Organised in a retirement home in Fréjus at the request of its director, the meeting mobilised the entire
CNP Trésor’s advisors on insurance solutions, financial assistance, home-care and solutions for passing money on to younger generations.
It was an opportunity for the different generations to discuss and plan how to protect their loved ones.”
crisis and resulting stock market break (the third in 10 years), savers have lost the points of reference they thought they could rely on forever. In a late-2011 survey, we discovered that some policyholders had even come to doubt whether they could count on the capital guarantee on their traditional savings policies. The survey also confirmed that their aversion to risk had reached record highs and that security was by far the top criteria for selecting a life insurance solution.*
CNP Assurances’ financial strength, we have been developing innovative products that offer the levels of protection and guarantees that policyholders want more than anything.”
Environment 07. Businesses should support a precautionary approach to environmental challenges; 08. Undertake initiatives to promote greater environmental responsibility; 09. Encourage the development and diffusion of environmentally friendly technologies.
AN INCREASINGLY RECOGNISED COMMITMENT TO HIGH STANDARDS CNP Assurances pledged to support the
COMMITMENTS Guaranteed payment of benefits to the insured or designated beneficiaries
Combining expertise with close customer relationships, this model has proven particularly effective during the financial crisis and can be easily adapted to foreign markets to speed the Group’s expansion.
(Savings Banks) distribute individual insurance products through their networks, which together represent over 21,000 points of sale. As CNP Assurances shareholders, both partners have a direct stake in the
An expert business model that inspires confidence Distribution agreements with large banking networks contribute to CNP Assurances’s attractiveness among policyholders and potential partners.
GROUP INSURANCE DISTRIBUTED THROUGH MULTIPLE CHANNELS More than 300 financial institutions, around a hundred mutual insurance companies, 20,000 local governments and hospitals, 4,600 companies and numerous notfor -profit organisations put their trust in our pension, term creditor insurance and employee benefits contracts.
An expert in group insurance, CNP Assurances participates in complex calls for bids organised by large corporates, a segment in which it has a strong presence. The Group also distributes dedicated pension solutions to small and very small businesses through insurance brokers and the Caisses d’Epargne and Banques Populaires networks. CNP Assurances is the insurer for all of the group contracts sold by the Caisses 32 CNP Assurances_ The lifetime insurer_
has become CIS’s number one customer. The world is changing and we have to be capable of adapting the CNP Assurances business model.”
business model: partner with a well-established distribution network, opt for the more attractive, image-enhancing bancassurance model, and give partners a stake in results through ownership of shares in our local subsidiary and incentivising financial arrangements.
CNP Assurances Distribution partners, suppliers, asset managers * Asset and liability management of revenue generated internationally, representing €6.1bn
LOOKING AHEAD TO 1 JANUARY 2014 2012 will be dedicated to closely integrating risk management procedures, risk controls and risk assessments carried out by the internal control team.
Solvency II coverage ratio – defined as the ratio of eligible capital to the solvency capital requirement – will become a key indicator of
Controlling risks is the responsibility of two departments with complementary roles. The
Risks and Solvency department has overall responsibility for managing financial and technical risks and evaluating capital adequacy. The Risks and Compliance department is responsible for permanent controls and for overseeing the management of operational risks.
CNP Assurances employees whose jobs will be affected by Solvency II gives us an opportunity to set in motion a cross-functional dynamic.
Leveraging our experience in all disciplines, we have created a training curriculum that gives priority to imparting a general understanding of the risk management challenges facing
requires developing new technical expertise and communication skills. Training offers everyone a chance to embrace these changes according to their level of risk exposure and role, be they senior executives, middle managers or specialists.
porary shocks. At 31 December 2011, of the total asset portfolio, 84% was invested in bonds – of which half in sovereign debt from over 20 countries –, over 9% in equities and equity funds and 3.5% in property. We also
BUILDING ON STRONG FUNDAMENTALS France’s no. 1 personal insurer for the past 20 years, CNP Assurances has built a reputation for disciplined asset/liability management by securely managing assets to deliver stable, satisfactory returns over time.
We strategically focus on long-term investments and generally hold the bonds in our portfolio to maturity. Over time, we have accumulated unrealised gains and significant reserves across our portfolio, which we add to whenever possible. This is what enabled
Recession-proof asset management In a particularly challenging economic environment, the Group’s prudent and disciplined management approach has proven vitally effective and adaptive.
Our strong tradition of investing in diversified asset classes reduces our exposure to tem-
Capital guarantee plus yield guarantee of less than 60% of the TME* rate for first 8 years
CNP Assurances is France’s largest private owner of woodland, with more than 54,000 hectares of forestry assets.
NECESSARY ADAPTIVE MEASURES UNDERWAY To reduce our vulnerability to financial market fluctuations, we are reorienting our asset management strategy by scaling down our portfolios of listed equities and selling off our peripheral sovereign debt portfolios. The focus has turned to physical assets that generate steady returns such as real estate, public infrastructure and other assets whose price is not affected by the situation in the financial markets. This strategy began to take shape in 2011 when we acquired a stake in France’s natural gas transportation sector by investing in GRT Gaz.
“The financial crisis that began in 2008, and is still ongoing, marked a turning point in insurer asset management.
88% of the bond portfolio at 31 December 2011 was rated A to AAA
Brazilian subsidiary’s revenue has been multiplied by six and its contribution to net profit by fifteen. Its life and non-life insurance products are distributed by the branch network of Caixa Econômica
Federal, Brazil’s second largest Stateowned bank, under a 20-year exclusive distribution agreement.
In anticipation of 1 January 2014, the date when Solvency II takes effect, our teams have fine-tuned risk exposure calculations, strengthened the risk management system, structured risk governance processes and developed a training programme for the 800 employees whose jobs are directly affected by the directive.
In a challenging environment, the quality of its two major distribution partners and the loyalty of its customers gave the Group an edge. Net new money was positive in all four quarters of the year, lifting our market share to 17.4% from 16.8% in 2010.
In 2011, the CNP Assurances Foundation became a corporate foundation. It now has a Board of Directors that is more representative of CNP Assurances and a €4 million budget to fund an increased commitment to public health.
I t opened th is new chapter in its history by selecting 161 projects for support.
A new The increasing technical complexity of our professional disciplines has led us to closely align the management of our human resources with our required skill-sets.
In 2011, we decided to cushion the business further against potential future shocks, by restoring to 2010 levels the policyholders’ surplus reserve used during the year to absorb impairment losses on
Plus, a traditional savings product with a unit-linked formula, was launched through the network of independent financial advisors.
Consolidated revenue amounted to €30 billion in 2011, a decline of 7.1% compared with the previous year. This was mainly due to the Savings business, which experienced a 13.4% fall in revenue as a result of competition from bank products in Europe. By contrast, the Pensions and Personal Risk businesses both enjoyed double-digit growth, with rises of 17.7% and 11.0% respectively. In Pensions, part of the increase was attributable to a major employee benefits contract in Ireland. Term creditor insurance revenues were also up, by nearly 4% or 7.3% excluding the impact of the discontinued partnership with Cofidis. Although revenue in France was down 9.1%*, this was significantly less than the 14.0%** fall in the domestic Life and Pensions market in 2011. With its contribution up 13%, Brazil confirmed its role as a key driver of business growth for the Group. * French GAAP
* Subject to approval by shareholders at the 2012 Annual General Meeting with a scrip dividend option.
Net profit €20 per share at 31 December 2011 before dividends, up 2% compared with the end-2010 figure after dividends.
CNP Assurances among the leaders in its panel of European insurers, with particularly high scores for community outreach.
CNP Assurances’s shares are included in several European SRI indices, including
A RESPONSIBLE INVESTOR Percentage of assets managed according to ESG criteria: 80% as of beginning 2012
Since the stock market fl otation on 6 October 1998, the share price has gained 61.5%, compared with a rise in the CAC 40 index of just 0.74% and a 49.2% decline in the Dow Jones Eurostoxx Insurance index over the same period. In 2011, CNP Assurances shares lost 29% in a highly volatile market affected by the European sovereign debt crisis.
(FFSA*), net outflows increased with every passing month, from €300 million in August to an alarming €3.8 billion in December. This was an unprecedented reversal in the market, which nevertheless reported positive net new money of €7.6 billion for the year as a whole and technical reserves up €22 billion to €1,362 billion at the end of 2011.
MARKET SHARE GAINS In these crisis conditions, CNP Assurances recorded positive net new money in all four quarters, attesting to the robustness of its multiple partner model and the confidence of its policyholders. In France, revenue declined by 9.1% on a French GAAP basis, significantly less than the 14% fall experienced by the market as a whole. As a result, our market share rose to 17.4% on new money basis (from
Saving for peace of mind In 2011, the economic crisis caused savers in France to dip into their savings. The loyalty of its policyholders helped CNP Assurances to withstand this situation better than the market.
STRONG PERFORMANCES BY THE TWO MAIN PARTNERS La Banque Postale delivered an excellent performance in 2011, with new money down by just 4%. Unit-linked sales continued to climb. The Cachemire life insurance solution designed for high net worth customers enjoyed another year of sustained growth, with nearly 57,000 new contracts sold, representing premium income of
fall in new money, more than for the life insurance market as a whole. However, the network nonetheless significantly outperformed the market in terms of net new money, demonstrating its success in maintaining customer confidence in life insurance and in unit-linked contracts, which still represent 15.6% of its business compared to the market average of 14.1%.
New money Total premiums collected by insurers during the reference period*.
The investment has paid off, with the number of users rising to 375,000 as of 31 December 2011, and with over 12% of
A FRUITFUL INITIATIVE Préfon, the non-profit organisation that manages the supplementary pension scheme for
Should protection be dissociated from work and extended to people who are unemployed? How should these plans be financed? In light of its values and leadership position,
€3.7bn in pensions revenue for the Group in 2011 60.8% of pensions revenue generated outside France
THE NEED FOR SECURITY In 2011, personal risk premiums rose 11%
Policyholders can purchase up to €3 million in cover and the product is one of the few in
Insuring against the unexpected In 2011, the personal risk business enjoyed double-digit growth and generated strong margins to boost overall profit, thereby validating CNP Assurances’s diversification strategy.
115 MUTUAL INSURANCE PARTNERS MFPrévoyance, a subsidiary set up between the Group and France’s main civil service mutual insurers, was fully consolidated in 2011. At the same time, several mutual insurers strengthened their ties with
CNP Assurances, particularly in the areas of long-term care insurance and death cover.
This will only work if there is a clearly identified leader, and CNP Assurances has the experience and strengths to show the way.”
€1.9bn in personal risk premiums in 2011 21.8% of personal risk business generated in Brazil
Our term creditor insurance offer is distributed through banks, home and consumer loan specialists and lenders set up to support the social economy, such as the committees that collect and invest the housing levy payable by companies under the
“Action Logement” programme. With 12 million insureds and 30% of the market,
CNP Assurances is no. 1 in France’s term creditor insurance market.
A CERTAIN VISION OF TERM CREDITOR INSURANCE Term creditor insurance should not just be an unavoidable cost, it should be a real source of protection for borrowers against the consequences of unforeseen events. The uncertainties associated with today’s economic crisis further legitimise that view. The new
AERAS convention on access to loans and insurance by people who represent an aggravated health risk, which was signed on 1
“CNP Assurances has remained the leader in term creditor insurance over the years thanks to its agility and innovation capabilities. For example, the CNPNet application deployed in our partner branches has sped up and secured the insurance application process, so that two out of three customers go home with a contract in their pocket. From now on, applicants can also fill out their medical questionnaire online. Our ambition is to anticipate our customers’ needs. Our 150 years of experience are a formidable source of inspiration and confidence that sustains our competitive edge over the long term.”
To conquer the insurassistance market, we created dedicated subsidiaries such as
Filassistance International, a local assistance specialist. Personal assistance services are provided by Filassistance Services and the
Bleus subsidiary helps our major partners to manage medical risks and policyholder relations.
Filassistance reported nearly €14 million in revenue, up 12% on the previous year.
“NFServices aux Personnes à Domicile” certification in recognition of their commitment to a continuous quality improvement process. Its 2011 revenue totalled nearly €35 million.
CARRÉS BLEUS: 15 YEARS OF SUPPORT Carrés Bleus is a wholly owned CNP Assurances subsidiary that aims to help large health insurance partners (traditional and mutual insurers, employee benefits institutions and supplementary insurance providers) manage healthcare costs and provide information to insureds. Leveraging a technical platform of 35 healthcare and social benefits professionals, the subsidiary handled 91,000 calls in 2011, analysed 20,000 medical quotes and processed 535,000 requests for eye-care cost reimbursements, generating revenues of €1.6 million.
“Insuring people by paying them financial benefits is no longer enough. What makes the difference is supporting them through difficult situations. In the case of a loss of autonomy, for example, carers are affected too, especially the spouse or the child of the dependent person.
As a personal insurer committed to partnering customers throughout their lifetime,
PROMOTING SRI FUNDS AMONG POLICYHOLDERS To enable policyholders to invest mindfully, we work with our partners to promote socially responsible investment (SRI) funds. At end-2011, technical reserves invested in SRI
REDUCING VULNERABILITIES We have a mission to protect the most vulnerable people from life’s everyday risks. In term creditor insurance, we approved over 99.8% of the insurance applications submitted to us in 2011, thereby confirming our commitment to accepting aggravated risk business. Our teams actively participated in preparing the new AERAS convention on
access to credit and insurance by people who represent an aggravated health risk, in cooperation with France’s insurance and banking industry bodies (FFSA* and FBF)
and non-profit advocacy groups for people with serious illnesses. The new convention, signed on 1 February 2011, relaxes the conditions under which borrowers presenting an aggravated risk can obtain disability cover. CNP Assurances was the first insurer to apply the new rules, which were rolled out to its partners in September.
Our online services platforms, which policyholders can access through our partners’
respective portals, are as important to quality of service as individual advisor performance. Through the Caisses d’Epargne portal, for example, policyholders can pay top-up premiums or measure the sensitivity of their investments to financial risk in order to make more informed decisions about their savings.
“Following the death of an insured, if the designated beneficiary doesn’t come forward, we initiate the search process. Investigators sign a code of ethical conduct that establishes clear boundaries in their relationship with the beneficiaries. They are paid by CNP Assurances, so nothing is deducted from the death benefit. As soon as the beneficiary is identified, he/she is directly notified by
CNP Assurances. In the interest of fairness, in all cases beneficiaries receive the post-mortem investment yield earned on the contract, in accordance with the French
5,600 BENEFICIARIES TRACED IN 2011 In compliance with FFSA recommendations, we initially gave priority to processing unclaimed death benefits under contracts with the oldest insureds and the largest payouts. The search for beneficiaries has been widened and processing capacity has been increased. To do so, we have created a dedicated unit supported by professional investigators who are rigorously selected through a competitive bidding process. More than 80% of our searches were successful in 2011, bringing the total number of claims processed in four years to 20,300.
Compact. But investing in SRI funds is only part of the picture. In pledging our support for the United Nations Principles for
ESG SCREENING APPLIED TO 80% OF ASSETS IN EARLY 2012 Convinced that the inclusion of non-fi nancial criteria contributes to long-term performance, we have broadened our ESG scree-
A responsible investor In signing the UN’s Principles for Responsible Investment, we have taken a decisive step towards deepening our commitment.
ning process. Environmental audits have been carried out on 42% of offi ce buildings held in the investment property portfolio and all newly acquired properties. ESG ratings are systematically taken into account for all investments in private equity funds. We have invested €98 million in funds combining fi nancial and ESG criteria. Investments held by these funds include for example companies operating in the carbon market and start-ups engaged in urban outreach and disability advocacy. Starting in 2012, PRI
Employee savings plan portfolios 72.1 90.4 82.5 €1.3bn invested in SRI funds by CNP Assurances
Insurance professions are growing more technically complex as new regulations are introduced, impelling us to manage our employees in close alignment with our future skills needs and our values.
FOCUS ON JOBS The weakened economic environment is leading insurers to undertake cost-cutting measures and some of them have chosen to lay off staff. In contrast, CNP Assurances has decided to focus on protecting jobs and is aiming to keep employee numbers stable
In 2011, the number of employees increased by 1.8% compared with 2010, with most of the extra staff taken on by the subsidiaries. In all, 417 people were hired, of which 223 in France. At the same time, the use of employees under temporary and fixed-term contracts continued to decline rapidly.
As of 31 December 2011, 98.2% of Group employees were working under a permanent contract.
ENCOURAGING MOBILITY The priority placed on career development in recent years and measures to limit growth
In addition, CNP Assurances contributes to developing employee mobility within the
In all, nearly 15% of permanent employees moved to a new position within the organisation in 2011.
as defined by the French authorities. We are also continuing to improve gender balance, with 50.6% of management positions (882 managers) and 26.5% of executive positions occupied by women. In the past two years, the wage gap
Worldwide The managers of our subsidiaries have been trained in stress prevention, and all of our host countries implement programmes to promote employee well-being. Examples include the “Bem Vida” programme in Brazil, CNP BVP’s ¡EmBÁRcate! initiative in Spain and CNP Argentina’s Code of Ethics, which addresses workplace accident and occupational illness prevention.
They are regularly invited to attend conferences led by our partner
A lasting relationship with shareholders Since our stock market listing in 1998, we have worked to build lasting relationships of mutual trust with our shareholders.
Shareholders’ Meetings are based on the principle of one share, one vote. Registered shareholders may login to www.nomi.olisnet. com to view their holdings, download documents, ask to receive the notice of meeting by e-mail and vote online. We are vigilant about providing all shareholders with equal access to information and schedule several meetings with individual shareholders throughout the year.
The CNP Assurances Foundation supports projects that are aligned with our core business of insuring individuals against risks. Its aim is to initiate and nurture public health initiatives through the early stages of development. Now a corporate foundation, it has a Board of Directors that is more representative of the Company and a five-year budget of €4 million, which will help to deepen its commitment in its two main areas of outreach.
Serving the general interest In 2011, the CNP Assurances Foundation became a corporate foundation and confirmed its commitment to promoting public health.
AIDING HEART ATTACK VICTIMS The foundation also funds projects to improve emergency CPR and assistance provided to heart attack victims. In three years, it has provided €1.5 million in funding to deploy 2,215 defibrillators and train users in 1,372 local communities.
€4m in funding for the Foundation over five years projects supported in 2011
Computer equipment, paper, business travel and buildings are the main sources of greenhouse gas emissions at CNP Assurances.
PAPER IS OBJECTIVE NO. 1 At Group level, overall paper use (for dayto -day operations, policyholder relations, corporate communication, etc.) rose slightly in 2011, particularly in France, where product development and regulatory changes required the printing of additional documentation. We nevertheless consumed responsibly, as 87% of our paper complied with FSC,
Bilan Carbone® audit, there is still room for improvement in other areas. Business travel emissions are up 18%, for example.
Société Forestière using methods that protect their biodiversity and pro-actively plan for the impact of climate change.
Forests and drew their attention to our forestry assets. During Sustainable Development
Parc des Grands Crus 60G, avenue du 14 Juillet 21300 Chenove
Asset/liability management (ALM) The purpose of asset/liability management is to match fund the insurer’s liabilities towards the insured with assets, so that the insurer’s financial risk is covered at all times.
Attributable recurring profit Recurring profit attributable to equity holders before fair value adjustments and non-recurring items. Attributable recurring profit includes capital gains realised over the period.
Committee on Banking Supervision that will take effect in 2013. Their purpose is to strengthen: i) the global capital framework, by raising the level and quality of minimum capital requirements; and ii) the global liquidity framework, by supporting access to financing on the markets.
Capitalisation reserve The capitalisation reserve is used to smooth the impact of changing interest rates on investment income from sales of fixed rate bonds. Gains on sales of fixed rate bonds are accumulated in the capitalisation reserve, and are released to offset losses on fixed rate bond sales. The capitalisation reserve is included in the calculation of required capital.
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.
Endowment policy A life insurance contract designed to pay a lump sum (guaranteed minimum yield) to designated beneficiaries after a specified term or on earlier death. It includes the option to surrender at any time, a capital guarantee on non-unit-linked funds and policyholder dividends and a guarantee on the number of units in unit-linked funds.
The INPC’s members include CNP Assurances, five social benefits institutions (CIPREV, GNP,
IPSEC, Vauban Humanis and ICIRS) and employee savings plan manager Fongépar.
Realisable value The market value of investments (for example, the latest stock market price in the case of listed securities).
The cash value of the insurer’s commitment varies in line with the market value of the mutual fund units.
Unrealised gain or loss The positive or negative difference between the market value of an asset and its carrying value in the balance sheet.
This website explains the basics of life insurance using instructional videos.
This form of transparent communication with stakeholders is a strategic priority at CNP Assurances, which has been publishing CSR indicators since 2006.
-c e rt ifi e d p a p e r, h a rv e s te d f ro m s u s ta in a b ly -m a n a g e d f o re s ts