Postale and becoming part of the major state-owned financial group, we have laid down our corporate mission and are looking ahead to a new chapter in our development. Together with our partners, we commit to building a more inclusive and sustainable society, and are setting out our global ambitions, our appetite for expansion and, above all, our aim of broadening insurance’s appeal.
4 CNP Assurances, 170 years of engaging with the world 6 Assurance 8 Brazil 12 Digital 14 Economy 16 Families 18 Governance 22 Human touch 26 Investors 28 Jeunes/Generation Z
32 La Banque Postale 34 Multinational 36 No one left behind 38 Open 40 Partners 42 Quality 44 Risk 46 Solidarity 48 Trends in interest rates 50 Unit-linked 52 Vert/Green 56 World-class 58 XXL
C N P A s s u r a n c e s
Our Human touch is at the heart of everything we do. We aim to build towards an inclusive society by leaving No one behind. We look after those on low incomes, individuals with medical risks, and new types of Families who cannot be pigeonholed. Customers are the motivation for our innovation and our link-up with La Banque Postale, which has brought us even closer to our policyholders and provides the prospect of even better-fitting solutions.
As pioneers of protection for employees in the 19th century, members of France’s state-owned financial group and a subsidiary of La Banque Postale, we have a key role to play in rising to the major demographic, environmental and digital challenges of the 21st century, which certainly present opportunities, but leave some people at risk of being left behind.
Harnessing the talents of our employees by building a diversified and closely-knit team
CNP Assurances’ main business. Our offering extends from protection for borrowers in the event of a major life event, through to solutions for health, personal protection and long-term care needs. It also includes life insurancebased long-term savings for financing projects, and supplementary pension plans.
All these solutions help to protect individuals, employees, civil servants and self-employed professionals, and make their life easier.
In France, personal insurance accounts for close to 72%(1) of the total insurance market, alongside property and casualty insurance, which provides cover for fires, accidents and other risks. CNP Assurances has gained specialised expertise in Brazil and Cyprus, among other territories, and we are now getting ready to ramp up in that area after joining forces with La Banque Postale.
CNP Assurances first moved into Brazil alongside Caixa Econômica Federal, the country’s most popular publicowned bank, making substantial headway thanks to an entirely
The secret lay in our simple, attractive products, perfectly attuned to local needs and customs, such as capitalbuilding plans with random draws. We established multiple distribution channels covering the places regularly visited by Brazilians in their daily lives, such as Caixa branches, favela-based non-profits and lottery offices, even deep in the Amazon. From death cover affordable for as many people as possible to micro-insurance, we signed up millions of policyholders as the middle classes expanded.
English) • A feeling of self-assurance arising from an appreciation of one’s own abilities or qualities: Facing up to difficulties with confidence. The feeling or belief that one can have faith in or rely on someone or something: Our friendship is based on mutual confidence. A feeling of assurance and safety inspired in the public by the stability of affairs and the political situation: Savers’ confidence in the government.
It’s what the insurance industry aims to achieve and the driving force powering
Our managers are confident in the ability of front-line teams to innovate successfully.
We are confident in our ability to expand in a more open world.
France and accelerated take-up of term creditor insurance, rose 110% in 2020
(to 55,000 signatures per month). Today, 24% of customer correspondence (i.e., 4.2 million emails) and 29.2% of portfolio statements are sent electronically.
La Banque des Territoires and EDF Invest. This Orange group company is responsible for the fibre roll-out in rural areas and its remit covers more than 4.5 million households. That will help to alleviate the digital divide
“Outside the box” is the title of CNP Assurances’ new advertising campaign. While the focus remains on people, with the Chostakovich waltz again featuring as the soundtrack to capture the whirlwind of life, the future is no longer presented as mapped out in advance.
CNP Assurances truly unique and what will help us thrive and flourish.”
The overhaul of CNP Assurances’ ownership builds on our link-up with La Banque Postale, which is opening up fresh new horizons for all involved. It has enriched the distribution model and has brought both teams closer to customers so they can better meet expectations.
CNP Assurances’ widely acclaimed commitment to combating climate change will also gain fresh impetus. In 2020, we raised our targets for reducing the carbon footprint of our portfolios by 2025 and set strict guidelines for our investments in oil and gas. In addition, our Board of
The new and larger entity we are now part of is perfectly attuned with what has always made CNP Assurances truly unique – our public service culture, our multi-partnership model, our long-term vision and our commitment to act responsibly – and what will help us thrive and flourish in the future.
“Engaging with others and the world around is what will make the difference.”
CNP Assurances has drawn up its corporate mission. What does it say?
It encapsulates who we are and what matters to us: supporting as many people as possible, protecting and making life easier for customers on their journey through life. Our corporate mission is so much more than a mantra – it provides the driving force for our transformation.
What benefits do you anticipate from the link-up with La Banque Postale?
Firstly, the link-up will bring us even closer to our customers, and there’s no better source of innovation than them. It will also open the way for us to become a full-service insurer, with the addition of property insurance to our offering, and La Banque Postale’s exclusive insurer, while allowing us to push ahead with our multi-partnership-based development.
Being part of Le Groupe La Poste puts us at a strategic advantage as we seek to embrace a unique approach based on personal services with a real purpose.
S. D.: Our major position in Brazil and recent expansion in Italy have set the example. International expansion represents a key avenue of development and transformation for CNP Assurances as we make the leap from a French group with international interests to a world-class insurance group.
Simply showing up in tough times is not enough. Our primary task is to protect and make people’s lives easier by helping them deal with setbacks and seize opportunities. It all boils down to staying in touch more regularly with policyholders so we can better understand their needs and deliver more effective advice about their current and future decisions.
Investisseur, c’est le deuxième métier de CNP Assurances, qui l’envisage et l’exerce sous deux prismes spécifiques.
Become a risk specialist. Every year, we recruit (via an internship, work-study programme, or permanent contract)
around 50 young actuaries and train them in asset-liability management, risk management and data science.
The fully digital EasyVie life insurance contract is designed to fit with the way
More than nine out of ten interns would recommend an internship at CNP Assurances to their friends.
The pandemic denied students part-time work opportunities and caused them great financial and psychological hardship. From March 2020, we scaled up our support for
Corporate Knights. That’s the result of the exacting CSR policy we have introduced right across the CNP Assurances Group.
CNP Assurances’ financial strength rating and also its first-class credit quality. rating i
/ n t erms of e qual pay for men and women.
CNP Assurances scored 99/100 in January 2021 on the gender equality index –
of savings and pension revenue generated by unit-linked products in 2020. This shift has been crucial to achieve the best security-return profile for long-term savings and is just reward for the financial engineering and the customer education work we have done together with our partners.
Caisse des Dépôts and 34%-owned by the French State for La Banque Postale
La Banque Postale supports 20 million customers, both individuals and legal entities, with a complete range of banking products and services and insurance solutions catering for all.
Postale, a longstanding partner of ours and the leading distributor of our products in France, was previously one of our core shareholders.
On 5 March 2020, through the formation of the major state-owned financial group,
It keeps us in direct touch with our end customers and gives us tremendous scope for innovation.
Previously focused on personal insurance with very strong positions in France and Brazil, we are now accelerating our international expansion with the aim of becoming a full-service global insurer.
In France, some of our life insurance policies are available for an initial investment of just €75, and the CNP Immo Prestige unit-linked vehicle opens up the prospect of earning returns on upscale real estate in Paris from an investment of just €5,000.
Open to families and how they are changing – be they single-parent, blended or multigenerational – and all types of life journey, with no taboos and no one left behind.
to reinvent effective protection solutions: from Alan, fully online mobile insurance for entrepreneurs
(now Licorne), through to Tehtris, a European leader in technology providing protection against cyberespionage and cybersabotage and PayLead, a specialist in customer loyalty through advanced banking data analysis.
Open to discussions of new ideas and ready to break the mould by engaging with philosophers, thinkers and scientists to better understand behaviours and emerging technologies, better protect people and everything that they hold dear, and to show the way forward…
CNP Assurances solutions, from Brasília through Hamburg and Milan to Paris.
Our partners vary enormously from a geographical, structural and cultural perspective. We adapt partnerships to each partner, their history and their needs.
We adjust our offering to their customers and the world they operate in, which makes them successful. In addition, the partnerships mutually enrich each other, and our model is proving its worth in a changing world.
Consumer Finance, for example, our goal is to add services, such as an extended warranty and roadside assistance, to our range of term creditor insurance covering an automotive loan. In Italy, the acquisition of Aviva’s life insurance division has breathed fresh life into our partnership with UniCredit. (See World-class.)
The main one for the period out to 2046 covers retirement savings, personal protection and consumer loan insurance products. The other 20-year deal covers the consórcio(1)
segment. In addition, our non-exclusive distribution agreement for capitalbuilding products and dental insurance with Correios, the Brazilian post office, replicates the multi-partner in a single market model we have adopted in
(1) An alternative solution to a real estate or automotive bank loan in which each member pays a monthly premium, entitling them to participate in a random draw that unlocks the loan.
B Y D I S T R I B U T I O N P A R T N E R
“Designing working spaces at our future new headquarters at Issy-les-Moulineaux together has made us really keen to move in there and see our colleagues again.”
“All Group’s employees were able to have their say on CNP Assurances’
“We seamlessly went from an enforced period of working from home as a result of the pandemic to having the choice of working from home up to three days per week.”
Risk lies at the very heart of an insurer’s business, and the fundamental dichotomy that characterises it.
An insurer needs risk to exist, but at the same time has to mitigate it to fulfil its mission over the long term.
An insurer has a risk appetite. It needs to protect against risks to achieve its mission as a loan insurer.
Performance Indicators) are used to measure the attainment of strategic objectives, KRIs can help spot in advance risks that could hinder their achievement and influence decision-making. As a result, customer satisfaction monitoring represents a KPI, while the level of credit risk exposure is a KRI.
“The pandemic experience has taught us in one fell swoop that risk is part of life.”
“Risk is essentially what makes progress, hope, human life and even humankind possible.” “It’s very, very important to reintroduce a degree of risk tolerance into the structure of education.”
twenty years it has dedicated to opening up new health outreach possibilities.
Foundation has pioneered efforts to improve care and treatment for people in cardiac arrest and supported the rollout of 4,725 defibrillators across France over ten years.
Some of them sponsor projects led by non-profits. Others provide the benefit of their expertise to partner non-profits, such as by coaching students in priority areas. Together, our employees take on sporting challenges and in so doing raise funds for causes that we back financially.
As France’s leading sponsor of programmes alleviating social inequalities in health, the CNP Assurances Corporate
Security, liquidity and returns, the three factors that underpinned the glory years of capital-guaranteed life insurance, are no longer sustainable. Our priority is to overhaul our savings offering so we can offer higher returns to savers, without affecting the equilibrium achieved by our model.
The time is ripe for multi-vehicle life insurance, for unit-linked products pepping up returns and for nextgeneration euro funds to take centre-stage going forward.
They will be crafted to fit particular stages in life or holding periods and will deliver returns personalised according to each individual’s plans and risk appetite.
Yields on 10-year OATs(2) at 1 Jan. in the relevant year
G L O B A L I N T E R E S T
In France, the CNP Immo Prestige unit-linked vehicle opens up the prospect of investing in upscale real estate in Paris, a segment previously reserved for institutional investors. The vehicle offers the scope for returns in the very near and long term with liquidity guaranteed by CNP Assurances.
We invest in forests, green bonds, high energy performance buildings and green infrastructure (wind, solar, geothermal, sustainable transport). Through these investments, we aim to advance the economy-wide environmental and energy transition to achieve the 1.5° C trajectory mapped out in the Paris Agreement.
B R E A K D O W N O F G R E E N I N V E S T M E N T S
AERAS Commission (helping those with severe health risks to obtain insurance and loans)
The Covid-19 pandemic has turned the spotlight on the role that insurers play in addressing risks of extreme severity. Even though we are not yet a major player in property insurance, we have joined the French Insurance
Federation’s (FFA) think tank charged with sketching out plans for a special catastrophe insurance regime.
We have joined the unprecedented commitment made by French insurers in support of the economy, under which close to €15 billion has been injected via the “Relance
Brazil’s population. A whole generation of people brought up on digital technology are about to become fullyfledged consumers, and their modest incomes tend to make them prefer pay-to-use to ownership models.
Youse, its fully digital insurance platform, markets Youse Friends, a motor insurance solution arranged by a group of friends who assume risks together and all share in the bonus rewarding them for driving safely.
By late May 2021, 25,000 people had insured their car via a Youse Friend community, making it a very successful formula.
are indirect and have nothing to do with our operational activities. They come from our investment portfolio and reflect emissions from the businesses and buildings we finance. In the wake of the Paris Agreement of 2015, we addressed the issue head-on and set ambitious targets for us to hit by year-end 2021. The results have been highly impressive: by year-end 2020, we had beaten these targets, and so we have raised the bar by signing up to the
Net-Zero Asset Owner Alliance. Accordingly, we are now one of the 42 institutional investors accounting for $6,600 billion in assets under management, working together to make their investment portfolio carbonneutral by 2050.
Targets for an additional reduction in the carbon footprint between year-end 2019 and year-end 2024(3)
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