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CNP Assurances — Capital/Financing Update 2014
May 27, 2014
1208_iss_2014-05-27_d955db97-7a5e-4fb5-a17f-7bba00411653.pdf
Capital/Financing Update
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This press release may not be distributed or published, directly or indirectly, in or into the United States, Canada, Australia or Japan
Paris, 27 May 2014
CNP Assurances – Press release
CNP Assurances successfully completes €500 million subordinated bond issue
On 27 May 2014, CNP Assurances completed a €500-million issue of subordinated bonds with a final maturity date of 5 June 2045 and a first-call date of 5 June 2025.
The order book totalled around €5 billion, from more than 350 investors, a successful performance that confirms institutional investor interest and confidence in the CNP Assurances signature.
The issue was structured to be recognized as capital under both insurance regulations and Standard & Poor's rating rules. Under Solvency 1 standards, it will be eligible for inclusion in regulatory capital, while under Solvency 2, it should be considered as Tier 2 capital, according to the latest EIOPA technical specifications.
The bonds will pay a 4.25% fixed rate of interest over the first 11 years and subsequently adjusted every five years. This is the third lowest coupon paid in the European insurance industry for euro-denominated subordinated debt eligible for inclusion in Tier 2 capital under Solvency 2 rules. For CNP Assurances, it is the lowest fixed coupon paid since the Group's inaugural subordinated issue in 1999.
Proceeds from the issue will be used to refinance bonds maturing in the near future.
The new bond should be rated BBB+ by Standard & Poor's, using the rating methodology applied to hybrid debt.
Settlement is scheduled for 5 June 2014.
The prospectus may be downloaded from www.cnp-finances.fr and www.amf-france.org.
Contacts presse CNP Assurances
Florence de MONTMARIN 01 42 18 86 51
Tamara BERNARD 01 42 18 86 19
Contacts investisseurs et analystes CNP Assurances
Jim ROOT 01 42 18 71 89
Annabelle BEUGIN-SOULON 01 42 18 83 66
Julien DOCQUINCOURT 01 42 18 94 93
This press release may not be distributed or published, directly or indirectly, in or into the United States, Canada, Australia or Japan.
About CNP Assurances
CNP Assurances is France's leading personal insurer, with net profit of €1,030 million in 2013. The Group also has operations in other European countries and in Latin America, with a significant presence in Brazil. It has 27 million personal risk/protection insureds worldwide and 14 million savings and pensions policyholders.
For 160 years, CNP Assurances has been protecting people against the risks of everyday life. The Group designs and manages life insurance, pension, personal risk and protection (term creditor insurance and health insurance) products.
- In France, CNP Assurances distributes its individual insurance products through La Banque Postale and the Caisses d'Epargne, as well as through its own CNP Trésor network. In Brazil, its second largest market, the Group's partner is Caixa Econômica Federal, the country's second-biggest stateowned bank.
- In group insurance, CNP Assurances crafts tailor-made personal risk, pension and term creditor insurance products that are aligned with the needs of companies, local authorities, mutual insurers, non-profit organizations, and banks in Europe and Latin America.
Listed on the first market of the Paris Bourse since October 1998, CNP Assurances enjoys the backing of a core group of four major shareholders (Caisse des Dépôts et Consignations, La Banque Postale, Groupe BPCE and the French State) united by a shareholders' agreement.
Disclaimer :
Some of the statements contained in this press release may be forward-looking statements referring to projections, future events, trends or objectives which, by their very nature, involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated in such statements by reason of factors such as changes in general economic conditions and conditions in the financial markets, legal or regulatory decisions or changes, changes in the frequency and amount of insured claims, particularly as a result of changes in mortality and morbidity rates, changes in surrender rates, interest rates, foreign exchange rates, the competitive environment, the policies of foreign central banks or governments, legal proceedings, the effects of acquisitions and the integration of newly-acquired businesses, and general factors affecting competition.
Further information regarding factors which may cause results to differ materially from those projected in forward looking statements is included in CNP Assurances' filings with the Autorité des Marchés Financiers. CNP Assurances does not undertake to update any forward-looking statements presented herein to take into account any new information, future eventor other factors.
Distribution of this press release may be restricted in some countries. Any person in possession of this press release should inform themselves about and comply with any local restrictions.
This press release is not for distribution, directly or indirectly, in or into the United States. This press release and the information contained herein are not an offer to buy ou subscribe, nor a solicitation to to buy or subscribe, securities in the United States or any other jurisdiction where such offer may be restricted. Securities may not be offered or sold in the United States unless they are registered under the U.S. Securities Act of 1933, as amended or exempt from registration. The notes have not been and will not be registered under the U.S. Securities Act and CNP Assurances does not intend to make a public offer of its securities in the United States. Copies of this document are not being, and should not be, distributed in or sent into the United States.
As far as the United Kingdom is concerned, this press release is directed only at persons who (i) are "investment professionals" falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion Order) 2005 (as amended, the "Financial Promotion Order"), (ii) are persons falling within Article 49(2)(a) to (e) (high net worth companies, unincorporated associations etc) of the Financial Promotion Order, (iii) are outside the United Kingdom or (iv) are persons to whom an invitation or inducement to engage in
Contacts presse CNP Assurances
Florence de MONTMARIN 01 42 18 86 51
Tamara BERNARD 01 42 18 86 19
Contacts investisseurs et analystes CNP Assurances
Jim ROOT 01 42 18 71 89
Annabelle BEUGIN-SOULON 01 42 18 83 66
Julien DOCQUINCOURT 01 42 18 94 93
This press release may not be distributed or published, directly or indirectly, in or into the United States, Canada, Australia or Japan.
investment activity (within the meaning of Section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons referred to in (i) to (iv) together being referred to as "relevant persons"). This document must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this document relates is available in the United Kingdom to relevant persons only and will be engaged in only with relevant persons.
This press release and the information contained herein do not constitute an offer to sell or subscribe, nor a solicitation of an order to buy or subscribe the notes in any country.
Contacts presse CNP Assurances
Florence de MONTMARIN 01 42 18 86 51
Tamara BERNARD 01 42 18 86 19
Contacts investisseurs et analystes CNP Assurances
Jim ROOT 01 42 18 71 89
Annabelle BEUGIN-SOULON 01 42 18 83 66
Julien DOCQUINCOURT 01 42 18 94 93