AI assistant
CNP Assurances Earnings Release 2020
1208_10-q_2020-11-19_80f38f19-4349-44ca-8798-a5f33808daca.pdf
Earnings Release
Open in viewerOpens in your device viewer
Press Release
Paris, 19 November 2020
Quarterly indicators – First nine months of 2020
Premium income of €18.6 billion Attributable net profit of €918 million SCR coverage ratio of 203%
Highlights
- Premium income of €18.6 billion, down 25.7% as reported (down 21.0% at constant exchange rates)
- -Strong commercial momentum in the third quarter, across all geographies
-
- In France, €5.7 billion net outflow from traditional savings contracts and €0.9 billion net inflow to unit-linked contracts
- -At Group level, 50.7% of Savings/Pensions new money from unit-linked contracts (24.4% in France)
- EBIT of €1,943 million, down 14.7% as reported (down 6.7% like-for-like)
- Attributable net profit of €918 million, down 7.0% as reported (down 4.5% like-for-like)
- APE margin of 12.2%, down in France, up in international markets
- Consolidated SCR coverage ratio of 203%, reflecting impact of lower interest rates
Antoine Lissowski, CNP Assurances' Chief Executive Officer, said:
"CNP Assurances demonstrated its resilience over the first nine months of 2020, ending the period with very high third quarter business volumes, especially in Brazil. The Covid-19 financial and public health crisis has had limited impact at this stage.
Decisive measures were taken to implement the Group's transformation strategy. In France, this led to a decrease in the traditional savings business and a transformation of the in-force portfolio . Across all geographies, commercial efforts continued to focus on modern products suited to the current economic environment.
The Group's robustness is reflected in its SCR coverage ratio, which remains very high."
The results indicators for the first nine months of 2020, on which CNP Assurances' Statutory Auditors do not provide an opinion, were reviewed by the Board of Directors at its meeting on 18 November 2020. This press release includes a certain number of alternative performance measures (APMs). These APMs and their calculation method are presented in the Investors section of the CNP Assurances website at https://www.cnp.fr/en/the-cnp-assurancesgroup/investors/results/results-presentation/2020-results.
Covid-19 impacts
The Covid-19 financial and public health crisis had limited impact on the Group's business in the third quarter of 2020, thanks in particular to reinvigorated performances in Brazil and by CNP UniCredit Vita in Italy. All in all, the crisis trimmed €3.5 billion from consolidated premium income, including €2.4 billion in France, €0.8 billion in Latin America and €0.4 billion in Europe excluding France. Covid-related costs stand at an equivalent – and in some cases, slightly lower – level compared with the first half of the year:
In France:
- The estimated cost of exceptional commercial measures that went beyond the Group's contractual obligations, such as paying daily allowances to policyholders who were unable to work because they were shielding or had childcare obligations, was unchanged compared with first-half 2020 at €50 million.
- Other negative effects on Personal Risk/Protection revenue were also unchanged at €17 million, including the €6 million extra cost of the increased incidence of "sick leave" claims and the €11 million opportunity cost represented by lower personal risk sales.
- Movements in the financial markets adversely affected investment income for the period. Dividend income for the first nine months was down €230 million, causing a €50 million reduction in revenue from own-funds portfolios, and requiring €9 million (net of hedging) to be set aside in the guaranteed yield reserve.
- The voluntary contribution to the government's solidarity fund set up in support of very small enterprises and the self-employed was unchanged compared with first-half 2020 at €25 million.
In Latin America, revenue for the first nine months was not materially affected by the first-half decline in business volumes because revenue in this region is derived mainly from in-force business. Added to that, loss ratios remained under control and the business rebounded in the third quarter. In addition, the cost-saving plan launched in June 2020 delivered €5 million worth of savings in general operating expenses.
In Europe excluding France, revenue was reduced by €17 million.
1. Premium income and APE margin for the first nine months of 2020
Consolidated premium income for the period came to €18,649 million, down 25.7%1 as reported (down 21.0%2 at constant exchange rates), mainly as a result of the Covid-19 crisis.
In France, premium income fell 30.5% to €11,402 million.
Savings/Pensions premium income was down 37.0%, at €8,315 million (with €4,290 million generated by La Banque Postale and €2,470 million by BPCE), despite an upturn in Savings business in the third quarter. In this segment, the cumulative decline in new money over the first nine months of the year primarily reflected the Covid-19 impact, CNP Patrimoine's strategic decision to limit sales of traditional savings products (decrease of €1.5 billion) and the other networks' marketing focus on 'PACTE Act' transfers which are not recognised in premium income (in the first nine months of 2020, these transfers amounted to €2.5 billion). The contribution of unit-linked contracts to Savings/Pensions premiums rose to 24.4% (from 20.2% for the prior-year period). Savings/Pensions net new money in France reflected a €0.9 billion net inflow to unit-linked contracts and a €5.7 billion net outflow from traditional products.
Personal Risk/Protection premium income dipped 3.4% to €3,087 million, buoyed by strong demand for the major distribution networks' new term creditor insurance offers despite lockdown measures. The decline in Personal Risk premiums was due to the Covid-19 crisis and to the measures taken to protect margins on group insurance business.
The APE margin narrowed to 3.2% at end-September 2020 from 12.3% for 2019, reflecting the low interest rate environment.
In Europe excluding France, premium income amounted to €3,409 million, a decrease of 8.8%.
Savings/Pensions premium income contracted by 10.1% due to the Covid-19 crisis, but also as a result of CNP Luxembourg's strategic decision to limit sales of traditional savings contracts. These effects were attenuated by CNP UniCredit Vita's very good commercial performance over the first nine months (Savings/Pensions premiums grew 10.9%) and especially in the third quarter. The pure unit-linked product My Selection was a big success, helping to drive 24.2% growth in the Italian subsidiary's unit-linked sales. All told, in the Europe excluding France region, unit-linked contracts accounted for 80.1% of Savings/Pensions premium income for the first nine months (versus 62.1% in the year earlier period).
Personal Risk/Protection premium income contracted by 3.8% to €750 million. Sales of CNP Santander's protection insurance products increased during the period, with successful telemarketing campaigns in Germany and the late-2019 launch of new products in Poland helping to offset the decline in term creditor insurance business in Italy.
The APE margin remained high at 21.8% (21.4% at 31 December 2019).
The contribution of Latin America to consolidated premium income was adversely affected by the real's weakness against the euro. Premium income for the period was down 22.8% in euros, at €3,838 million, but was up 1.1% in local currency. The Covid-19 impact was offset by the record surge in written premiums observed as from mid-June.
Savings/Pensions premium income amounted to €2,911 million, down 23.5% as reported but up 0.1% at constant exchange rates. The flow of new money was stable overall (excluding the currency effect), supported by the business recovery that began in mid-June and gathered momentum in the third quarter. The recovery was strong enough to fully offset the impact of the Covid-19 crisis on first-half performance. The proportion of Savings/Pensions premiums represented by unit-linked contracts remained very high, at 98.9%.
2 Average exchange rates: First nine months of 2020: Brazil: €1 = BRL 5.71; Argentina: €1 = ARS 76.16. First nine months of 2019: Brazil: €1 = BRL 4.36; Argentina: €1 = ARS 49.92.
1 Premium income for the first nine months of 2019 has been restated to exclude the top line contribution of Fourgous and Eurocroissance transfers, which are no longer recognised in premium income. The total restatement of €788 million breaks down as €371 million for the BPCE network (of which €117 million in unit-linked premiums) and €416 million for the La Banque Postale network (of which €75 million in unit-linked premiums).
CNP Assurances – Quarterly indicators - First nine months of 2020 3
CNP Assurances | Headquarters: 4, place Raoul Dautry 75716 Paris cedex 15 – 00 33 1 42 18 88 88 I www.cnp.fr I French société anonyme with paid-up share capital of €686,618,477 I Registered in Paris, RCS 341 737 062 – Company governed by the French Insurance Code (Code des assurances)
Personal Risk/Protection premium income amounted to €927 million, down 20.4% as reported but up 4.3% at constant exchange rates. The increase in local currency reflected growth in consumer finance term creditor insurance business (Prestamista), which lifted the Brazilian subsidiary to the leadership position in this market segment.
The APE margin widened to 33.1% from 29.7% at the end of 2019.
The Value of New Business (VNB) written by the Group3 was €201 million at 30 September 2020.
Average consolidated technical reserves net of reinsurance totalled €323.9 billion for the first nine months of 2020, compared with €319.6 billion in the year-earlier period, an increase of 1.3%.
2. Quarterly indicators – First nine months of 2020
Net insurance revenue (NIR) came to €2,163 million, down 7.3% as reported but up 1.4% like-for-like.
In France, net insurance revenue dipped 0.4% to €1,293 million. The Covid-19 impact – mainly on the group protection segment – was partly offset by 6.5% growth in net insurance revenue from Savings business (reflecting last year's increase in technical reserves in this segment).
In Europe excluding France, the strong growth in unit-linked Savings business helped to lift net insurance revenue by 0.3% to €219 million.
In Latin America, net insurance revenue came to €651 million, down 20.3% as reported but up 4.4% in local currency thanks to increases in pensions technical reserves and a positive volume effect in consumer finance term creditor insurance.
Revenue from own-funds portfolios of €407 million was down 34.5% as reported (down 32.0% at constant exchange rates). Factors underpinning the decline included lower yields on proprietary bond portfolios in France, and a reduced contribution from equity portfolios following the decision by many issuers to cancel their dividend in light of the financial and economic impact of the Covid-19 crisis. Added to this, the prior-period basis of comparison was unfavourable due to the high level of profit-taking on equity portfolios in the third quarter of 2019.
Total revenue came to €2,570 million, down 13.0% as reported (down 5.6% at constant exchange rates).
Administrative costs of €627 million were down 7.3% as reported (down 2.2% at constant exchange rates), helped by a 3.5% reduction in France.
The cost/income ratio of 29.0% was stable compared with the year-earlier period.
At €1,943 million, EBIT was down 14.7% as reported (down 6.7% at constant exchange rates). EBIT rose by 6.5% in local currency in Latin America and by 6.6% in Europe excluding France.
Attributable net profit came in at €918 million, down 7.0% as reported and down 4.5% at constant exchange rates.
IFRS book value was stable compared with 30 September 2019, at €17.4 billion or €25.3 per share.
The consolidated SCR coverage ratio was 203% at 30 September 2020 versus 227% at end‑2019. Movements for the first nine months were as follows: 10-point increase following inclusion of the policyholders' surplus reserve in Solvency II capital (in line with the simplified economic approach recommended by the regulator), 3-point increase from the creation of capital, net of dividends; 37-point decrease due to unfavourable market movements (mainly reductions in risk-free interest rates and equity prices, with the wider sovereign and corporate spreads partly neutralised by the volatility adjustment, which had a positive impact of 15 points on the calculation); 1-point decrease linked to the 15 bps reduction in the ultimate forward rate to 3.75% and 1-point increase attributable to other impacts.
3 The Value of New Business is calculated on a group share basis.
CNP Assurances – Quarterly indicators - First nine months of 2020 4
CNP Assurances | Headquarters: 4, place Raoul Dautry 75716 Paris cedex 15 – 00 33 1 42 18 88 88 I www.cnp.fr I French société anonyme with paid-up share capital of €686,618,477 I Registered in Paris, RCS 341 737 062 – Company governed by the French Insurance Code (Code des assurances)
| 9 months 2020 |
9 months 2019 |
% change (reported) |
% change (like-for-like) |
|
|---|---|---|---|---|
| Premium income | 18,649 | 25,111 | -25.7 | -21.0 |
| Average net technical reserves | 323,913 | 319,605 | +1.3 | - |
| Total revenue | 2,570 | 2,954 | -13.0 | -5.6 |
| Net insurance revenue (NIR), of which: | 2,163 | 2,333 | -7.3 | +1.4 |
| France | 1,293 | 1,298 | -0.4 | -0.4 |
| Latin America | 651 | 817 | -20.3 | +4.4 |
| Europe excluding France | 219 | 218 | +0.3 | +0.3 |
| Revenue from own-funds portfolios | 407 | 621 | -34.5 | -32.0 |
| Administrative costs, of which: | 627 | 676 | -7.3 | -2.2 |
| France | 428 | 443 | -3.5 | -3.5 |
| Latin America | 107 | 140 | -23.9 | +0.5 |
| Europe excluding France | 92 | 93 | -0.3 | -0.3 |
| Earnings before interest and taxes (EBIT) | 1,943 | 2,279 | -14.7 | -6.7 |
| Finance costs | (194) | (189) | +2.4 | +2.4 |
| Non-controlling and net equity accounted interests |
(325) | (403) | -19.4 | +2.1 |
| Attributable recurring profit | 1,425 | 1,686 | -15.5 | -9.8 |
| Income tax expense | (448) | (544) | -17.6 | -10.5 |
| Fair value adjustments and net gains (losses) | 109 | 273 | -60.0 | -72.5 |
| Non-recurring items | (168) | (429) | -60.9 | -60.8 |
| Attributable net profit | 918 | 987 | -7.0 | -4.5 |
CNP Assurances – Quarterly indicators - First nine months of 2020 5
APPENDICES
Attributable net profit by operating segment
| Savings/Pensions | Personal Risk/Protection insurance |
Own-funds portfolios |
|
|---|---|---|---|
| Premium Income | 13,886 | 4,763 | - |
| Total revenue | 1,096 | 1,067 | 407 |
| Administrative costs | 273 | 286 | 67 |
| Earnings before interest and taxes (EBIT) | 823 | 781 | 340 |
| Attributable recurring profit | 747 | 536 | 142 |
| Attributable net profit | 523 | 357 | 38 |
CNP Assurances – Quarterly indicators - First nine months of 2020 6
Premium income by country
| (in € millions) | 9 months 2020 |
9 months 2019 |
% change (reported) |
% change (like-for-like) |
|---|---|---|---|---|
| France | 11,402 | 16,403 | -30.5 | -30.5 |
| Brazil | 3,824 | 4,953 | -22.8 | +1.0 |
| Italy | 2,367 | 2,214 | +6.9 | +6.9 |
| Germany | 349 | 351 | -0.7 | -0.7 |
| Cyprus | 126 | 119 | +6.4 | +6.4 |
| Spain | 101 | 185 | -45.1 | -45.1 |
| Luxembourg(1) | 328 | 736 | -55.5 | -55.5 |
| Poland | 68 | 69 | -1.7 | -1.7 |
| Austria | 18 | 17 | +6.7 | +6.7 |
| Norway | 16 | 16 | +2.3 | +2.3 |
| Denmark | 16 | 13 | +21.5 | +21.5 |
| Argentina | 14 | 17 | -16.0 | +28.1 |
| Portugal | 3 | 4 | -27.5 | -27.5 |
| Other International | 17 | 15 | +15.6 | +15.6 |
| Total International | 7,247 | 8,708 | -16.8 | -3.2 |
| Total | 18,649 | 25,111 | -25.7 | -21.0 |
Premium income by segment
| (in € millions) | 9 months 2020 |
9 months 2019 |
% change (reported) |
% change (like-for-like) |
|---|---|---|---|---|
| Savings | 10,326 | 15,405 | -33.0 | -33.0 |
| Pensions | 3,560 | 4,566 | -22.0 | -2.6 |
| Personal Risk Insurance | 1,161 | 1,275 | -8.9 | -1.6 |
| Term Creditor Insurance | 3,039 | 3,243 | -6.3 | -2.3 |
| Health Insurance | 319 | 327 | -2.5 | -1.6 |
| Property & Casualty | 244 | 295 | -17.3 | +4.0 |
| Total | 18,649 | 25,111 | -25.7 | -21.0 |
CNP Assurances – Quarterly indicators - First nine months of 2020 7
Premium income by country and by segment
| (in € millions) | Savings | Pensions | Personal Risk |
Term Creditor Insurance |
Health | Property & Casualty |
Total |
|---|---|---|---|---|---|---|---|
| France | 7,645 | 669 | 812 | 1,995 | 280 | 0 | 11,402 |
| Brazil | 26 | 2,881 | 290 | 414 | 10 | 204 | 3,824 |
| Italy | 2,248 | 8 | 22 | 90 | 0 | 0 | 2,367 |
| Germany | 0 | 0 | 9 | 340 | 0 | 0 | 349 |
| Cyprus | 48 | 0 | 10 | 0 | 28 | 40 | 126 |
| Spain | 25 | 1 | 3 | 72 | 0 | 0 | 101 |
| Luxembourg(1) | 328 | 0 | 0 | 0 | 0 | 0 | 328 |
| Poland | 0 | 0 | 8 | 59 | 0 | 0 | 68 |
| Austria | 0 | 0 | 0 | 18 | 0 | 0 | 18 |
| Norway | 0 | 0 | 0 | 16 | 0 | 0 | 16 |
| Denmark | 0 | 0 | 0 | 16 | 0 | 0 | 16 |
| Argentina | 4 | 0 | 8 | 1 | 0 | 0 | 14 |
| Portugal | 0 | 0 | 0 | 3 | 0 | 0 | 3 |
| Other International | 2 | 0 | 0 | 15 | 0 | 0 | 17 |
| Total International | 2,681 | 2,891 | 350 | 1,044 | 38 | 244 | 7,247 |
| Total | 10,326 | 3,560 | 1,161 | 3,039 | 319 | 244 | 18,649 |
CNP Assurances – Quarterly indicators - First nine months of 2020 8
| (in € millions) | 9 months 2020 |
9 months 2019 |
% change (reported) |
|---|---|---|---|
| La Banque Postale | 4,452 | 6,154 | -27.7 |
| BPCE | 3,382 | 4,730 | -28.5 |
| CNP Patrimoine | 1,067 | 2,753 | -61.2 |
| Social protection partners (France) | 1,490 | 1,606 | -7.2 |
| Financial institutions (France) | 847 | 926 | -8.6 |
| Amétis | 136 | 201 | -32.6 |
| Other France | 29 | 33 | -12.8 |
| Total France | 11,402 | 16,403 | -30.5 |
| Caixa Seguradora (Brazil) | 3,824 | 4,953 | -22.8 |
| CNP UniCredit Vita (Italy) | 2,246 | 2,058 | +9.1 |
| CNP Luxembourg (Luxembourg) | 328 | 736 | -55.5 |
| CNP Santander Insurance (Ireland) | 573 | 567 | +1.1 |
| CNP Partners (Spain) | 100 | 214 | -53.4 |
| CNP Cyprus Insurance Holdings (Cyprus) | 129 | 121 | +6.2 |
| CNP Assurances Compañía de Seguros (Argentina) | 14 | 17 | -16.0 |
| Other International | 34 | 42 | -18.0 |
| Total International | 7,247 | 8,708 | -16.8 |
| Total | 18,649 | 25,111 | -25.7 |
Premium income by region and by partner/subsidiary
CNP Assurances – Quarterly indicators - First nine months of 2020 9
Unit-linked sales
by region and by partner/subsidiary
| (in € millions) | 9 months 2020 |
9 months 2019 |
% change (reported) |
|---|---|---|---|
| La Banque Postale | 835 | 899 | -7.1 |
| BPCE | 443 | 546 | -18.8 |
| CNP Patrimoine | 685 | 1,150 | -40.4 |
| Amétis | 35 | 49 | -28.1 |
| Other France | 27 | 26 | +5.3 |
| Total Unit-linked France | 2,026 | 2,671 | -24.1 |
| Caixa Seguradora (Brazil) | 2,880 | 3,754 | -23.3 |
| CNP UniCredit Vita (Italy) | 1,771 | 1,426 | +24.2 |
| CNP Partners (Spain) | 48 | 59 | -18.6 |
| CNP Luxembourg (Luxembourg) | 264 | 311 | -15.1 |
| CNP Cyprus Insurance Holdings (Cyprus) | 48 | 42 | +13.8 |
| Total Unit-linked International | 5,010 | 5,592 | -10.4 |
| Total Unit-linked | 7,037 | 8,263 | -14.8 |
Unit-linked sales as a proportion of Savings/Pensions premiums
by region
| (in € millions) | Savings/Pensions | o/w Unit-linked | o/w Traditional | % Unit-linked |
|---|---|---|---|---|
| France | 8,315 | 2,026 | 6,288 | 24.4 |
| Latin America | 2,911 | 2,880 | 31 | 98.9 |
| Europe excluding France | 2,660 | 2,130 | 529 | 80.1 |
| Total | 13,886 | 7,037 | 6,849 | 50.7 |
CNP Assurances – Quarterly indicators - First nine months of 2020 10
Premium income from partnership with La Banque Postale
| (in € millions) | 9 months 2020 |
9 months 2019 |
% change (reported) |
|---|---|---|---|
| Savings | 4,048 | 5,733 | -29.4 |
| Pensions | 242 | 272 | -11.0 |
| Personal Risk Insurance | 14 | 14 | -0.2 |
| Term Creditor Insurance | 147 | 135 | +8.9 |
| Total | 4,452 | 6,154 | -27.7 |
Premium income from partnership with BPCE
| (in € millions) | 9 months 2020 |
9 months 2019 |
% change (reported) |
|---|---|---|---|
| Savings | 2,406 | 3,726 | -35.4 |
| Pensions | 63 | 76 | -16.9 |
| Personal Risk Insurance | 85 | 88 | -2.8 |
| Term Creditor Insurance | 827 | 840 | -1.5 |
| Total | 3,382 | 4,730 | -28.5 |
Caixa Seguradora premium income by segment in BRL
| (in BRL millions) | 9 months 2020 |
9 months 2019 |
% change (reported) |
|---|---|---|---|
| Savings | 146 | 196 | -25.4 |
| Pensions | 16,452 | 16,393 | +0.4 |
| Personal Risk Insurance | 1,655 | 1,681 | -1.6 |
| Term Creditor Insurance | 2,362 | 2,145 | +10.2 |
| Health Insurance | 57 | 85 | -33.2 |
| Property & Casualty | 1,163 | 1,116 | +4.1 |
| Total | 21,835 | 21,616 | +1.0 |
CNP Assurances – Quarterly indicators - First nine months of 2020 11
CNP UniCredit Vita premium income by segment
| (in € millions) | 9 months 2020 |
9 months 2019 |
% change (reported) |
|---|---|---|---|
| Savings | 2,187 | 1,971 | +11.0 |
| Pensions | 8 | 8 | -4.0 |
| Personal Risk Insurance | 20 | 19 | +4.5 |
| Term Creditor Insurance | 31 | 61 | -48.8 |
| Total | 2,246 | 2,058 | +9.1 |
CNP Santander Insurance premium income by country
| (in € millions) | 9 months 2020 |
9 months 2019 |
% change (reported) |
|---|---|---|---|
| Germany | 348.6 | 351.1 | -0.7 |
| Poland | 67.6 | 68.8 | -1.7 |
| Spain | 61.3 | 60.4 | +1.6 |
| Italy | 30.7 | 28.6 | +7.4 |
| Austria | 17.9 | 16.8 | +6.7 |
| Norway | 16.5 | 16.1 | +2.3 |
| Denmark | 15.8 | 13.0 | +21.5 |
| Sweden | 8.8 | 7.4 | +19.7 |
| Finland | 3.7 | 3.4 | +8.6 |
| Belgium | 2.1 | 1.7 | n.m. |
| Netherlands | 0.2 | 0.1 | n.m. |
| Total | 573 | 567 | +1.1 |
CNP Assurances – Quarterly indicators - First nine months of 2020 12
Investor Calendar
- 2020 premium income and profit: Wednesday, 17 February 2021 at 07:30 a.m.
- Annual General Meeting: Friday, 16 April 2021 at 2:30 p.m.
- First-quarter 2021 results indicators: Wednesay, 12 May 2021 at 5:45 p.m.
- First-half 2021 premium income and profit: Wednesday, 28 July 2021 at 07:30 a.m.
- Nine-month 2021 results indicators: Friday, 19 November 2021 at 07:30 a.m.
This press release, along with all of CNP Assurances' regulated information published in accordance with Article L.451-1-2 of the French Monetary and Financial Code and Articles 222-1 et seq. of the Autorité des Marchés Financiers' General Regulations, is available on the Group's investor information website at www.cnp.fr/en/investor-analyst.
About CNP Assurances
A benchmark player in the French personal insurance market, CNP Assurances is active in 19 countries in Europe and Latin America, with a significant presence in Brazil, its second largest market. Acting as an insurer, co-insurer and reinsurer, CNP Assurances develops innovative personal risk/protection and savings/pensions solutions. It has more than 37 million personal risk/protection insureds worldwide and more than 14 million savings/pensions policyholders. In line with its business model, the Group's solutions are distributed by multiple partners. The solutions are aligned with each partner's physical or digital distribution model, while also being tailored to local clients' needs in each country.
CNP Assurances has been listed on the Paris Stock Exchange since October 1998. The Group reported net profit of €1,412 million in 2019.
| Press contacts | Investors and analysts | |||
|---|---|---|---|---|
| Florence de Montmarin | +33 (0)1 42 18 86 51 | Nicolas Legrand | +33 (0)1 42 18 65 95 | |
| Tamara Bernard | +33 (0)1 42 18 86 19 | Jean-Yves Icole | +33 (0)1 42 18 86 70 | |
| Caroline Ceintrey | +33 (0)1 42 18 85 73 | Typhaine Lissot | +33 (0)1 42 18 83 66 | |
| [email protected] | Julien Rouch | +33 (0)1 42 18 94 93 | ||
| [email protected] | ||||
CNP Assurances – Quarterly indicators - First nine months of 2020 13
Follow us on:
Disclaimer:
Some of the statements contained in this presentation may be forward-looking statements referring to projections, future events, trends or objectives that, by their very nature, involve inherent risks and uncertainties that may cause actual results to differ materially from those currently anticipated in such statements. These risks and uncertainties may concern factors such as changes in general economic conditions and financial market performance, legal or regulatory decisions or changes, changes in the frequency and amount of insured claims, changes in interest rates and foreign exchange rates, changes in the policies of central banks or governments, legal proceedings, the effects of acquisitions and divestments, 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 event or other factors.
Certain prior-period information may be reclassified on a basis consistent with current year data. The sum of the amounts presented in this document may not correspond exactly to the total indicated in the tables and the text. Percentages and percentage changes are calculated based on unrounded figures and there may be certain minor differences between the amounts and percentages due to rounding. CNP Assurances' final solvency indicators are submitted post-publication to the insurance supervisor and may differ from the explicit and implicit estimates contained in this document.
This document may contain alternative performance measures (such as EBIT) that are considered useful by CNP Assurances but are not recognised in the IFRSs adopted for use in the European Union. These measures should be treated as additional information and not as substitutes for the balance sheet and income statement prepared in accordance with IFRS. They may not be comparable with those published by other companies, as their definition may vary from one company to another.
CNP Assurances – Quarterly indicators - First nine months of 2020 14