Paris, 18 May 2017
CNP Assurances has today published its Solvency and Financial Condition Reports (SFCRs) in French, as required by the new regulations. These 2016 reports were approved by CNP Assurances’ Board of Directors at its meeting on 10 May 2017. The English-language versions of these reports will soon be available online.
The SFCR is a narrative report intended for public disclosure that insurance undertakings are required to prepare annually as from 2016 in application of the Solvency II directive. These reports are prepared annually:
- At group level, providing consolidated information for CNP Assurances SA and its main subsidiaries in France and abroad
- At legal entity level, providing information for CNP Assurances SA only, without consolidating the operations of its main subsidiaries in France and abroad
KEY INFORMATION
- CNP Assurances has chosen to measure its solvency in a transparent and conservative manner by immediately applying the Standard Formula recommended by the insurance supervisor as from 1 January 2016, without applying any transitional measures except for the grandfathering of subordinated debt
- The Group and all of its subsidiaries enjoy a comfortable solvency position, as evidenced by their SCR coverage ratios, despite last year's historically low interest rates in Europe
- At 31 December 2016, the Group had €23.7 billion worth of eligible own funds for SCR calculations, of which 79% consists of Tier 1 capital. In addition, the main subsidiaries have a further €3.0 billion of surplus own funds that are not recognised by the supervisor at Group level
- The group SCR amounted to €13.4 billion at 31 December 2016, of which 57% for market risks and 30% for underwriting risks
- The group SCR coverage ratio stood at 177% at 31 December 2016
- CNP Assurances’ solo SCR coverage ratio at the same date was 188%