Based on its revised capital model, S&P Global Ratings reaffirmed the ratings of CNP Assurances SA and its subsidiary CNP Caution. The maintained negative outlook on CNP Assurances mirrors that on the French State, which affects the rating of La Poste Group and CNP Assurances as a central entity.
In its review, S&P says: “CNP Assurances' strong business risk profile is underpinned by its leading position in the French life insurance market (…). We also think that, over the next 12-24 months, CNP Assurances will retain its strong market position, including geographical diversification of its business footprint.
Moreover, we expect very strong capital and earnings--despite support potentially upstreamed to La Banque Postale, underpinned by a capital adequacy at the 99.99% level, as per our risk-based capital our model.”
The rating of CNP Assurances remains unchanged:
| S&P Global Ratings | |
|---|---|
| Financial strength rating | A+ (negative outlook) |
| Tier 2 and Tier 3 subordinated notes rating | A- |
| Restricted Tier 1 subordinated notes rating | BBB+ |
Marie-Aude Thépaut, Chief Executive Officer of CNP Assurances:
“The reaffirmation of the A+ rating by S&P Global Ratings following the evolution of its capital model confirms the financial soundness of CNP Assurances.
This is based on the Group’s business model and strategic orientations, based on our continuous development and the strength of our partnerships.”