Insurers like CNP Assurances also fulfil their corporate social responsibility through their investment strategies. Our investment policy is designed to meet the following objectives:

• Strong risk discipline, to ensure that we are able to fulfil our long-term commitments to the insured, with an asset/liability management system introduced some fifteen years ago and regularly enhanced ever since.
• Profitability, which means applying strategies that generate a satisfactory return for policyholders and shareholders and smooth investment yields over time.
• Compliance with the highest ethical standards.

Personal insurers transform individual savings into long-term investments by pooling the capital built up for specific personal projects based on individual saving periods, and also pooling death risks. In most cases, the sums invested in these products can be converted back to cash by the insured at any time if the need arises. Savings invested in non-unit-linked contracts are covered by a capital guarantee and yields are optimised through the rational allocation of assets among bonds, equities, private equity funds, forests, property and other asset classes.

In line with this approach, we invested more than €25 billion in the economy in 2006, and hold one third of our assets in the form of French government bonds.

We are also determined to give policyholders the opportunity to invest in companies that actively espouse the principles of sustainable development. Since 2001, SRI funds have been available with various contracts sold through our partner networks. In 2006, SRI assets managed by CNP Assurances on behalf of policyholders almost tripled to €125.8 million.

We have made it one of our daily priorities to combat money laundering and the financing of terrorism, in line with the tenth principle of the Global Compact. Specifically, we have created a dedicated anti-money laundering unit and established a set of updated procedures to detect transactions that could be used to launder money or finance terrorist organisations.

As a service provider, our business primarily depends on people and information technology. That's why we take a keen interest in employee issues, as part of our commitment to sustainable development.

Our human resources management process reflects all of the unique features of our corporate community and is carefully designed to ensure fair treatment of all employees across the Group. In particular, we are committed to:

• Actively supporting career planning and development
• Providing superior employee benefits
• Listening and responding to employee needs.

In compliance with the sixth principle of the Global Compact, since 1995 we have made a particular effort to help disabled people become a part of our workforce. We have formalised this undertaking by signing three company agreements and pledging to commit 25% more funds than legally required.

We have also made a point of taking on young people under work-study schemes and hiring people over 50.

In June 2004, a system was introduced to help employees to prevent and respond to cases of suspected workplace distress and harassment.

In 2006, we demonstrated our strategic commitment to combating all forms of discrimination by signing the Internal Diversity Charter promoting multiculturalism and diversity within our companies. In so doing, we made a formal pledge to foster ethnic, cultural and social diversity across the Group.

In the coming years, the challenge will be to bring in new people from a variety of backgrounds, guaranteeing that they are treated fairly and instilling a sense of pride in being part of the CNP Assurances community. Managing and developing their skills will be among the keys to combating social exclusion.

CNP Assurances is committed to delivering transparent, high-quality financial information to shareholders and has long had an extremely open investor relations policy. This communication and dialogue process is being constantly enhanced by the following actions:

• Providing extensive information before and after Annual General Meetings that exceeds our legal obligations in this regard.
• Offering the possibility of online voting.
• Encouraging shareholders to use electronic media.
• Improving distribution of the Annual Report and Sustainable Development Report.
• Organising annual shareholder surveys.
• Inviting individuals to become members of the Shareholders' Club. 

The Shareholders' Club offers access to exclusive services corresponding to our areas of professional expertise, including asset management advice and stock market orientation classes, as well as a telephone hotline providing assistance with the legal and administrative formalities of daily life. Membership is free for CNP Assurances shareholders, regardless of the number of shares they hold.

Safeguarding the environment is essential to our future and to future generations.

CNP Assurances is a service provider with 3,000 employees. Unlike companies in other business sectors, we consume relatively little in terms of raw materials and energy, and therefore produce only a small amount of greenhouse gases. Our environmental impact is mainly limited to paper, water, electricity and transport consumption.

We fulfil our role as environmental stewards through a number of commitments related to our business as a personal insurer and through the deployment of a series of mini-initiatives that together are reducing our energy use:

• Equipment incorporating green technologies
• Investments in energy-saving equipment
• Waste recovery and recycling
• The inclusion of environmental and socially responsible clauses in contracts up for tender
• Rationalised business travel.

An energy audit performed on our main office building in 1999 helped to identify a number of opportunities to reduce consumption. Since 2003, projects to optimise and maintain utility installations have delivered significant results.