Other highlights
99/100 : Gender equality
CNP Assurances’ score on the gender equality index, with top marks on almost all the indicators used, reflects its unstinting commitment to combat pay inequality between men and women and to diversity.
A1 : Financial strength given a ringing endorsement
by two leading credit rating agencies. Moody’s reiterated its A1 rating (with a stable outlook), while Standard & Poor’s raised its rating by one notch from A- to A. In both their comments, they highlighted the prospect of a new distribution agreement in Brazil.
Trust in the bond markets
The successful placement during 2018 of 500 million euros in undated subordinated Restricted Tier 1 notes and during early 2019 of the same amount of ten-year subordinated Tier 2 notes is a testament to the quality of CNP Assurances’ name and institutional investors’ confidence in the Group’s financial strength. The proceeds from these two issues will be eligible for inclusion in Solvency 2 regulatory capital.
AML-CFT : Efforts to combat money-laundering and the financing of terrorism
are a top priority for CNP Assurances. Nonetheless, an inspection revealed regulatory requirements had evolved more rapidly than the prevention framework put in place in 2014.
The fine handed out by the ACPR(1) to CNP Assurances in 2018, without suggesting any fraud, focused the Group’s attention on this area. Training and awareness-raising for all employees, industrialisation and automation of the entire framework, controls on distributors, customers and their transactions have now been added to the framework.
(1) France’s banking and insurance supervisor (ACPR, Autorité de contrôle prudentiel et de résolution).
Cybersecurity : The seventh investment by Open CNP,
the Group’s corporate venture capital programme, was in YesWeHack.
It harnesses collective insights (from over 7,000 cybersecurity experts in 120 countries) to help businesses protect their websites, apps, infrastructure and connected objects.
In mid-2018, CNP Assurances joined the YesWeHack platform and established its Bug Bounty programme to reward any member identifying a security flaw in its systems.
Watch this space… The merger between CNP Assurances and La Banque Postale
to form a large state-owned financial powerhouse is due to go ahead in 2020. The plan seeks to maintain trust and continuity for shareholders, and will create value for all stakeholders - for customers and the regions, for partners, for employees and for society at large.