Financial ratings

  • Standard & Poor’s

    Financial Strenth Rating

    A

    Stable

    Source: Standard & Poor's report - December 2018

  • Moody's

    Counterparty Credit Rating

    A1

    Stable

    Source: Moody's report - October 2018

The financial strength of CNP Assurances and several of its subsidiaries is rated by recognized rating agencies. These ratings may be reviewed or withdrawn at any time by the agencies, in their sole discretion. Similarly, CNP Assurances is not committed to maintain these ratings, and is not responsible for the accuracy or reliability of these ratings.

The financial strength rating is intended to reflect CNP Assurances' ability to meet its payment obligations vis-à-vis third parties, and may not reflect the potential impact of all risks. A rating is not a recommendation to buy, sell or hold securities issued by CNP Assurances.
None of these ratings should be interpreted as an indication or a forecast of the future performance of securities issued by CNP Assurances. The meaning of a rating may vary from one agency to another.

 

Extra-financial rating

The large extra-financial rating agencies validate the quality of CNP Assurances approach, particularly in terms of human resources and societal commitment.

Agence de notationNotation extra-financièreCommentaireRéférence méthodologique
OekomPrime B- (2017)1st out of 131 international companies in the insurance sectorFollow this link
Vigeo61/100 (2018)4 out of 53 (for the Europe insurance sector)Follow this link
MSCIAAA (2018)  
PRIA (2018)  

 

Debt Issuances

CNP Assurances issues different types of subordinated liabilities that are an important component of its capital management policy. The Group's financial flexibility is based on the strong track record of access to debt capital markets. CNP Assurances constantly seeks to diversify its investor base in terms of geographical areas and currencies, as evidenced by the bonds issued in EUR, USD and GBP.

The Group regularly adjusts its capital structure taking into account growth prospects in Europe and Latin America, Solvency 2 capital requirements, Moody’s and Standard & Poor's rating agencies criteria and the opportunities offered by capital markets.

The following table shows the main features of the outstanding subordinated liabilities issued by the Group. For more details, please refer to the latest annual report.

ISIN codeIssuance dateFirst call dateLegal maturityCurrencyNominal (M)Ratings Moody’s /S&PCouponIFRS classificationSolvency 2 Tiering(1)Prospectus (2)
Loan2003-10-10Already passedPerpetualEUR45-VariableDebtTier 1-
Loan2003-06-23Already passed2023-06-23EUR200-VariableDebtTier 2-
FR00100933282004-06-21Already passedPerpetualEUR300-VariableEquityTier 1Download .pdf
Loan2004-11-022016-11-15PerpetualEUR90-VariableDebtTier 1-
Loan2004-11-02 2016-11-15PerpetualEUR93-VariableDebtTier 1-
FR00101672472005-03-11Already passedPerpetualEUR225-VariableEquityTier 1Download .pdf
FR00101672962005-03-11Already passedPerpetualEUR24-VariableEquityTier 1Download .pdf
FR00102030262005-06-27Already passedPerpetualEUR75-VariableEquityTier 1Download .pdf
FR00103183862006-05-162036-05-16PerpetualEUR160-5.25%EquityTier 1Download .pdf
FR00104060822006-12-202026-12-20PerpetualEUR108-VariableEquityTier 1Download .pdf
FR00104097892006-12-222016-12-22PerpetualEUR870A3/BBB+4.75%EquityTier 1Download .pdf
FR00109414842010-09-142020-09-142040-09-14EUR750A3/BBB+6%DebtTier 2Download .pdf
FR00110338512011-04-072021-09-302041-09-30EUR700A3/BBB+6.875%DebtTier 2Download .pdf
FR00110340652011-04-072021-09-302041-09-30GBP300A3/BBB+7.375%DebtTier 2Download .pdf
FR00115384612013-07-182019-07-18PerpetualUSD500A3/BBB+6.875%DebtTier 1Download .pdf
FR00119494032014-06-052025-06-052045-06-05EUR500A3/BBB+4.25%DebtTier 2Download .pdf
FR00123177582014-11-182024-11-18PerpetualEUR500A3/BBB+4%EquityTier 1Download .pdf
FR00130663882015-12-102027-06-102047-06-10EUR750A3/BBB+4.5%DebtTier 2Download .pdf
FR00131015992016-01-222029-01-222049-01-22USD500A3/BBB+6%DebtTier 2Download .pdf
FR00133365342018-06-272028-06-27PerpetualEUR500Baa3/BBB-4.75%EquityTier 1Download .pdf
FR0013399680 - SERIES N°1 TRANCHE N°1  2019-02-05-2029-02-05EUR500A3/BBB+2.75%DebtTier 2Download .pdf

(1) including grandfathering provisions
(2) only for public debt instruments

Download this table as pdf file

The following table shows the main features of the subordinated liabilities redeemed by the Group after supervisor approval.

ISIN codeIssuance dateFirst call dateLegal maturityCurrencyNominal (M)CouponRedemption Date
FR00004947181999-05-11-2009-05-11EUR4504,625%2009-05-11
FR00004852942001-04-112011-04-112021-04-11EUR7505,75%2011-04-11
FR00004744212003-05-162013-05-162023-05-16EUR3005,25%2013-05-16
IT00045074032009-06-23-2014-06-23EUR35Variable2014-06-23
FR00104097892006-12-222016-12-22PerpetualEUR1 2504,75%2016-12-22
FR00113455522012-10-182018-10-18PerpetualUSD5007,5%2018-10-18

Download this table as pdf file

EMTN Programme

The base prospectus of the €7 billion Euro Medium Term Notes programme received visa from the Autorité des marchés financiers on 21 December 2018.

Download the base prospectus