CNP Assurances has today published its Solvency and Financial Condition Reports (SFCRs) in French, as required by the regulations. These 2020 reports were approved by CNP Assurances’ Board of Directors at its meeting on 8 April 2021. 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 have been required to prepare annually since 2016 in application of the Solvency II directive. Two reports are prepared:
- A Group SFCR providing consolidated information for CNP Assurances SA and its main French and international subsidiaries.
- A solo SFCR providing information for CNP Assurances SA only, without consolidating the operations of its subsidiaries.
The key points in the 2020 reports are as follows:
Despite the unprecedented health crisis, the consolidated SCR coverage ratio of CNP Assurances and its subsidiaries remained high in 2020. The Group’s financial strength is the result of a healthy and conservative risk management policy aligned with its long-term strategy.
The main indicators underpinning the solvency of the Group and its consolidated entities are as follows:
- At 31 December 2020, the Group had €34.1 billion of eligible own funds for Group SCR calculations. Of this amount, €12.6 billion corresponds to policyholder surplus reserves included in accordance with the method recommended by the insurance supervisor (ACPR). The main subsidiaries have a further €2.2 billion of surplus own funds that are not recognised by the supervisor at Group level.
- Group SCR amounted to €16.4 billion at 31 December 2020, of which 56% for market risks and 32% for underwriting risks. Risks are mitigated by the diversification effect, estimated at 25% at end-2020.
- The Group SCR coverage ratio stood at 208% at 31 December 2020.
- The Company's solo SCR coverage ratio at the same date was 221%.