Paris, 13 september 2011
CNP Assurances’ AA- rating was reaffirmed today by Standard & Poor’s in its annual review. The assessment was based on the Group’s strong competitive position in France and its long-term financial flexibility.
The outlook was changed from stable to negative due to the effect on the Group’s economic capital of the sovereign debt crises in neighbouring euro zone countries and the current decline in the capital markets.
In this regard, CNP Assurances reiterates the stability of its solvency margin measured under Solvency I which was covered 1.13 times by equity and quasi-equity alone at 30 June 2011, and 1.11 times at 31 December 2010 (at 30 June 2011, the solvency capital requirement was covered 1.58 times including capital gains). CNP Assurances remains confident in its ability to maintain its position as one of the most financially robust companies in Europe. This solidity is further underpinned by the widely recognised stability and quality of CNP Assurances’ shareholder base.