Attributable net profit up 3.3% at €1,412 million. Consolidated SCR coverage ratio of 227%. Recommended dividend of €0.94 per share (1)
HIGHLIGHTS
- Premium income of €33.5 billion, up 3.5% (up 4.0% like-for-like (2))
- 42.3% of Savings/Pensions premiums represented by unit-linked contracts
- Term Creditor Insurance premiums up 5.6%, with all host regions and the Group’s main partners contributing to growth
- €3.3 billion net inflow to unit-linked contracts and €3.0 billion net outflow from traditional products in France
- EBIT of €3,041 million, up 4.0% (up 5.0% like-for-like)
- Attributable net profit of €1,412 million, up 3.3% (up 4.0% like-for-like)
- APE margin of 17.1%
- Consolidated SCR coverage ratio of 227% (3)
- Recommended dividend up 5.6% to €0.94 per share
Antoine Lissowski, CNP Assurances’ Chief Executive Officer, said:
“CNP Assurances’ 2019 results are an illustration of our business model’s robustness, rooted in our diverse business base and our relationships with partners around the world.
The Group’s financial strength is now recognised in its solvency ratio, with the inclusion of the policyholders’ surplus reserve that has been accrued on a conservative basis.
The lasting negative interest rate environment requires CNP Assurances to continue actively revamping its policyholder service
offer.
By maintaining a high level of financial strength and assertively contributing to the fight against climate change, CNP Assurances is helping to give momentum to the new public financial entity.”
(1) Recommended at the Annual General Meeting of 17 April 2020
(2) Average exchange rates: At 31 December 2019: Brazil: €1 = BRL 4.41; Argentina: €1 = ARS 53.88 At 31 December 2018: Brazil: €1 = BRL 4.31; Argentina: €1 = ARS 32.99
(3) Including the policyholders’ surplus reserve, in accordance with the calculation method recommended by the insurance supervisor (ACPR) pursuant to the Ministerial Order on life insurance companies’ surplus funds published in the Journal Officiel dated 28 December 2019, which applies to all organisations governed by France’s Insurance Code.