Strong first-half performance confirmed in the third quarter: good commercial momentum, further progress in transforming technical reserves in France, earnings growth.

  • Premium income of €23.6 billion (up 29.2% vs 20201, up 0.7% vs 20191)
  • Attributable net profit of €1,010 million (up 10% vs 2020, up 2.4% vs 2019) 
  • SCR coverage ratio of 216% (up 8 points vs 31 December 2020)

Highlights

  • Premium income of €23.6 billion, up 26.3% as reported (up 29.2% like-for-like2)

- Strong momentum in the Savings/Pensions segment across all geographies, with:

  • Unit-linked sales in France up 69.1% (including 84.6% growth for La Banque Postale), representing 28.9% of total new money
  • PACTE transfers of €5.1 billion, representing 81% of the revised 2021 target3  
  • €1.9 billion net inflow to unit-linked Savings/Pensions products in France vs €3.9 billion net outflow from traditional contracts
  • 21.9% growth in Savings/Pensions premiums in the Europe excluding France region
  • Solid commercial momentum in Latin America, with Savings/Pensions premiums up 42.6% like-forlike vs the first nine months of 2020 

- Personal Risk/Protection premiums up 1.4% like-for-like

  • EBIT of €2,235 million, up 4.9% as reported (up 7.5% like-for-like)
  • Attributable net profit of €1,010 million, up 10% as reported (up 11.2% like-for-like)
  • APE margin of 14.3% (up 2.1 points vs 2020)
  • Consolidated SCR coverage ratio of 216% at 30 September 2021 (up 8 points vs 31 December 2020) 

Stéphane Dedeyan, CNP Assurances’ Chief Executive Officer, said: “The Group maintained the 10% pace of earnings growth compared to 2020 and outperformed 2019. It also maintained its financial strength, with a consolidated SCR coverage ratio of 216%. Sales momentum was excellent across all geographies and unit-linked sales in France were up by nearly 70%.” 

1 Like-for-like, first nine months 
2 Average exchange rate, Brazil: first nine months of 2021 €1 = BRL 6.38; first nine months of 2020: €1 = BRL 5.71
3 In light of the high volume of PACTE transfers, the target was raised to €6.3 billion.

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