Robust earnings growth in 2021. Strong momentum in international businesses.
Premium income of €31.7bn (up 19.4% LfL vs 2020, up 4.3% LfL vs 2019)
Attributable net profit of €1,552m (up 15% vs 2020, up 9.9% vs 2019)
SCR coverage ratio of 217% (up 9 pts)
Recommended dividend of €1.0 per share
Highlights
- Premium income of €31.7 billion, up 17.5% vs 2020 (up 19.4% LfL(1))
- Strong growth in Savings/Pensions business, driven by the premium savings business and continued positive momentum in Brazil
- 51.3% of premiums represented by unit-linked contracts
- A further €6.3 billion worth of PACTE transfers driving a 14-pt improvement in the unit-linked weighting
- €2.8 billion net inflow to unit-linked contracts and €5.3 billion net outflow from traditional products in France
- EBIT(2) of €3,095 million, up 7.5% as reported (up 9.6% like-for-like)
- Cost/income ratio of 27.9% (0.9-pt improvement at constant exchange rates), with improvements of 1.3 pts for France, 0.2 pts for Brazil and 4.2 pts for Europe excluding France
- Attributable net profit of €1,552 million, up 15.0% vs 2020 and up 9.9% vs 2019
- APE margin of 15.6%, up 3.4 pts vs 2020
- Consolidated SCR coverage ratio of 217%, up 9 pts vs 2020
- At the Annual General Meeting on 22 April 2022, the Board of Directors will recommend paying a 2021 dividend of €1.0(3) per share, representing a payout rate of 45.5%
Stéphane Dedeyan, CNP Assurances’ Chief Executive Officer, said: “In 2021, our Group caught up with its 2019 business and earnings performances. Considerable progress was made in transforming our technical reserves and our new growth drivers enjoyed strong momentum in Europe and Brazil.
The Group's overall performance and robust solvency ratio provide a solid foundation. The growth opportunities arising from our membership of the major state-owned financial group and the significant acquisition of Aviva’s life business in Italy in 2021 reaffirm CNP Assurance’s multi-partner international insurance model.”
(1) Changes in consolidation scope in 2021: Infra Invest, CNP Vita Assicura and Assicurazioni; 2021 average exchange rates: Brazil: €1 = BRL 6.38; Argentina: €1 = ARS 112.51; 2020 average exchange rates: Brazil: €1 = BRL 5.89; Argentina: €1 = ARS 81.04
(2) Since March 2021, EBIT includes fair value adjustments to available-for-sale financial assets (€241 million positive impact on EBIT for the twelve months of 2020) and excludes amortisation of intangible assets (€23 million positive impact on EBIT for the twelve months of 2020). Excluding these changes, 2020 reported EBIT amounted to €2,614 million
(3) To be recommended at the Annual General Meeting to be held on 22 April 2022
Download the press release to see the detailed results: