Credit rating agency Fitch Ratings has affirmed its A+ financial strength rating with stable outlook and its subordinated notes ratings for CNP Assurances.

In its press release published today, Fitch Ratings reflects a strong capitalisation of CNP Assurances, a good level on its financial leverage for its current rating, a very strong business profile, and a stable record of financial performance. These strengths are partly offset by the insurer's fairly high asset risks.

Fitch Ratings views CNP Assurances as “a key and integral part of La Banque Postale (LBP), with which it forms a major publicly owned financial group. CNP Assurances represented 60% of LBP’s assets and the vast majority of its earnings at end-2021. LBP is owned fully by La Poste (A+/Stable), which is ultimately owned by the French State (AA/Negative). This ownership structure is supportive for an alignment of the issuer default ratings (IDRs) and Outlook of CNP Assurances and LBP”.

The following table shows CNP Assurances’ current ratings:

Credit rating agencyFitch Ratings
Financial strength ratingA+
Tier 2 and Tier 3 subordinated notes ratingBBB+
Restricted Tier 1 subordinated notes ratingBBB-

"The reaffirmation of the A+ Stable Outlook rating by Fitch Ratings confirms the financial strength of CNP Assurances and the robustness of its business model in a rapidly changing economic and financial environment" said Stéphane Dedeyan, CEO of CNP Assurances.