Sharp rise in earnings and increased economic value under IFRS 17 Strong business momentum in France but reduced flow of new money in international markets
- Attributable net profit of €892m (up €456m vs first-half 2022)
- Consolidated economic value of €32.5bn (up 4.9% vs 31 December 2022)
- Gross new money of €19.4bn (down 6% vs first-half 2022)
The scope of consolidation of the CNP Assurances Group includes CNP Assurances SA1 and the four La Banque Postale Assurances entities.
Key financial and non-financial metrics
- Gross new money of €19.4bn for the CNP Assurances Group (down 6% vs first-half 2022)
- Attributable net profit of €892m (up €456m vs first-half 2022)
- Consolidated SCR coverage ratio of 259% (up 29pts vs end-2022)
- Consolidated equity of €21.4bn (up 2.5% or €0.6bn vs end-2022)
- Contractual service margin (CSM) of €16.5bn (up €1.6bn vs end-2022)
- Consolidated economic value (equity + CSM net of non-controlling interests and net of tax) of €32.5bn (up €1.5bn vs end-2022)
- Green investment portfolio (CNP Assurances SA): €25.9bn (up €700m vs end-2022)
- Customer Effort Score (CNP Assurances SA) stable at 2.2/5
- Percentage of women on the Executive Committee (CNP Assurances SA): 64% (up 13 pts vs end-2022)
- Inclusive purchases as a % of total purchases (CNP Assurances SA): 29.7% (up 1.7 pts vs end-2022)
- Carbon footprint of the investment portfolio: 52 kgCO2e/€k invested (vs 55 kgCO2e/€k invested at end-2022)
- ESG ratings: among the top 10% of insurance companies, as awarded by a representative panel of three rating agencies
Stéphane DEDEYAN, Chief Executive Officer of the CNP Assurances Group, said:"The first half of 2023 saw the expansion of the CNP Assurances Group and the emergence of a full-service insurer, covering both people and property.
Our interim results attest to the Group’s financial strength and performance in a complex macro-economic environment and good performance of the financial market. I would particularly like to highlight our strong business momentum in France and the increase in the Group’s SCR coverage ratio, which stood at 259% at 30 June 2023.
The management of our financial and non-financial performance for the benefit of our stakeholders has been recognised and praised. It reflects our commitment to society and the environment, in line with our corporate mission.”