Today, the CNP Assurances Group published the Group Solvency and Financial Condition Report (SFCR) and CNP Assurances SA published its solo SFCR at 31 December 2024, in accordance with the company's regulatory requirements under Solvency II.

These reports were approved by the Board of Directors at its meeting of 25 March 2025.

Only the French versions of the documents have been published; the English versions will be posted online on Tuesday, 20 May 2025 at www.cnp.fr.

The SFCR is a narrative report addressing the general public as required by the Solvency II Directive since 2016. It is published annually.

Key points at 31 December 2024

The CNP Assurances Group’s SCR1 coverage ratio stood at 237% at end-2024 (-16 points compared with year-end 2023). This decrease can notably be attributed to adverse market trends, in particular on French sovereign spreads (-16 pts) over the period, the integration of profit for the period net of expected dividends (+6 pts), a reversal of the surplus participation provision (-6 pts), an update of the financial strategy (-3 pts), a reduction in the capping of subordinated debt issued by CNP Assurances SA not available at the level of the CNP Assurances Group (+5 pts), and the integration of CNP Assurances Protection Sociale (-1 pt).

The other solvency indicators were as follows:

  • Own funds eligible for the CNP Assurances Group SCR totalled €38.3 billion at the end of 2024.
  • The CNP Assurances Group SCR amounted to €16.2 billion at year-end 2024, with 47% for market risk and 43% for underwriting risk. Risk diversification benefits are estimated at 28%.
  • The CNP Assurances SA Solo SCR coverage ratio stood at 236% at year-end 2024. 
  • The CNP Assurances Group MCR coverage ratio stood at 368% at year-end 2024.
  • The CNP Assurances SA Solo MCR coverage ratio stood at 452% at end-2024.

SCR coverage ratio

The SCR is the amount of own funds required to absorb material losses and provide reasonable assurance that commitments to insureds and beneficiaries will be honoured as they fall due.

CNP Assurances calculates its SCR coverage ratio using the standard formula, without applying prudential equivalence or transitional measures except for the grandfathering  of subordinated debt. The Group applies Solvency II requirements to all the subsidiaries included in the prudential consolidation scope, including the Brazilian subsidiary, so as to present consistent risk measurements across the Group.

At 31 December 2024, own funds eligible for inclusion in the SCR coverage ratio at CNP Assurances Group level amounted to €38.3 billion, and the SCR stood at €16.2 billion.

Own funds eligible for inclusion in the Group SCR coverage ratio include €30.0 billion in Tier 1 capital, including €8.9 billion for the surplus participation provision (which has been recognised in eligible own funds since the end of 2019).  

How to obtain our SFCRs

This press release and all regulated information published by the CNP Assurances Group pursuant to Article L. 451-1-2 of the French Monetary and Financial Code and Articles 222-1 et seq. of the General Regulation of the AMF (French Financial Markets Authority) are available on the investor relations website at https://www.cnp.fr/en/the-cnp-assurances-group/investors.

1  Solvency Capital Requirement.

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