At CNP Assurances, our action is informed by a long-term approach that aims to protect life courses. This approach also hinges on supporting economic models that incorporate respect for human rights and social issues.
A strategy based on three pillars
1. Exclude activities most harmful to society
We have chosen not to finance business activities or players whose practices are incompatible with our commitments and with international standards in terms of respect for human and social rights.
For example, we exclude investment in certain countries based on criteria relating to corruption, tax opacity or non-compliance with democratic principles and fundamental freedoms.
We do not invest in companies involved in sectors such as banned weapons and tobacco. We refrain from investing in companies that violate international human rights standards and principles.
2. Act as a responsible shareholder
We proactively influence the companies in which we invest. This responsibility is formally specified in our engagement policy, which is based on the exercise of voting rights at general meetings and regular dialogue with companies.
Social issues are particularly important in this respect and we are particularly vigilant regarding:
- the working and safety conditions of employees,
- compliance with the principles of good governance,
- and the consideration of the social impacts of environmental transition strategies.
Health and ageing well
Societal health issues are a central pillar of our strategy, in line with our role as an insurer exposed to demographic and health trends. We pay particular attention to companies whose business activities improve or worsen health determinants.
Where dialogue is unproductive or the practices observed are incompatible with our expectations, these exchanges may lead to decisions on restriction or divestment.
The just transition
CNP Assurances is the insurance subsidiary of the La Banque Postale Group, for which the concept of the just transition is central to its development model. For economic players, taking environmental challenges into account implies profound changes and transformations in their long-standing business activities.
For CNP Assurances, it is essential to ensure that this transition does not generate new social inequalities. This is why, for example, we are involved in the “Just Transition” investor coalition led by the Forum forResponsible Investment (FIR).
3. Select investments based on rigorous ESG criteria
Our action for society is founded on the integration of ESG criteria – fully including social and societal aspects – into investment decisions.
Our investment decisions incorporate the principles of the United Nations Global Compact, including:
- respect for human rights,
- respect for fundamental social rights,
- the fight against corruption.
We apply these ESG criteria across all major asset classes.
A structuring methodology for the direct management of listed company securities
For listed and semi-public companies, the integration of social and societal issues is based on our proprietary GREaT methodology. Deployed by our management partners, GREaT combines quantitative and qualitative analysis to assess the practices of companies and their exposure to sustainability risks.
The quantitative analysis is based on 13 criteria, broken down into 76 indicators. The data analysed comes from specialised agencies including Moody’s ESG Solutions and MSCI. The GREaT methodology notably covers issues relating to:
- respect for human rights,
- working conditions and the health and safety of employees,
- diversity and non‑discrimination,
- local and regional development.
Each issuer is assessed based on an ESG score that guides investments or excludes them when the level of risk is deemed too high. This can go as far as a ban on acquiring the securities of the lowest-rated companies.
Investing in projects that integrate social issues
Nous orientons une part de nos investissements vers des projets identifiés pour leurs objectifs sociaux ou sociétaux, en cohérence avec notre rôle d’investisseur de long terme. Cette approche se traduit par des financements dédiés, tels que des obligations sociales et des investissements à impact, renforçant l’accès au logement, à la santé ou le développement de l’économie réelle.
As of the end of 2025, outstanding amounts stood at €5.7 billion for social and sustainable bonds, and €2 billion for impact investments, respectively.
These investments are part of our priority themes, including health, ageing well, and access to essential goods and services.
In summary
Our action for society is based on clear and committed choices:
- exclude when practices are incompatible with our commitments,
- integrate social issues into our investment decisions,
- dialogue with companies to change practices,
- finance projects that are useful to people and territories.