A long-term investor committed to a more inclusive and sustainable society
At CNP Assurances, responsible investment is a structuring approach that has been anchored in our model for 20 years.
From 2006 onwards, we have gradually integrated environmental, social and governance (ESG) issues into our investment decisions(1). We are convinced that these issues are inseparable from sustainable performance and the protection of our policyholders’ interests over the long term.
Today, we manage our investments, including those on behalf of our policyholders, primarily held in direct ownership. This allows us to fully exercise our role as a responsible investor, analysing, selecting, engaging and, ultimately, excluding where necessary.
An approach aligned with our corporate mission
Our approach as a responsible investor is directly aligned with CNP Assurances’ corporate mission, formally incorporated in our articles of association since 2021:
"As a responsible insurer and investor, driven by the community values of our Group, we work with our partners to create an inclusive and sustainable society, providing solutions to as many people as possible to protect and support them on their chosen paths."
Accordingly, we have chosen to focus our activities as an investor on three priority areas:
- the ecological transition,
- healthcare and ageing well,
- access to essential goods and services.
These priorities guide the direction of our investments, the definition of our ESG policies, and our engagement with customers and territories, in Europe as in Latin America.
Concrete levers for delivering our commitment
Our responsible investor approach is based on complementary levers, used in a consistent manner and tailored to the specific characteristics of our various asset classes.
Stringent exclusion policies
We exclude countries, sectors, companies or projects from our investments when their business activities are incompatible with our commitments, ethics, or the relevant scientific trajectories, notably climate-related.
These policies cover:
- fossil fuels: thermal coal, unconventional oil and gas, conventional oil and gas developers,
- activities that harm biodiversity: deforestation, pesticides, deep-water mining,
- tobacco,
- banned weapons.
ESG integration central to investment decisions
ESG criteria are incorporated in a structured and documented manner into our investment analysis and decision-making processes. The methods are adapted to the specific characteristics of the asset class and holding method (direct/partner management companies).
| Breakdown of assets in the investment portfolios of CNP Assurances SA and its French subsidiaries at 31/12/2025 | |
|---|---|
| Assets under management in portfolios with a sustainable finance label2 (€bn) | 34,49 |
| Assets under management in portfolios managed according to non-certified responsible investment approaches3 (€bn) | 97,70 |
| Assets under management under other ESG approaches4 (€bn) | 168,92 |
| Other investment portfolio assets (€bn) | 40,11 |
| Total investment portfolio assets (€bn) | 341,22 |
Thus, by the end of 2025, 88% of investments incorporated ESG factors into the investment decision.
Active shareholder engagement
We exercise our voting rights and engage in demanding dialogue with the companies in which we are shareholders and the management companies that manage our assets. The key topics discussed include climate, biodiversity, social and governance issues. Where dialogue fails to succeed or the practices observed remain incompatible with our expectations, these discussions may lead to restrictions or divestment.
We publish our voting policies and decisions in a transparent manner at general meetings.
Managing sustainability risks
Sustainability risks are events that may pose a financial threat for CNP Assurances. They are linked to the environmental and social performance or governance practices of the companies in which we invest. As with financial risks, the management of these risks for our portfolios is integrated into our overall risk management system. This approach is supervised by the Group’s governance bodies.
Directing investment towards transitions
We direct a substantial share of our investments to our three priorities: the environmental transition, healthcare and ageing well, and access to essential goods and services. This approach applies to our various asset classes:
- equities and corporate bonds,
- real estate,
- infrastructure,
- forests,
- thematic sovereign bonds (green, social, sustainable).
A steering based ontransparent and monitored indicators
To steer and report on our approach, we rely on specific non-financial indicators, determined for the period 2026‑2030, in accordance with our corporate mission.
They reflect our increasingly stronger ambitions on issues such as climate, biodiversity and social inclusion.
Learn more : download our table presenting our non-financial performance indicators
In summary
Being a responsible investor at CNP Assurances means:
- acting over the long term, with method and responsibility,
- directing savings towards projects that are useful for major transitions,
- making clear, controlled and transparent choices,
- striving to make a concrete contribution to a more inclusive and sustainable society.
2 Labels taken into account: French SRI label, French Finansol label, French Greenfin label.
3 Equivalent to approaches based on a material commitment (central communication) within the meaning of AMF Position-Recommendation 2020-03.
4 Equivalent to approaches based on a non-material commitment (reduced disclosure) within the meaning of AMF Position-Recommendation 2020-03.