CNP Assurances reports consolidated SCR coverage ratio of 217%

Written by Adam Cadle

17/05/2021

CNP Assurances has reported a consolidated SCR coverage ratio of 217% as at 31 March 2021 versus 208% at end-2020.

The increase was due to mark-to-market effects, capital creation net of dividends, and a US$700m subordinated note issuance from March 2021.

Premium income of €7.9bn was also recorded for the first three months of 2021, up 14.6% from compared to Q1 2020. An attributable net profit of €308m was also noted, up 2.9% from Q1 2020.

CNP Assurances CEO Stéphane Dedeyan said: “The group’s performance for the quarter confirms that we are on the right track in pursuing our strategic objectives. We are transforming the business mix towards unit-linked products, as well as advancing in our international development, with the start of operations under the new agreement in Brazil and the signing of a planned acquisition in Italy that will ultimately double our market share.”

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