Press release on permanent regulated information
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CNP Assurances Group first-half 2023 results indicators
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.
The European Banking Authority publishes the results of its 2023 EU-wide stress test
On 28 July 2023, the European Banking Authority (EBA) published the results of the 2023 stress test exercise conducted in cooperation with the European Central Bank (ECB). A total of 57 banks supervised by the ECB were covered by the exercise and scenarios were tested to the end of 2025. Under IFRS 17, applicable to insurance contracts from 1 January 2023, La Banque Postale demonstrates its strength in a particularly severe adverse scenario.
La Banque Postale and Aegon extend their partnership in asset management
La Banque Postale and Aegon Asset Management (Aegon AM) are pleased to announce the extension of their asset management joint venture partnership in LBP AM through 2035. Aegon AM originally entered into the joint venture with La Banque Postale in 2015 and holds a 25% stake in LBP AM.
Birth of a leading European multi-specialist in conviction-based management: LBP AM completes the acquisition of La Financière de l'Échiquier
La Banque Postale announced today that it has completed the acquisition by LBP AM of La Financière de l'Échiquier (LFDE), one of France's leading entrepreneurial asset management companies. LBP AM now owns 100% of LFDE. The transaction, which has been approved by the French financial markets Authority (Autorité des Marchés Financiers) and competition Authority (Autorité de la Concurrence), creates a key player in conviction-based asset management in France and Europe.
Impacts of applying the new IFRS 17 for insurance contracts on the 2022 financial statements already published under IFRS 4
Attributable equity under IFRS 17 amounts to €20.8 billion compared with €17.1 billion under IFRS 4. The impact of rising interest rates is more moderate, reflecting a better match between the measurement of assets and liabilities under IFRS 17, with Savings/Pensions liabilities now measured at market value.
Application of IFRS 17 to the 2022 published financial statements under IFRS 4, for comparisons with the financial statements to be published in 2023
The difference in equity reflects CNP Assurances’ resilience in a rising interest rate environment. The difference in attributable net profit is due to the impact of the standard on revenue from own-funds portfolios.