CNP Assurances 2022 annual results

An overall performance illustrated by strong earnings growth, successful implementation of our international strategy and high commitments to ensure that we are useful to all our stakeholders.

February 16, 2023 Reading time: 3 min

Premium income of €36bn (up 13.7%)

Attributable net profit of €1,939m (up 25%)

SCR coverage ratio of 230% (up 13 pts)

green investment portfolio €25.2bn (up 19.4%)

CNP Assurances reported sharply higher earnings, reflecting the momentum created by our international growth strategy and our outstanding performance in adjusting to the changing interest rate environment. As we help to build a more inclusive and sustainable society, our ambition is to become the most useful insurer for our stakeholders. In line with our environmental and socia commitments, we are proud to publish for the first time our overall performance covering both financial and non-financial indicators.

Stephane Dedeyan — Chief Executive Officer of CNP Assurances

Key financial and non-financial metrics

Premium income of €36bn, up 13.7% vs 2021 (down 3.6% like-for-like¹)
Increase in international premium income, reflecting acquisition of the CVA subsidiaries in Italy
Savings/Pensions new money (France and international) invested in unit-linked funds still high at 49.6% of the total (down 1.6 points vs 2021)
A further €4bn worth of PACTE transfers, driving a 15-pt improvement in the unit-linked weighting
EBIT of €3,570m, up 15.4% (up 6.6% like-for-like)
Cost/income ratio at 27.0% (down 0.9 pts like-for-like)
Attributable net profit of €1,939m, up 25% vs 2021
Consolidated SCR coverage ratio of 230%, a 13-pt improvement vs 2021
Recommended dividend of €1.38²per share, representing a 50% payout rate
€25.2bn green investment portfolio (up 19.4%)
Customer Effort Score of 2.2/5³
51% women⁴ on the Executive Committee
28% of purchases made from inclusive enterprises (micro-enterprises-SMEs, social economy, etc.)
Net Promoter Score of +12 awarded by our distribution partners
ESG ratings position among the top 9% of insurance companies on a representative panel of 5 agencies.

_{¹Based on a comparable scope of consolidation and at constant exchange rates: Average 2022 exchange rates: Brazil: €1 = BRL 5.44; Argentina: €1 = ARS 113.25. Average 2021 exchange rates: Brazil: €1 = BRL 6.38; Argentina: €1 = ARS 112.51

² 2022 dividend to be recommended by the Board of Directors at the next Annual General Meeting on 30 March 2023

³ Score for France, between 1 (very easy) and 5 (very difficult)

⁴ Annual average}