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2021/04/08 2020 SFCR Report CNP Assurances Group Download .PDF 2020 SFCR report Solvency and Financial Condition Report CNP Assurances group Foreword This Solvency and Financial Condition Report (SFCR) has been prepared in accordance with the public disclosure requirements of Articles 51 to 56 and 256 of Directive 2009/138/EC of the European Parliament and of the Council dated 25 November 2009 and the implementing rules contained in the Delegated Regulation dated 17 January 2015. This report discloses the information referred to in Articles 292 to 298 and 359 to 371 of the Delegated Regulation and follows the structure set out in the Delegated Regulation’s Annex 20. It is a Group SFCR that addresses the operations of the CNP Assurances Group, consolidating the operations of CNP Assurances SA and its main subsidiaries in France and abroad. In the rest of this report, unless otherwise stated, "CNP Assurances", "the Group" and "the CNP Assurances Group" refer to the CNP Assurances Group. This document covers the reference period from 1 January 2020 to 31 December 2020. The report includes an executive summary, five sections (business and performance, system of governance, risk profile, valuation for solvency purposes and capital management) and a set of quantitative reports in the appendix. This 2020 report was approved by CNP Assurances’ Board of Directors at its meeting on 8 April 2021. It has also been submitted to France’s insurance supervisor (Autorité de Contrôle Prudentiel et de Résolution – ACPR). A glossary of key terms is provided at the end of this document. 2 CNP Assurances – 2020 Group SFCR Contents EXECUTIVE SUMMARY 5 A. BUSINESS AND PERFORMANCE 10 A1 Business review 11 A2 Underwriting performance 26 A3 Investment performance 30 A4 Other income and expenses 36 B. SYSTEM OF GOVERNANCE 37 B1 Information on the system of governance 39 B2 Fit and proper requirements 50 B3 Risk management system 53 B4 Own Risk and Solvency Assessment (ORSA) 59 B5 Internal control system and Compliance function 62 B6 Internal Audit function 68 B7 Actuarial function 71 B8 Outsourcing 75 C. RISK PROFILE 79 C1 Underwriting risk 82 C2 Market risk 91 C3 Credit risk 97 C4 Liquidity risk 101 C5 Operational risk 103 C6 Other material risks 111 D. VALUATION FOR SOLVENCY PURPOSES 117 D1 Assets 119 D2 Technical reserves 127 D3 Other liabilities 132 3 CNP Assurances – 2020 Group SFCR D4 Alternative valuation methods 135 E. CAPITAL MANAGEMENT 136 E1 Own funds 137 E2 Solvency Capital Requirement (SCR) and Minimum Capital Requirement (MCR) 144 E3 Use of duration-based equity risk sub-module 148 E4 Differences between the standard formula and any internal model used 149 E5 Non-compliance with MCR and SCR 150 F. APPENDIX: QUANTITATIVE REPORTING TEMPLATES (QRTS) FOR PUBLIC DISCLOSURE 151 S.02.01.02 – Balance sheet 153 S.05.01.02 – Premiums, claims and expenses by line of business 157 S.05.02.01 – Premiums, claims and expenses by country 159 S.22.01.22 – Impact of long term guarantees and transitional measures 161 S.23.01.22 – Own funds 162 S.25.01.22 – Solvency Capital Requirement (for undertakings on Standard Formula) 164 S.32.01.22 – Undertakings in the scope of the Group 165 GLOSSARY 167 4 Executive summary CNP Assurances – 2020 Group SFCR As an insurer, co-insurer and reinsurer, CNP Assurances makes its unique protection and savings expertise available to its policyholders and partners in France, Europe and South America. CNP Assurances is France’s leading provider of term creditor insurance 1 and the country’s second largest life insurer 2, as well as the third largest insurance company in Brazil3. Key figures 2020 2019 % change Premium income (IFRS) €26,956m €32,582m -20% Net insurance revenue4 €2,943m €3,220m -9% Value of New Business5 €284m €543m -48% Technical reserves (gross of reinsurance)6 €373.7bn €369.3bn +1% Eligible own funds covering the SCR €34.1bn €34.8bn -2% SCR €16.4bn €15.3bn +7% SCR coverage ratio 208% 227% -19 pts Eligible own funds covering the MCR €28.8bn €29.9bn -4% MCR €8.2bn €7.7bn +6% MCR coverage ratio 351% 388% -37 pts * In the interests of comparability with the market, Fourgous and Eurocroissance transfers have not been included in premium income since 1 January 2020. 2019 premium income has been restated to exclude the top line contribution of Fourgous and Eurocroissance transfers for a total of €914 million. Business and performance Antoine Lissowski, CNP Assurances’ Chief Executive Officer, said: “In spite of the Covid-19 health crisis which affected Life insurance sales in France in the first half of the year, CNP Assurances began transforming its business and in-force portfolio in response to the negative interest rate environment. Written premiums were particularly strong in Italy and Brazil, where activity is heavily weighted towards unit-linked products. The Group’s financial results and solvency ratio were robust despite the effects of the economic slowdown. Now an integral part of La Banque Postale group, CNP Assurances is fully engaged in the process to reshape its business model.” 2020 was marked by an unprecedented public health crisis which affected CNP Assurances at different levels. At the business level, closure of bank branches in the Group’s main host countries led to a temporary decline in 1 Source: 2020 term creditor insurance rankings, Argus de l’Assurance, September 2020 2 Source: 2019 data, FFA, August 2020 3 Source: SUSEP (Brazilian insurance supervisor that oversees Caixa Seguradora), November 2020 4 Based on the IFRS consolidated financial statements 5 Based on MCEV© measurement principles 6 Based on Solvency II measurement principles. 6 CNP Assurances – 2020 Group SFCR premium income and helped to drive a widespread shift to working from home. Concerning claims and benefit costs, the number of claims was limited and the policy surrender rate was low. As regards financial performance, investment income from the own-funds portfolio was eroded by the temporary fall in prices on the financial markets and the decision by many companies in the portfolio to cancel their dividend. CNP Assurances contributed to many support initiatives in favour of carers, medical research and students. It also went beyond its contractual obligations in support of micro-enterprises and SMEs. A highlight of the year was the change in CNP Assurances’ ownership structure. Following its integration with La Banque Postale in March 2020, CNP Assurances was owned as follows at 31 December 2020: o La Banque Postale: 62.8% o BPCE: 16.1% o Free float 21.1% CNP Assurances also continued to grow during the year, notably by: - The programme to adapt to the low interest rate environment by transforming the business and in-force portfolio was continued: the product mix was refocused on unit-linked contracts, supported by enhancements to the unit-linked offer and by PACTE transfers, and further progress was made in the digital transformation process. - The multi-partner development strategy in Brazil led to the signature of a new exclusive distribution agreement with Caixa Econômica Federal, an exclusive partnership agreement between CNP Assurances and Caixa Seguridade in the consórcio segment and a distribution agreement with the Brazilian Post Office, Correios. - In March 2021, CNP Assurances signed an agreement with the Aviva Group for the acquisition of certain life insurance businesses in Italy (post-balance sheet event). System of governance CNP Assurances’ governance is organised around the Board of Directors, which determines the overall strategy and oversees its implementation, the Chief Executive Officer and the Executive Committee, whose members include the Deputy Chief Executive Officers and nine other senior executives. The holders of the four key functions (Risk Management, Compliance, Actuarial and Internal Audit) report to the Chief Executive Officer. The process of continuous improvement of risk management and internal control systems is carried out in cooperation with partner networks. CNP Assurances considers that these systems are appropriate for its business model. Material changes in the system of governance during the reporting period: 7 CNP Assurances – 2020 Group SFCR - Following the transactions on 4 March 2020 whereby La Banque Postale became the majority shareholder of CNP Assurances, the Board of Directors noted the resignation of the French State and the six directors representing Caisse des Dépôts and appointed six new directors proposed by La Banque Postale. - On 31 July 2020, Véronique Weill was appointed as a director and named Chairwoman of the Board of Directors of CNP Assurances to replace Jean-Paul Faugère. Based on the recommendation of the Remuneration and Nominations Committee, the Board of Directors appointed Stéphane Dedeyan as Chief Executive Officer of CNP Assurances. He will succeed Antoine Lissowski, whose term expires at the Annual General Meeting of 16 April 2021. Risk profile CNP Assurances’ risk profile shows that the Group’s primary exposure is to market risk, which accounts for more than half of the Solvency Capital Requirement (SCR). However, its broad and diverse range of products has a significant diversification effect. In all, diversification benefits are estimated at 25%. 2020 was shaped by the Covid-19 health crisis and resulting economic crisis. Prices on the world’s stock markets collapsed at the start of the year, but had more or less recovered by the year-end, helped by the announcement of Covid-19 vaccine approvals. The bond markets, however, have stayed in negative territory. In this environment, CNP Assurances adjusted its asset allocation, notably by continuing to invest in private equity and extending the OAT portfolio’s duration. In Brazil, Caixa Seguradora was also faced with the problem of low interest rates and pursued its strategy of extending portfolio durations. Valuation of assets and liabilities Assets and liabilities in CNP Assurances’ Solvency II balance sheet are measured in accordance with valuation and reserving policies approved by the Board of Directors.
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