CNP ASSURANCES (EPA:CNP) - S&P Global Ratings raises CNP Assurances’ financial strength rating to A+ with a stable outlook

Transparency directive : regulatory news

04/11/2021 19:31

Communiqué de presse

Paris, 4 November 2021

                            S&P Global Ratings raises
  CNP Assurances' financial strength rating to A+ with a stable outlook

Credit rating agency S&P Global Ratings has raised its financial strength and
subordinated notes ratings for CNP Assurances by one notch.

In its press release published today, S&P Global Ratings gave the following
statement: "We believe smooth integration with the immediate parent La Banque
Postale, an increasingly capital-light product mix and closure of the
bancassurance agreement in Brazil have reduced uncertainty around CNP's capital
buffer at the 'AA' level.

Under the expected full ownership by La Banque Postale, we expect the Group
will maintain its robust capital position at the 'AA' level as per S&P Global
Ratings' capital adequacy requirements."

The following table shows CNP Assurances' current ratings:

Credit rating agency             S&P Global Ratings
Financial strength Rating                A+
Tier 2 and Tier 3 Subordinated
Notes Rating                             A-
Restricted Tier 1 Subordinated
Notes Rating                            BBB+

"S&P Global Ratings raising the Group's rating to A+ with a stable outlook
represents a solid acknowledgement of the Group's financial strength and robust
business model," said Stéphane Dedeyan, Chief Executive Officer of CNP
Assurances.

In a press release issued yesterday, credit rating agency Moody's had already
stated that the change in ownership structure had no impact on CNP Assurances'
rating (currently A1): "The change in ownership has no immediate impact on
CNP's rating, but provides clarity on CNP's future role in La Banque Postale's
bancassurance strategy."

About CNP Assurances

A benchmark player in the French personal insurance market, CNP Assurances is
active in 19 countries in Europe and Latin America, with a significant presence
in Brazil, its second largest market. Acting as an insurer, co-insurer and
reinsurer, CNP Assurances develops innovative personal risk/protection and
savings/pensions solutions. It has more than 36 million personal
risk/protection insureds worldwide and more than 12 million savings/pensions
policyholders. In line with its business model, the Group's solutions are
distributed by multiple partners. The solutions are aligned with each partner's
physical or digital distribution model, while also being tailored to local
clients' needs in each country. CNP Assurances has been listed on the Paris
Stock Exchange since October 1998 and is a subsidiary of La Banque Postale. The
Group reported net profit of EUR1,350 million in 2020.

Contacts

CNP Assurances

Florence de Montmarin
+33 (0)1 42 18 86 51

Tamara Bernard
+33 (0)1 42 18 86 19

Caroline Ceintrey
+33 (0)1 42 18 85 73

servicepresse@cnp.fr

Investors and analysts

Céline Byl
+33 (0)1 42 18 77 95

Typhaine Lissot
+33 (0)1 42 18 83 66

infofi@cnp.fr

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CNP ASSURANCES (EPA:CNP) - S&amp;P Global Ratings raises CNP Assurances’ financial strength rating to A+ with a stable outlook

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CNP ASSURANCES (EPA:CNP) - S&P Global Ratings raises CNP Assurances’ financial strength rating to A+ with a stable outlook