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Insuring all our futures CNP ASSURANCES 2014 CONTENTS Caring for policyholders Contributing to the social safety net An open model in Europe The Brazilian dynamic A
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Insuring all our futures CNP ASSURANCES 2014 CONTENTS Caring for policyholders Contributing to the social safety net An open model in Europe The Brazilian dynamic A robust group An agile organisation A committed insurer Product overview June 2014 CNP Assurances Communication and Strategic Marketing Department Design and production Photos: Getty Images (cover and p ); Julie Guiches/Picturetank (p. 2-3); Jean-Marc Barrère/Hemis (p. 4-5); Pierre-Yves Brunaud/Picturetank (p. 6-7 and p ); Philip Koschel/ Jahreszeiten Verlag (p. 8-9); Bertrand Gardel/Hemis (p ); Frank Siemers (p ); Plainpicture (p ) Layout: E-Graphics Printer: Printed on paper from sustainably managed forests. Ref. CNP/2014/BrochureVA/KM 2 - CNP Assurances - Insuring all our futures 2014 As our customers face up to the many changes and uncertainties affecting their lives, more than ever CNP Assurances is there, insuring all their futures. FRÉDÉRIC LAVENIR Chief Executive Officer CNP Assurances - Insuring all our futures G RO UPE Caring for policyholders with our bancassurance partners MAJOR NETWORKS WITH A DEEP PRESENCE IN FRANCE DEVELOPING AND REFRESHING THE CNP ASSURANCES OFFER SHARED VALUES FOR LA BANQUE POSTALE AND CAISSES D EPARGNE, An offer that is useful, affordable and close to the customer, to enable as many people as possible to purchase protection and secure their future. IN ORDER TO PROTECT MANY MORE GENERATIONS OF FRENCH FAMILIES. 4 - CNP Assurances - Insuring all our futures 2014 La Banque Postale and Caisses d Epargne distribute our insurance products. Two new life insurance policies distributed by La Banque Postale: Cachemire 2, with a minimum initial premium of 25,000 Cachemire Patrimoine, with a minimum initial premium of 150,000 Advantages: active and diversified savings management formulas, with unit-linked funds and access to expert asset managers through discretionary or manager-guided options. million customers with La Banque Postale Two attractive coverage options for Caisses d Epargne customers: With the unemployment cover included in term creditor insurance policies, insureds receive a payment offsetting part of their loan repayments if they lose their job. With renters insurance, the insureds rent is paid if they lose their job or are declared unfit to work. million customers with the Caisses d Epargne points of sale and contact READY TO LAUNCH A EURO-CROISSANCE OFFERING Euro-croissance contracts will respond to policyholders growing awareness of the need to build up savings over the long term, while also meeting the need for investment in the real economy. CNP Assurances - Insuring all our futures G RO UP Contributing to the social safety net AS NEW CHALLENGES EMERGE, SUCH AS INCREASED LIFE EXPECTANCY, PENSIONS REFORM, SLOWER ECONOMIC GROWTH AND NEW SOURCES OF VULNERABILITY, WE ARE WORKING WITH OUR PARTNERS AND CUSTOMERS TO RETHINK GROUP SUPPLEMENTARY INSURANCE. in average technical reserves for the group pensions business of partnership with mutual insurers and employee benefits institutions A new vision of the business Insuring the risks of everyday life and helping each insured to enjoy well-being throughout their life. 6 - CNP Assurances - Insuring all our futures 2014 LIFE ENHANCING SERVICES Filassistance, the local personal services specialist Âge d Or Services, supporting dependent people with a network of 160 franchisees employing some 1,400 people Carrés Bleus, providing expert solutions to enable everyone to take charge of their health local authorities and hospitals put their trust in CNP Assurances, the sector s leading provider of employee benefits solutions years years Average life expectancy A member of the GROUPE CAISSE DES DÉPÔTS THE TWO CHALLENGES OF LIVING HEALTHIER FOR LONGER A healthy worklife, to guarantee the continuing employability of older members of staff. A healthy retirement to help people live independently for longer companies have chosen CNP Assurances to manage their employee welfare plans years Healthy life expectancy Average life expectancy of a 50-year old employee in France 10 0 CNP Assurances - Insuring all our futures G RO UP An open model in Europe WITH ITS EUROPEAN PLATFORMS AND ITS EXPERTISE IN MANAGING DISTRIBUTION PARTNERSHIPS, THE GROUP IS STEPPING UP THE PACE OF DEVELOPMENT IN BUOYANT INSURANCE MARKETS. 8 - CNP Assurances - Insuring all our futures 2014 TERM CREDITOR INSURANCE No.1 in France 315 partner financial institutions Pioneering full on-line processes bancassurance partnerships with UniCredit (Italy), Barclays Bank (Spain, Italy, Portugal) and Bank of Cyprus (Cyprus, Greece) PREMIUM SAVINGS PRODUCTS A dedicated team of 50 employees 2017 target: around twenty partnerships and 2 billion in new money 3rd largest life insurer in Europe open-model partnerships CNP Italia in Italy, CNP Vida and CNP España in Spain STRENGTHS The expertise needed to develop bespoke products An offer that responds to policyholders' need for security and diversification Tried and tested underwriting and administrative tools A solid French base million inhabitants SOLVENCY I RATIO*: economic region in the world, the European market accounts for 23% of global GDP (115% excluding unrealised gains) * Ratio of eligible capital to the solvency capital requirement. CNP Assurances - Insuring all our futures G RO UP The Brazilian dynamic THE VIBRANT PARTNERSHIP WITH CAIXA, USEFUL employees in Latin America AND AFFORDABLE PRODUCTS AND MULTI-CHANNEL DISTRIBUTION ILLUSTRATE THE AGILITY THAT HAS MADE CNP ASSURANCES A LASTING SUCCESS. sales outlets in Brazil, including 12,500 lottery sales booths, many of which are located in the favelas 10 - CNP Assurances - Insuring all our futures 2014 MICROINSURANCE Duration of the exclusive distribution agreement with Caixa Econômica Federal BACKGROUND The Group entered the Braziian market in 2001 by acquiring a stake in Caixa Seguros, alongside Caixa Econômica Federal, Brazil s second largest state-owned bank. million Brazilians, including 105 million potential microinsurance customers Caixa Seguros is the market leader, with a considerable lead over the competition. For example, with Amparo, cover for the abrupt loss of revenue that would result from the death of the main breadwinner can be purchased for less than 1 per month. 5th largest insurer in Brazil MULTI-CHANNEL DISTRIBUTION largest insurance market in the world A market expected to grow by 16.8% a year between 2012 and 2017 Caixa Seguros products are distributed through bank branches, brokers, lottery sales booths, convenience stores and on-line. CNP Assurances - Insuring all our futures G RO UP A robust group CNP ASSURANCES S PUBLIC SECTOR ROOTS ARE A SOURCE OF PRIDE FOR EMPLOYEES AND ARE ALSO WHAT MAKES THE BUSINESS MODEL SO ROBUST CNP Assurances - Insuring all our futures years experience Conservative risk management Our expertise is based on 160 years of observation, experience and calculations. We have improved our analysis of risks with every passing year and every new event. For example, we take full account of the advances in medical care and treatment that help to reduce the level of risk. We have become experts in the art of risk pooling, while the size of our business has enhanced the quality of our projections. By balancing a high quality assessment of insurance risks with rigorous management of guarantees, we are able to drive down insurance premiums. The monitoring and management of all operational, financial and technical risks has been strengthened through the creation of a Corporate Risk Management unit. The unit oversees compliance with the principle of double checking by a person independent from the business managers and the local risk management unit, and ensures that CNP Assurances s strategic ambitions are compatible with the Group s capital resources. A very strong capital base tain technical reserves covering their best estimate of the total amount of their liabilities to policyholders plus a risk margin for unexpected events. The risk coverage ratio is a key indicator of their financial strength. CNP Assurances s Solvency I coverage ratio was 302%* at 31 December 2013, with 14.6 billion in capital, including 2.2 billion in subordinated debt. Its enterprise value rose by 16% over the year. At the same time, at end-2013 the policyholders surplus reserve stood at a very high 4.4 billion corresponding to 1.97% of technical reserves for traditional savings contracts. Insurance companies are required to main- * 115% excluding unrealised gains. BACKED BY PUBLIC SECTOR SHAREHOLDERS CNP assurances s ownership structure as of 31 December % Caisse des Dépôts 36.3% Sopassure (La Banque Postale & BPCE) 1.1% French State 21.8% Investors personal insurer in France 160 years experience average technical reserves in 2013 employees CNP Assurances - Insuring all our futures GROUP An agile organisation RESPONDING TO THE MANY CHANGES AFFECTING THE LIFE OF ITS CUSTOMERS, CNP ASSURANCES IS GEARED UP TO INSURE ALL THEIR FUTURES. Bespoke innovation In 2014, we enhanced our premium savings offerings and extended the range of unitlinked funds available with the life insurance contracts distributed by our bancassurance partners. We have also been working with local authorities and hospitals to reduce loss ratios associated with high absenteeism rates due to illness, and our group policies providing statutory cover to local authority employees now include a package of advice and training services designed to drive an improvement in occupational health within these organisations. Following last year s signature of a national multi-employer agreement ( ANI ), the more than 5 million people working for micro-enterprises or who are self employed will benefi t from supplementary health insurance under a group contract as from 1 January We are in the process of developing an employee benefi ts offer for these workers with partner mutual insurance companies and employee benefits institutions. The flexibility offered by digital technology We invest in our information systems to enable information to be shared more quickly. The project to deploy end-to-end paperless solutions is moving forward. Our distribution partners insurance advisors have on-line access to all of their customers data and customers can review their account at any time by logging onto the partner s website. We have recently launched a full on-line term creditor insurance process exending from the electronic signature of the insurance application and medical questionnaire to the secure on-line processing of claims. Anticipating change The aging of the population, the decline in healthy life expectancy, changed working patterns and emerging vulnerabilities are generating new needs. Pension reform, the recession and the deepening hole in the social security system s budget are testing the limits of the traditional welfare system. These trends are encouraging us to take a fresh look at our buiness of insuring the risks of everyday life and helping each insured to enjoy well-being throughout their life CNP Assurances - Insuring all our futures 2014 Listening to policyholders 1.4 million phone calls received by the French call centres in 2013 LIFE INSURANCE AND PENSIONS PERSONAL RISK AND PROTECTION* insureds worldwide * Personal risk, health, term creditor and property & casualty insurance. AN OFFER THAT RESPONDS TO SOCIETY S NEEDS EBIT by product segment Life insurance and pensions: 58% Personal risk and protection: 42% insureds worldwide Full on-line term creditor insurance process from the electronic signature of the insurance application to the secure processing of the claim CNP Assurances - Insuring all our futures G RO UP A committed insurer CNP ASSURANCES S BUSINESS AS A PERSONAL INSURER PLACES IT AT THE CENTRE OF PEOPLE S LIVES AND THE REALITIES OF SOCIETY. Supporting everyone We take pride in developing cover that is both useful and affordable. For example, life insurance can be purchased for just 30 and a quarterly premium of 3 buys a payout of 7,500 under the Garantie Urgence formula in the event of the insured s death. In line with our longstanding commitment to combating financial exclusion, we lobbied hard to improve the AERAS aggravated risk convention. In 2013, more than 120,000 people representing an aggravated health risk were able to obtain specific disability cover. Investing in the real economy With 44 billion invested in large French companies, CNP Assurances is a key 16 - CNP Assurances - Insuring all our futures 2014 partner in their development.the Group is also one of France s leading investors in private equity, supporting around 500 companies with revenue of less than 50 milion. In addition, we are holding more than 17 billion worth of debt securities issued by State-owned enterprises such as SNCF, RFF and RATP. In 2013, we increased our investment in bond funds that provide financing for SMEs and mid-tier companies, real estate and infrastructure projects. 20 years of commitment by the Foundation Created in 1993 under the aegis of Fondation de France and the sign of life, the CNP Assurances Foundation s mission from the outset was to support public health. In 1999, it chose to focus on supporting the fight against pain among people of all ages. Ten years later, it decided to add a second area of outreach, first aid to heart attack victims. It became a corporate foundation in 2011 with a 4 million budget to be spent over five years. In 2013, the Foundation supported 37 projects and helped 42 local authorities to finance the cost of installing defibrillators in their communities. 80% of assets managed according to environmental, social and governance (ESG) criteria Align our offers with wide ranging needs Assume our economic responsibility Support employees over the long term Reduce our environmental footprint NO.1 PRIVATE OWNER of woodland in France, with over 54,000 hectares at end-2013 the starting price for life insurance cover invested in the French economy CNP Assurances - Insuring all our futures PRODUCTS Product overview MAIN GROUP PRODUCTS BY SEGMENT, DISTRIBUTOR AND COUNTRY*. Life insurance and Pensions Europe FRANCE Traditional life insurance contracts Yoga/ Ricochet/ Initiative Plus Caisses d Epargne Life insurance contracts with a unit-linked formula Vivaccio/ Cachemire/ Toscane Vie/ Solésio Vie La Banque Postale Nuances Privilège/ Nuances Plus/ Nuances 3D/ Grenadine/ Aikido Caisses d Epargne CNP Trésor Projets/ CNP Trésor Générations/ CNP Trésor Performances CNP Trésor CNP Patrimoine Liberté Plus Independent financial advisors Endowment contracts Capiposte 3 La Banque Postale Capécureuil/ Nuances Capi Caisses d Epargne Trésor Capitalisation CNP Trésor CNP Patrimoine Capitalisation Independent financial advisors PERP (Plan d Épargne Retraite Populaire) personal Pension Plan Solésio PERP Horizon/ Solésio PERP Évolution La Banque Postale PERP CE Caisses d Epargne PERP Horizon Retraite CNP Trésor/Independent financial advisors Annuity products Viagérys La Banque Postale Revenus Pluriel Caisses d Epargne Certival CNP Trésor CNP Patrimoine Revenus Independent financial advisors Group pension plans Defi ned contribution and defi ned benefi t plans/early retirement plans/length-of-service award plans Mutual insurers/companies ITALY UniGarantito (traditional life insurance contract)/ UniOpportunità (traditional life insurance contract with a unit-linked formula)/ UniPlan (unit-linked contract)/ UniValore (unit-linked contract) UniCredit BLIC (traditional life insurance contract with a unit-linked formula)/traditional life insurance contracts Barclays Bank SPAIN PIAS/PPA (traditional life insurance contracts)/traditional life insurance contracts with a unit-linked formula Barclays Bank and various distributors Unit-linked contracts Other distribution partners PORTUGAL Traditional life insurance contracts and unit-linked contracts Barclays Bank IRELAND Various unit-linked savings products UniCredit and other European distribution partners Group pension plans Companies CYPRUS Cypria Moneyplus (traditional life insurance contract and traditional life insurance contract with unit-linked formula) Cyprus Popular Bank and exclusive agents South America BRAZIL IdealCap (savings contract in foreign currency)/ CaixaCap Sucesso (savings contract in foreign currency)/ SuperXcap (savings contract in foreign currency)/ Prev Renda - PGBL e VGBL Individual (unit-linked pension contracts)/ Prev Mulher - PGBL e VGBL Individual (unit-linked pension contract)/ Prev Crescer - PGBL e VGBL Individual (unit-linked pension contracts)/ Prev Investidor - PGBL e VGBL Individual (unit-linked pension contracts)/ VGBL Collective/ PGBL Collective (pension contracts) Caixa Econômica Federal ARGENTINA Universal Credicoop and other distribution partners 18 - CNP Assurances - Insuring all our futures 2014 Personal Risk and Protection Insurance Europe FRANCE Accident/ Death Sérénia/ Séralys/ Prémunys/ Avisys/ Forfaitys/ Futurys/ Résolys Obsèques Financement/ Résolys Prestations/ Prévialys La Banque Postale** Garanties Famille/ Garantie Urgence/ Ecureuil Solutions Obsèques/ Prévoyance du locataire Caisses d Epargne Trésor Prévoyance Comptavie 2 toutes causes/ Trésor Prévoyance Comptavie 2 Accident/ Trésor Prévoyance Assuravie 3/ Trésor Prévoyance Obsèques 2/ Aléavie CNP Trésor Long-term care Protectys Autonomie La Banque Postale** Ecureuil Assistance Vie Caisses d Epargne Trésor Prévoyance Garantie Autonomie CNP Trésor Long-term care insurance with a unit-linked formula Quiétude Autonomie La Banque Postale** CNP Trésor Autonomie CNP Trésor Employees benefits plans Bespoke benefi t plans/ Statutory benefi t plans Mutual insurers/companies /Local authorities and hospitals Group long-term care insurance Bespoke group insurance Mutual insurers/companies Health insurance Complétys La Banque Postale** Bespoke group insurance Mutual insurers/companies /Local authorities and hospitals Term creditor insurance Term creditor insurance contract for home loans Banking networks ITALY Vita Protetta (term life insurance) UniCredit Term creditor insurance Barclays Bank and other distribution partners SPAIN Personal risk products Barclays Bank Term creditor insurance Barclays Bank and other distribution partners PORTUGAL Personal risk products/term creditor insurance Barclays Bank GREECE Health insurance Several distribution partners CYPRUS Policy Riders (personal risk)/ Cypria Healthcare (health insurance)/ Term creditor insurance/ Motor Plus (property damage) Cyprus Popular Bank and exclusive agents South America BRAZIL Multipremiado Super (personal risk) Vida Mulher (personal risk)/ Vida da Gente (personal risk)/ Vida Sênior (personal risk)/ Amparo(personal risk/microinsurance)/ Fácil Acidentes Pessoais/ Vida Empresarial (personal risk)/ Seguro Hipotecário MIP (term creditor insurance home loans)/ Prestamista (term creditor insurance personal loans) Seguro Hipotecário DFI (comprehensive homeowners insurance)/ Seguro Residencial (comprehensive homeowners insurance)/ Seguro Auto (auto insurance)/ Consorcios Imobiliário (other)/ Seguro Saúde Empresarial health insurance)/ Seguro Odontológico (dental insurance) Caixa Econômica Federal ARGENTINA Personal risk products/ Term creditor insurance Several distribution partners * Sample list of products managed by the CNP Assurances Group. ** La Banque Postale distributes individual personal risk products insured by La Banque Postale Prévoyance, a joint subsidiary of CNP Assurances and La Banque Postale. CNP Assurances - Insuring all our futures CNP ASSURANCES Société anonyme Share capital: 686,618,477 Fully paid Registered offi ce: 4, place Raoul Dautry Paris Cedex 15 RCS Paris Governed by the French Insurance Code
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