- Premium income(2) of €27.0 billion, down 17.3% as reported (down -11.5% at constant exchange rates(3))
– Strong commercial momentum in the second half, across all geographies
– 51.8% of Savings/Pensions premiums represented by unit-linked contracts
– €5.9 billion net inflow to unit-linked contracts and €7.2 billion net outflow from traditional products at Group level - EBIT of €2,614 million, down 14.0% as reported (down 5.7% at constant exchange rates)
- Attributable net profit of €1,350 million, down 4.4% as reported (down 2.1% at constant exchange rates)
- APE margin of 12.2%
- Consolidated SCR coverage ratio of 208%
- The Board of Directors recommends paying a dividend of €1.57 per share, comprising an ordinary dividend of €0.77 and a special dividend of €0.80, representing a 40% payout ratio for the years 2019 and 2020.
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.”
(1) Recommended at the Annual General Meeting of 16 April 2021
(2) 2019 premium income has been restated to exclude the top line contribution of Fourgous and Eurocroissance transfers for a total of €914 million.
(3) Average exchange rates:
At 31 December 2020: Brazil: €1 = BRL 5.89; Argentina: €1 = ARS 81.04
At 31 December 2019: Brazil: €1 = BRL 4.41; Argentina: €1 = ARS 53.88