(Boursier.com) — Rating agency Fitch Ratings has affirmed ‘A+’ financial soundness rating, ‘stable’ outlook for CNP Assurancesas well as subordinated securities issued by the group.
Fitch Ratings’ rating reflects CNP Assurance’s strong capitalization and good level of debt for its current rating, its very solid commercial profile and the stability of its financial results. These strengths partially offset the insurance company’s relatively high asset risk.
Fitch Ratings considers CNP Assurances to be “a significant and integral part of La Banque Postale (LBP), with which it forms a large public financial group. CNP Assurances represents 60% of LBP’s assets and the vast majority of its revenues at the end of the year 2021. LBP is 100% owned by La Poste (‘A+”https://news.google.com/”Stable”), which is itself owned by the French State (‘AA”https:// news.google . com/”Negative”). This ownership structure is favorable for an alignment of the Issuer Default Risk Rating (IDR) and the outlook for CNP Assurances and LBP”.