The French multinational insurance giant, CNP Assurances, with a 100% stake in the leading insurance group in Cyprus, CNP Cyprus, has announced its annual results for 2022, which include financial and non-financial qualitative data.
The most significant of these are:
* Turnover of €36 billion, up 13.7% from 2021
* Net earnings of €1.9 billion, up 25% from 2021
* Solvency coverage ratio of 230%, up 13 points from 2021
* Green investment portfolio of €25.2 billion, up 19.4% from 2021.
The positive non-financial results for CNP Assurances reflect the progress in fulfilling specific sustainable development commitments along the six main pillars that apply to stakeholders: employees, customers, partners, shareholders & investors, society and the planet.
Stéphane Dedeyan, CNP Assurances CEO, commented on the results:
“CNP Assurances announced significantly higher earnings. These reflect the momentum created by our international strategic development and our outstanding performance in adjusting to the changing interest rate environment. As we help to build a more inclusive and sustainable society, our hope is to become the most useful insurer for our stakeholders. Aligned with our environmental and social commitments, we are proud to publish our overall performance for the first time and which cover both financial and non-financial indicators.”
At a local level, the CNP Cyprus Group, with its companies CNP Cyprialife and CNP Insurance in Cyprus and CNP Life and CNP Insurance (branch) in Greece, achieved a 7% increase in overall turnover for 2022. Annual premiums for 2022 exceeded €203.9 million and increased net earnings amounted to €22.2 million, despite the generalised climate of uncertainty around the globe.
In commenting on the results, CNP Cyprus CEO Takis Feidia said:
“Our positive financial results reaffirm the trust of our subscribers and the strong potential of our group. In these times characterised by uncertainty and insecurity, the contribution and role of our group, CNP Cyprus, is catalytic in helping as many people as possible feel secure and protected. The companies of our group confirm our business strategy and place an additional responsibility on all of us to respond to the demands of our policyholders, and Cypriot society in general.”
