The French multinational insurance giant, CNP Assurances, with a 100% stake in the leading insurance group in Cyprus, CNP Cyprus, has announced its annual financial results for 2020.
The highlights of these figures are:
- Turnover €27 billion
- Net profits €1.35 billion
- Solvency coverage ratio 208%
Mr Antoine Lissowski, CNP Assurances CEO, commented on the results: “Despite the health crisis brought on by Covid-19, CNP Assurances went ahead with the transformation of our business portfolio, in response to the low interest rate environment. Our Group’s financial results and the solvency ratio reflect its robustness, despite the impacts of the overall economic slowdown.”
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, recorded an increase in overall turnover of 6% for 2020. Annual premiums for 2020 amount to €182.6 million, compared to €171.5 million the previous year. Despite the adversities, the Group’s profitability remained high at €15.4 million.
In commenting on the results, CNP Cyprus CEO Takis Feidia said: “In an international climate of uncertainty, the CNP Assurances results reflect the effectiveness of its business goal-setting, its robust economic health and the high assurance index. At CNP Cyprus, armed with the confidence of tens of thousands of our subscribers, we implement the strategic choice of our digital transformation and continue along our trajectory of growth. Our mission is to stand by our customers at all times, even the most difficult times, and offer them the strength and assurance they need.”
