bnp paribas cardif 2013 business report - a shared experience
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Shared experience2013 BUSINESS REPORT
Partnership is the cornerstone of the BNP Paribas Cardif business model
and culture. As a designer of products and services for savings and
protection, the company relies on a network of partners to distribute its
ranges. We work within a trust-based relationship with all our partners
to continually evolve our approach to the market and design affinity offers
tailored to the needs of our customers. We learn from our partners, and
vice versa. This shared experience is what we were so keen to promote in
our 2013 Business Report.
PUBLISHED BY BNP PARIBAS CARDIF COMMUNICATION • PHOTOS CREDITS: JEAN CHISCANO, GALLERYSTOCK • ILLUSTRATIONS: CÉDRIC AUDINOT, GETTYIMAGES, PUBLICORP • CONCEPTION, EXECUTION: • 12802 • 01 55 76 11 11 – [email protected] • PRODUCTION, PRINTING: MEDIAN IMPRESSION – 01 69 31 92 92 • THIS DOCUMENT IS PRINTED FOLLOWING PEFC CERTIFICATION (PAN-EUROPEAN FOREST CERTIFICATION).
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CONTENTS
“ALL THE INDICATORS ARE POSITIVE, VALIDATING OUR STRATEGIC DIRECTIONS”
Forty years of experience have demonstrated the validity of our strategic choices and the strength of our business model. 2013 was a perfect illustration of our continued positive momentum. The company had 25.3 billion euros in gross written premiums, up 4% over 2012, thus consolidating our strategic focus and develop-ment objectives as we expand internationally and diversify our offering. Thanks to a business model
with solid foundations created by our diversity of products, partners and geographies, we can look ahead to the future with confidence.
Our dual growth drivers are diversification and internationalizationBNP Paribas Cardif derives close to 60% of its gross written premiums from business outside France. This international presence brings us
PIERRE DE VILLENEUVE CHAIRMAN AND CHIEF EXECUTIVE OFFICER
1 VIRGINIE KORNILOFF CHIEF OPERATING OFFICER, HEAD OF DOMESTIC MARKETS2 PIERRE DE VILLENEUVE CHAIRMAN AND CHIEF EXECUTIVE OFFICER3 RENAUD DUMORA CHIEF OPERATING OFFICER, HEAD OF FINANCE, RISKS AND LEGAL 4 STANISLAS CHEVALET CHIEF OPERATING OFFICER, HEAD OF DEVELOPMENT AND TRANSFORMATION 5 JEAN-BERTRAND LAROCHE CHIEF OPERATING OFFICER, HEAD OF INTERNATIONAL MARKETS
1 2
43 5
1 PIERRE DE VILLENEUVE CHAIRMAN AND CHIEF EXECUTIVE OFFICER 2 STANISLAS CHEVALET CHIEF OPERATING OFFICER, HEAD OF DEVELOPMENT AND TRANSFORMATION 3 RENAUD DUMORA CHIEF OPERATING OFFICER, HEAD OF FINANCE, RISKS AND LEGAL 4 VIRGINIE KORNILOFF CHIEF OPERATING OFFICER, HEAD OF DOMESTIC MARKETS 5 JEAN-BERTRAND LAROCHE CHIEF OPERATING OFFICER, HEAD OF INTERNATIONAL MARKETS
6 GÉRARD BINET MANAGING DIRECTOR 7 OLIVIER CORTÈS HEAD OF EFFICIENCY, TECHNOLOGY AND OPERATIONS (ETO) 8 JACQUES FAVEYROL CHIEF ACTUARY 9 ISABELLA FUMAGALLI HEAD OF ITALY 10 XAVIER GUILMINEAU HEAD OF ASIA 11 OLIVIER HÉREIL CHIEF INVESTMENT ANS ASSETS MANAGEMENT OFFICER 12 LAURENCE HONTARRÈDE HEAD OF CLIENT AND MARKETING STRATEGY 13 SOPHIE JOYAT HEAD OF HUMAN RESOURCES 14 FRANCISCO VALENZUELA HEAD OF LATIN AMERICA
EXECUTIVE COMMITEE
Find out the video interview of Pierre de Villeneuve
major growth outlets and creates a distinctive difference versus competitors. BNP Paribas Cardif is now the eleventh-largest life insurance company in Europe*, with a diversified geographic business balance. In Asia, which represents 3.6 billion euros in gross written premiums, BNP Paribas Cardif continues to expand, notably by gaining a foothold in the Chinese life insurance market. In Latin America, where our business is primarily protection insurance, the company has experienced fast-paced growth, led by growing markets such as Brazil or Colombia. In 2013 we had 1.3 billion euros in gross written premiums from protection insurance in this region.
We focus on achieving and maintaining leadership in the insurance businesses we have chosenWe aim to pursue our itinerary and take advantage of the company’s international profile, continuing to drive the sustained organic growth we have seen in all our host countries. Today’s increasingly volatile environment dictates unyielding profes-sionalism and extremely fast responsiveness. Insurers must focus on a compact portfolio of businesses, choosing alliances with partners who can contribute complimentary expertise. BNP Paribas Cardif is pursuing precisely this strategy, one that is being adopted by more and more players in the market.
In 2014 and beyond, BNP Paribas Cardif will continue to focus on three main priorities: develop our product catalogue, diversify our geographic footprint and distribution channels—with a greater emphasis on digital—and propose products and services adapted to the new expectations of our
clients. Our underlying objective remains unchanged: be the benchmark for insurance partnerships and the leader in personal insurance solutions.
Our partners inspire our ongoing innovationWe forge long-term relationships with each of our 500 partners that are tailored to their sector, their markets and their target clientele. We work with them in a spirit of co-management, always focused on the ultimate goal: satisfaction for end customers. We suggest new growth opportunities for their business along with ways to improve the products and services offered to customers in order to meet continually evolving expectations.
* Source: L’Argus de l’Assurance, European ranking of insurance companies by gross written premiums (Top 20 Europe, 2012 ranking).
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EDITORIAL
SAVINGS BNP Paribas Cardif proposes a range of savings solutions (unit-linked life insurance contracts, diversified asset contracts, capital protected products, diversified fund, etc.) designed to help people build up and grow their savings, plan for retirement, and achieve their life plans.
PROTECTIONBuilding on a position as a recognized specialist in creditor insurance (CI), BNP Paribas Cardif has progressively expanded its protection portfolio in protection with new products. It covers diversified needs such as health insurance, property & casualty insurance, involuntary unemployment, products for budget and income protection, credit card protection and extended warranty.
GROSS WRITTEN PREMIUMS
NET BANKING INCOME
PRE-TAX NET PROFIT
2.1 1.2BILLION EUROS BILLION EUROS
25.3BILLION EUROS
MEMBERS OF STAFF*
* Headcount for legal entities controlled by BNP Paribas Cardif: close to 8,000 employees.
LEGAL STRUCTURES
TWO CORE ACTIVITIES IN 37 COUNTRIES
CARDIF-ASSURANCES RISQUES DIVERS
CARDIF ASSURANCE VIE
INTERNATIONAL SUBSIDIARIES
BNP PARIBAS CARDIF
178 10,000BILLION EUROS
ASSETS UNDER MANAGEMENT HEADCOUNT
#KEYFIGURES_BNPPARIBASCARDIF
TAILORED LOCAL SOLUTIONSWITH A PRESENCE IN 37 COUNTRIES, BNP PARIBAS CARDIF ADAPTS ITS SOLUTIONS TO THE NEEDS OF LOCAL CUSTOMERS, WITH ITS PARTNERS, SKILLFULLY INTEGRATING THE DISTINCTIVE ECONOMIC AND CULTURAL FACTORS THAT CHARACTERIZE EACH MARKET.
In Japan, customers who take out a mortgage can
subscribe insurance cover against the risk of cancer. BNP Paribas Cardif sells these policies through retail banking networks of its partners. Policyholders receive a full lump sum benefit if they are diagnosed with the disease.
In Chile, insurance covering personal accidents (injuries
or death) has been compulsory since 2013 for all vehicle owners. An electronic signature is all it takes to subscribe the SOAP* cover available from BNP Paribas Cardif. The policy is immediately approved and available on line for the policyholder or agencies that require a copy.* Seguro Obligatorio de Accidentes Personales
ASIA
LATIN AMERICA
EUROPE
14.7BILLION
EUROS GROSS WRITTEN PREMIUMS ON INTERNATIONAL MARKETS,
UP FOR 8%
58%OF GROSS WRITTEN
PREMIUMS ON INTERNATIONAL MARKETS
In France, the compa-ny has continued to innovate with Cardif
Élite, a personalized life insurance product for wealth management customers. The product allows clients to select different partner brokers for their asset manage-ment mandates. This new savings vehicle provides exposure to hundreds of mutual funds and equities listed on a dozen stock market indexes around the world.
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A GLOBAL ENTERPRISE
TAILORED LOCAL SOLUTIONS
In South Korea, savers have considerable appetite for structured
product such as equity linked securities (ELS), which provide cover against certain risks thanks to underlying assets with good near-term stability. These inno-vative investment solutions, proposed by BNP Paribas Cardif, have enjoyed great success since they were introduced ten years ago.
In Mexico, ensuring a family’s financial stability means
planning for major expenses over the course of a lifetime (wedding, birth or adoption of children, moving, death, etc.). With the Life Events product, BNP Paribas Cardif assists the policyholder’s at every moment of his life.
ASIA
LATIN AMERICA
EUROPE
10.6BILLION
EUROS GROSS WRITTEN PREMIUMS IN FRANCE
42%OF GROSS WRITTEN
PREMIUMS IN FRANCE
In Spain, BNP Paribas Cardif is launching the Leave
Your Keys offer in conjunction with its partner FGA Capital and brokers CBP. The cover provides policyholders with the opportunity to return their vehicle in the event of unforeseen life issues (multiple birth, illness, disability, unemploy-ment, etc.), and cancel the loan or long-term rental agreement with a trade-in guarantee equiva-lent to the vehicle market value.
Regardless of the type of insurance coverage people seek, BNP Paribas Cardif adapts its offering to the local market, profiles and specific needs of its customers. In South Korea, for example, where there is strong demand for protection against serious
diseases such as cancer, BNP Paribas Cardif made it easy to purchase cover directly on the Web, the preferred channel among Koreans. In Continental Europe, where telemarketing is used extensively, this channel generated
20% of gross written premiums. Another example of local alignment is Latin America, where we introduced 100% Web-based policy subscription for individual auto insurance, which is now compulsory, much like comprehensive insurance in Europe.
#AGLOBALENTERPRISE_BNPPARIBASCARDIF
LATIN AMERICA EUROPE ASIA
BRAZIL IS THE THIRD-LARGEST CONTRIBUTOR TO BNP PARIBAS CARDIF’S PROTECTION BUSINESS. Its leadership on the continent is due in particular to excellent perfor-mance in creditor insurance for automobile loans. Another highlight was the introduction of the new SOAT(1) and SOAP(2) solutions from BNP Paribas Cardif, enabling com-plete online subscription of individual auto cover, which is now compulsory (in Chile, Colombia and Peru), comparable to comprehensive insurance in many European countries.Emblematic partnerships signed in 2013 include a long-term contract (five years) for distribution of life and non-life insurance products with Caja Los Andes, a compensation fund for family allowances set up by the Chilean Construction Chamber. In Peru, a new cancer risk insurance product was introduced to cover reimbursement of medical costs and provide social aid. And in Argentina, a new creditor insurance agreement was signed with longstanding partner Supervielle.
(1) Seguro Obligatorio de Accidentes de Tránsito.(2) Seguro Obligatorio de Accidentes Personales.
FRANCE REMAINS THE FIRST MARKET OF BNP PARIBAS CARDIF, with a 10.6 billion euros GWP. In an unstable regulatory environment and uncertainty regarding the tax treatment of savings products, there was a high proportion of unit-linked contracts. BNP Paribas Cardif also became No. 4 in the French market for personal insurance(3). In 2013, Italy performed with very good results (a GWP up for 48%), thanks to the reinvestment of completed life insurance contracts.2013 was a pivotal year in Continental Europe (Germany, Spain, Portugal and Central Europe) as the outlook turned brighter in most countries in the region, especially in Spain. BNP Paribas Cardif saw promising development in a new category of protection, working with the increasingly deregulated utilities sector (water, gas and electricity). Thus, in Czech Republic, agreements were signed with partners as E.ON. In the retailing sector, cooperation with Carrefour expanded to develop solutions in addition to creditor insurance.
(3) Source: L’Argus de l’Assurance, ranking in France by gross written premiums (Top 20 France, 2012 results).
AFTER EUROPE AND LATIN AMERICA, BANCASSURANCE IS BECOMING INCREASINGLY POPULAR IN ASIA. Consumers throughout the region now enjoy access to new ways to subscribe insurance introduced by BNP Paribas Cardif, whether at retail outlets or through internet, which many people in this part of the world prefer. In savings, low interest rates and risk-averse investors made unit-linked prod-ucts less attractive. BNP Paribas Cardif nevertheless posted good results, particular with ELS investments in South Korea. Several important partnerships were forged in 2013. In Japan, a new savings protection product was launched with Sumitomo Mitsui Trust Bank, and alliances were formed with Hana Bank and Kookmin Bank in South Korea. A joint venture with TCoB in Taiwan enabled BNP Paribas Cardif to maintain its leadership in creditor insurance while business was driven by telemarketing in Thailand, recording a 70% increase. A joint venture agreement signed in July 2013 with Bank of Beijing harbours great promise. China is expect-ed to become the world’s second-largest insurance market by 2020. In India, despite several regulation changes, the company maintained its market share, with a higher growth compared to the market.
1.3 BILLION EUROSGWP in protection
20.4 BILLION EUROSGWP in savings and protection
of which 10.6 BILLION EUROS IN FRANCE
3.6 BILLION EUROSGWP in savings and protection
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A GLOBAL ENTERPRISE
PERSONALIZED SOLUTIONS
PARTNERSHIPS REMAIN AT THE HEART OF BNP PARIBAS CARDIF’S BUSINESS MODEL
AND CULTURE. WE CONTINUALLY ENHANCE OUR APPROACH TO WORK WITH OUR PARTNERS
TO DESIGN PRODUCTS AND SERVICES THAT ARE EVEN BETTER ALIGNED WITH THE NEEDS
OF TODAY’S CUSTOMERS.
PARTNERS IN MULTIPLE SECTORS
PARTNERSHIP ANCHORED IN SHARED EXPERTISE FOR INSURANCE DISTRIBUTION
BNP PARIBAS CARDIF’S SUCCESSFUL APPROACH TO PARTNERSHIPS IS INSPIRED BY FOUR PRIORITIES: FORGE CONTINUALLY CLOSER PARTNERSHIPS, PROPOSE A DIVERSIFIED RANGE OF SERVICES, CONSTANTLY AIM FOR BETTER UNDERSTANDING OF CUSTOMERS AND BETTER SERVICE, AND MANAGE EFFECTIVE MULTICHANNEL DISTRIBUTION.
BNP PARIBAS CARDIF CONTINUALLY INNOVATES TO DESIGN INSURANCE
SOLUTIONS IN LIAISON WITH ITS PARTNERS as we transition from a business with a legacy strength in creditor insurance to a vast and diversi-fied array of insurance cover. We leverage the distribution and management capa-bilities of our partners to better integrate insurance products directly into their sales processes. The for-ward-thinking ap-proach to insurance orchestrated by BNP Paribas Cardif leads to a more inti-mate understanding of key success factors, starting with customer expectations and channel preferences. What’s more, this approach lets us regularly identify new opportunities for selling insurance in the fast-changing environments that are reshaping all the different industries we serve.
DEVELOPING NEW IDEAS AND MAKING SURE THEY WORK Co-construction with partners means innovating together to evolve existing products. This also means conceiving new offers, as we did in 2013 to adapt our creditor insurance solutions to a variety of different sectors and partners, including automakers and large retail
chains. Close proximity with partners creates a virtuous circle for generating new ideas, assessing their feasibility and demonstrating their attractiveness for all the stakeholders: insurer, partner retailer and end customer. Our experience also positions us to co-manage insurance offers that deliver satisfaction for our partners by embedding added value in the distribu-tion model, coupled with tangible benefits
for the end consumer.
DEPLOYING EFFECTIVE EXPERTISEA fundamental factor behind the success of BNP Paribas Cardif’s partnership approach is our expertise as an “architect”. We act as an orchestra conductor able to respond to the different needs expressed by partners and bring them together in a harmonious whole.
At every link of the value chain culminating in an insurance product, BNP Paribas Cardif calls on specialized expertise (customer support, telemarketing, etc.) to create the most effective custom-tailored package for our partners and their customers. Throughout the product development process, BNP Paribas Cardif manages the entire relationship, integrating innovations and guiding the different contributors in order to deliver a quality, fully-assembled product to our partner.
THROUGH OUR “CO-CONSTRUCTION”
APPROACH, BNP PARIBAS CARDIF SHARES KEY SUCCESS FACTORS BASED ON
THE IDENTIFIED EXPECTATIONS OF END
CUSTOMERS FOR INSURANCE PRODUCTS.
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PARTNERS IN MULTIPLE SECTORS
CUSTOMIZED SOLUTIONS DELIVERED VIA THE MOST RELEVANT CHANNEL FINANCIAL INSTITUTIONS MUST MEET MULTIPLE CHALLENGES TO MAINTAIN AND GROW THEIR CLIENT PORTFOLIO.
ALTHOUGH REGULATORY CONSTRAINTS PUT PRESSURE ON MARGINS, the emergence
of new consumption habits thanks to digital techno-logies creates attractive opportunities for banks and consumer credit companies. BNP Paribas Cardif works closely with its finance sector partners to help them better address the expectations of their custom-ers with attractive solutions and efficient distribution channels. The primary objective is to sell more prod-ucts to existing customers by identifying the optimal timeframe to propose a new product, as well as the
best contact channel. In 2013 BNP Paribas Cardif worked with several partners to redefine the customer journey. The banks Grupo Aval (Colombia) and Erste Group (Central Europe) have deployed this innovative approach to better align their offering with the consumption habits of their customers. In Asia, devel-opment continued working on innovative client offers within the framework of joint ventures formed with leading local banks: TCoB in Taiwan, Shinhan Bank in South Korea, SBI in India, VietcomBank in Vietnam and very soon, Bank of Beijing in China.
BANKS AND FINANCIAL INSTITUTIONS
Our partnership with BNP Paribas Cardif started in April 2006, with mortgage credit insurance and cancer protection. Since they have been launched, these offers brought relevant contribution to our activity and enabled us to differentiate from our competitors. Based on this solid relation-ship, in 2007, we extended mortgage credit insurance distribution through our subsidiary SBI Sumishin Net Bank. In 2013, to further increase synergies between bank and insurance, we launched an innovative product for wrap account bundled with cancer protection and nurse aids cover for the first time in the industry. Since health and
money are major preoccupations for our wrap account customers, this product is the perfect match to their needs. Also, it has been making a significant positive impact on not only the promotion of wrap account but of our retail business itself. This gives us an excellent opportunity to talk with our customers about a variety of topics (family, money) that enables us to offer additional financial products. With this robust partnership, we aim to become a leading company in the bancassurance business in Japan by making full use of expertise of BNP Paribas Cardif.
Together, we become a leader of bancassurance in Japan TERUKI IDO GENERAL MANAGER, INVESTMENT PRODUCTS PROMOTION DEPARTMENTSUMITOMO MITSUI TRUST BANK
#PARTNERSINMULTIPLESECTORS_BNPPARIBASCARDIF
In the context of our developmental move into the market for auto extended warranties independent of finance, we asked BNP Paribas Cardif to implement one pilot project for mature major retailers, and another for smaller intermediaries, and to validate the marketing methodology used. In the first instance, these pilots were limited solely to France. On the basis of a survey conducted to understand the offers and expectations of these retailers, we were able to work together on a common basis
that incorporates several different offers. Then, because the Cetelem Auto teams are not yet up to speed with offering auto warranties independent of finance, we tested the appetite of our intermediaries with a Test & Learn pilot study to survey their responses. The bottom line was that this project gave us the opportunity to work more closely with our partner BNP Paribas Cardif, and to check whether there really was a substantial opportunity for developing jointly into a new segment of the market.
Testing a new auto insurance offer was a great opportunity to strengthen our partnershipCHRISTOPHE MICHAELI HEAD OF FRENCH AUTOMOTIVE MARKET, BNP PARIBAS PERSONAL FINANCE
A FUNDAMENTAL TREND THAT EMERGED TO DIFFERENT
DEGREES DEPENDING ON THE REGION WAS DEMAND FOR FINANCING OF USED CARS, accompanied by contrasted performance for new car sales. This spurred new demand for insurance solutions, both separate from or linked to financing: creditor insurance, personal protection, warranty extensions, car insurance, vehicle assistance and other products. Whether these offers are sold at points of sale or through alternative channels, with this multi- facetted approach, BNP Paribas Cardif meets the expectations of its partners for continual innovation and solutions that create loyalty among end custom-ers. In creditor insurance, we designed new products that add more value for end customers, integrating complemen-tary services like “Continue Driving”, which covers the risk of loss of employ-ment. In extended warranties, the em-phasis was on loyalty-building insurance proposed at repair shops covering vehicle maintenance. BNP Paribas Cardif also took advantage of telemarketing and digital channels to provide new market-ing opportunities for its partners to take advantage of the redefined customer journey. In this context, the company developed in several countries, with its partner Volkswagen, a client requesting process, from their data analysis, to offer them automotive financial loss products.Another priority in 2013 was designing new solutions to help our partners in the automobile industry capture a broader
COMPLEMENTARY SERVICES DRIVE GROWTHTHE AUTOMOBILE INDUSTRY SAW AN OVERALL RISE IN NEW VEHICLE REGISTRATIONS IN 2013 AS THE GLOBAL MARKET WAS ENERGIZED BY ASIA, ESPECIALLY CHINA.
AUTOMOBILE
clientele, or target a specific consumer niche. Working with Volkswagen in Germany, we desi-gned a novel climate risk product called Sunshine Guarantee for owners of convertibles. To address the needs of the financing arms of major European automakers,
BNP Paribas Cardif also began marketing extended warrantees independent from the financing.
PARTNERS IN MULTIPLE SECTORS
Ever since the company was established in 1889, Falabella has been a leading retailer in Chile and the wider Latin America, and operates in several market segments, from home furnishings to supermarkets, real estate and retail banking. Our partnership with BNP Paribas Cardif dates back to the year 2000; the year in which we began marketing mortgage-related unemployment insurance.Over the years, the partnership has expanded, enabling us to offer our customers an increasing-ly broad range of offers that complement our own core businesses and, most importantly,
are tailored to the needs of local consumers. In 2013, we once again refreshed our offers with new products and services, including death insurance for consumer loans and unemployment insurance for credit card balances. In Chile, we have moved into the digital channel, through which we have successfully marketed 120,000 of the legally-required auto insurance policies known as SOAP. We particular-ly appreciate the flexibility and availability of our partner, which gives us the ability to drive innovation inspired by the best practices anywhere in the global insurance market.
A constant process of renewalRODRIGO SABUGAL GERENTE DE NOGOCIOS DE FALABELLA
AT THE SAME TIME, NEW CONCEPTS, NEW CONSUMER BEHAVIOURS AND
NEW PURCHASING HABITS EMERGED, such as drive-through, showrooming, “extreme couponing”, price comparisons and smartphone apps. These trends have had a significant impact on retailers, who already face continuous pressure on their mar-gins. To help its partners sharpen their competitive-ness, BNP Paribas Cardif identified insurance products with high value-added that help anchor customer loyalty. The goal is to offer products that are easy to sell and understand, and are matched to new lifestyles and customer concerns. This offering expanded with products that protect
private life, loss of income or the multiple nomadic devices in a growing number of households. With a focus on co-designing solutions for end customers, BNP Paribas Cardif worked throughout 2013 to precisely map and segment the new customer journey for its retail partners. New criteria have been integrated, including analysis of purchasing behaviour, recourse to new acquisition channels, plus the appearance of increasingly popular innovative retail formats (city centre stores, drive-through, webstores, etc.). This forwarding- looking approach was introduced in partnership with mass retailing leaders throughout Europe and Latin America.
INSURANCE BUILDS LOYALTYIN THE FIERCELY COMPETITIVE ENVIRONMENT, RETAILERS IN ASIA AND LATIN AMERICA—FROM BIG SUPERMARKETS TO LOCAL STORES, E-MERCHANTS AND SPECIALIZED OUTLETS—SAW ROBUST GROWTH IN 2013, FUELLED BY A GROWING MIDDLE CLASS.
RETAILING
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#PARTNERSINMULTIPLESECTORS_BNPPARIBASCARDIF
CALLING ON NEW REVENUE SOURCESTHE HOTLY COMPETITIVE TELECOM MARKET HAS REACHED SATURATION, WITH AN AVERAGE MOBILE PHONES PENETRATION RATE OF 130% IN EUROPE, 100% IN LATIN AMERICA, AND OVER 100% IN ASIA.
TELECOM OPERATORS HAVE THUS TURNED
TO DIVERSIFICATION FOR FRESH REVENUE STREAMS, proposing new services beyond their core business in areas such as health care, payment solutions or smart homes. BNP Paribas Cardif has a pivotal role to play in these promising segments. In 2013, top-tier telecom operators strengthened or estab-lished new partnerships with BNP Paribas Cardif to bring their customers a vast range of new insurance products. Some are linked directly to their core
business, including cover for theft or damage to mobile phones and revenue protection to guarantee payment of phone bills. Others are ancillary, such as health and accident protection. BNP Paribas Cardif tapped into the Orange and Play customer franchise in Poland, using tele-marketing to pitch new protection insurance products. This same approach was used with Globul, a subsidiary of the operator Telenor in Bulgaria, and with T-Mobile and Telenor in Hungary, as well as Nextel in Mexico.
TELECOM
BROKERS SERVE HIGH-END CLIENTELE CREATED 30 YEARS AGO, THE NETWORK DEDICATED TO BROKERS ADAPTS EASILY TO THE CLIENTS NEEDS WHO LOOK FOR PRIVATE ASSETS MANAGEMENT AND SOCIAL PROTECTION.
BROKERS AND INDEPENDENT FINANCIAL ADVISORS
PROVIDE A DISTRIBUTION CHANNEL THAT IS PERFECTLY ALIGNED WITH THE EXPECTATIONS OF HIGH-END CLIENTS. The BNP Paribas network counts some 2,600 registered professionals. Created 30 years ago, this distribution channel generally serves clients with at least 150,000 euros in financial assets who seek personalized wealth management solutions. To continue developing business through brokers, BNP Paribas Cardif also offers pension planning products—including “Cardif Retraite Professionnelle”—designed specifically for heads of SMEs and non-salaried professionals.
BROKERS
PARTNERS IN MULTIPLE SECTORS
CO-DESIGNED TO BENEFIT END
CUSTOMERSBNP PARIBAS CARDIF ANTICIPATES TRENDS
BY ANALYZING THE INSURANCE NEEDS OF END CUSTOMERS AND WHAT MOTIVATES
THEM TO PURCHASE INSURANCE COVER, AS WELL AS THE WAY THEY USE DIGITAL CHANNELS.
THIS COMPREHENSIVE VISION LETS US PROPOSE A VARIETY OF PERSONALIZED SOLUTIONS
FOR OUR PARTNERS WITH A COMMON OBJECTIVE: VALUE CREATION FOR
THE END CUSTOMER.
DIVERSIFIED SOLUTIONS
14>1514>15
PEACE OF MIND, EVEN IN DIFFICULT TIMES Recognizing the difficult economic situation in Italy, BNP Paribas Cardif worked with the bank BNL to create Income Protection cover, protecting people against unexpected job loss or temporary disability. The cover includes financial and legal support, as well as assistance to help people return to the workforce. This solution is synonymous with peace of mind during challenging periods.
CONVERTIBLE CARS CRUISE IN ANY WEATHERInnovation never stops with BNP Paribas Cardif, a pioneer in the market for insurance against climate risks. Working with our partner Volkswagen, we created an insurance policy against the risk of a rainy summer called Sunshine Guarantee. This novel insurance helps Volkswagen boost the sale of its convertible cars, illustrating our ability to meet the needs of our partners, however specific.
INSURING YOUR CHILDREN AND COVERING THEIR EDUCATIONIn Japan, a new type of combined protec-tion and savings policy is now offered to cover children from birth to age 12. This educational insurance policy covers children against perils such as civil liability and hospital admission, and pays parents a bonus every five years to cover school fees. Juvenile Protection is available via Kakaku.com, which markets a broad range of electronic and household electrical appliances.
ITALY GERMANY JAPAN
INSURANCE PLAYS AN IMPORTANT ROLE IN ENABLING PEOPLE ACHIEVE THEIR LIFE
PLANS. We have always helped our partners better understand what motivates their customers to purchase insurance, in order to design diversified products that are perfectly tailored to expectations and create value for them. Here, it is essential to engage with customers differently and understand their wants and needs beyond the inherent rational value of the insurance products themselves.
PRECISION SEGMENTATION PROVIDES VALUABLE KNOWLEDGEWe have identified the different levers that motivate end customers, especially for income protection and insurance covering health, accidents or loss of autonomy. Core knowledge like this figures at the heart of BNP Paribas Cardif’s business, enabling us to articulate the meaning and utility of insurance and propose value for people at every stage in their lives.
Our insurance solutions also bring people more freedom of choice because the elements in a product can be adjusted over time.
JOINT DEVELOPMENT OF THE BEST SOLUTIONS By listening closely to its customers and partners, BNP Paribas Cardif has determined that people who are most inclined to purchase insurance are those distinguished by their positive vision of life, by a determination to make their plans a reality. This is because insurance makes a concrete contribution to helping them carry out their projects, including those that are most personal. Not everyone makes the same choices when it comes to
protection insurance, which is why we have established a precise segmenting of needs to better understand how exactly people want to subscribe insur-ance cover. This segmenting of needs
is based on a powerful survey tool that BNP Paribas Cardif regularly deploys with its partners. They realized a study among the local population to define their purchase motivations for insurance products and be able to implement this segmentation. Results show that 75 to 90% of the population enters in the frame of this segmen-
tation. By carefully analyzing the data and profiles for each clientele segment, we are able to work with our partners and co-design differentiating solutions and messages. BNP Paribas Cardif recently developped Value Star, a tool to evaluate its offers and thus define their quality with the objective to improve them and increase client value. An initiative which confirms the will to improve quality service delivered to the client, reviewing all the processes around his journey, started in 2008 with the launch of the Customer Centric Program.
BY CREATING VALUE, AN INSURANCE PRODUCT
THAT HAS MEANING AND UTILITY HELPS END CUSTOMERS BRING THEIR PROJECTS TO FRUITION.
DIVERSIFIED SOLUTIONS
After I sold my apartment in the north of Paris I had some money available. I knew
I eventually wanted to buy a new apartment in Paris, but while I was waiting to find one I liked I thought I should put my money to work. I talked to my investment advisor and he told me about Cardif Élite, a personalized life insurance product designed for savings, and which combines different management alternatives. The product is safe and it’s flexible, which is perfect for me since I’ll need the money quickly if I find a new apartment I like.
LAURENCE GOSSE (FRANCE)
“Cardif Élite is a tailor-made investment, that combines different management alternatives.
For several years I’ve been able to buy property in Brussels,
and each time there’s the issue of the mortgage linked to the property loan. The main thing that’s important to me is not having to worry about what would happen to my wife and children. That’s why I always purchase “outstanding balance” cover to guarantee repayment of the loan in the event of my death. Several years ago I chose the Hypo Protect Classic product from BNP Paribas Cardif. Each time I invest in property I compare the different offers available in the market. Hypo Protect remains the most reassuring product for me.
DENIS LATOUR (BELGIUM)
“With Hypo Protect, my mortgage will be repaid if I die. My mind is at ease for the future of my family.
At the beginning, I only needed an insurance for my smartphone. But I was not very satisfied with what the telecoms operators offered, then I chose the Mobileo offer. Very
quickly, I valued its ease of use: only one contract, only one subscription, and when I bought my tablet, it has been automatically insured. I also appreciated to be quickly reimbursed with the value of the broken, and irrevocable market for my smartphone. A simple telephone call was enough to declare the accident, then all has been done by exchange of e-mails.
AMANDINE LESCOP (FRANCE)
“I was reimbursed very quickly, when my smartphone broke down, after my call to declare the claim.
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#DIVERSIFIEDSOLUTIONS_BNPPARIBASCARDIF
NEW RULES
IN ADDITION TO PROVIDING OUR PARTNERS WITH SOLUTIONS THAT SPAN MULTIPLE
DISTRIBUTION CHANNELS, BNP PARIBAS CARDIF NOW INTEGRATES AN OMNI-CHANNEL APPROACH
TO OPTIMIZE REAL-TIME MANAGEMENT OF INTERACTIONS ACROSS MULTIPLE DEVICES AND CHANNELS. THE RESULT IS EVER-CLOSER
ENGAGEMENT WITH END CUSTOMERS.
MULTICHANNEL DISTRIBUTION
OVER THE YEARS BNP PARIBAS CARDIF HAS HONED A HIGHLY EFFICIENT FOUR-PRONGED
DISTRIBUTION STRATEGY, comprising sector-segmented solutions, making distribution expertise directly available to partners, product diversification focused on value creation for end cus-tomers, and a multi-channel approach. This last aspect is essential, enabling BNP Paribas Cardif to market its insu-rance products via all existing channels.
OMNI-CHANNEL OPENS DOORS TO NEW CUSTOMER RELATIONSHIPSThe growing momentum of digital channels has spawned the concept of omni-channel. This creates an additional layer of complexity for distribution, because customers can now interact with a business at any time and from anywhere. They may be both
in a store and on their smartphone, in front of the television and using a tablet, conversing with a call centre while looking at their laptop screen. In addition to expertise that spans multiple channels, BNP Paribas Cardif’s approach also takes into account multiple devices to ensure real-time management of personalized customer interactions. To be effective, this strategy draws on expertise in three essential areas. The first is an intimate understan-ding of the customer journey, analyzing how customers move through a store, for example. The second is careful observation of customer behaviour, determining why they come into a bank branch, for instance. And the third is identifying the best sales campaign and distribution method, creating a dedicated customer experience application, for example, coupled with
in-depth knowledge of the different contact points to be leveraged.
AN INSURER DEEPLY INVOLVED IN PARTNER DISTRIBUTION CHANNELS The next step, beyond the design of insurance cover, is more active involve-ment of BNP Paribas Cardif teams in the distribution processes of its partners at every level, from strategy and methods to channels. This is a major revolution for an insurance company as we transi-tion from simply selling a given product for a category of partners, to selling products for each customer contact point. Ultimately, by becoming more intimately involved in our partners’ direct marketing initiatives, regardless of their business, BNP Paribas Cardif has acquired all the assets we needed to help them build solutions tailored to the preferred contact points of their end customers.
A MULTICHANNEL CLIENTIf the client uses today the different on-line direct sale channels (internet, mobile, call center), he does not give up traditional channel (point of sales).Thus, hybrid, he moves from a channel to another. He prefers, as an example, get information and compare the prices on internet, but follows buying its product in a shop and choses to have a phone service. For BNP Paribas Cardif, the challenge is to understand phases and interfaces of the customer
journey to improve comercial efficiency and client satisfaction. In this context, the company pays a particular attention to the “Analytics”, which facilitates the understanding of the characteristics and risks of the person insured. Thanks to an objective data analysis, it makes possible profile the different people and explain their behaviour when consuming insurance. This client knowledge offers development opportunities to BNP Paribas Cardif partners, who is committed to support them on this approach.
18>1918>19
#MULTICHANNELDISTRIBUTION_BNPPARIBASCARDIF
A RESPONSIBLE VISION
OF OUR BUSINESSBNP PARIBAS CARDIF EXERCISES ITS BUSINESS ACTIVITIES RESPONSIBLY,
ENCOURAGING ECONOMIC DEVELOPMENT AND A HEALTHY BALANCE IN SOCIETY. OUR COMMITMENT IS ALSO EXPRESSED THROUGH THE ENGAGED INITIATIVES
OF OUR EMPLOYEES IN ALL THE COUNTRIES WHERE WE ARE PRESENT.
A RESPONSIBLE ENTERPRISE
CHILE SOUTH KOREA
INTERNATIONAL UNITED KINGDOM FRANCE
THROUGH THE “EMPLOYEES PROJECT”, BNP Paribas Cardif in Chile provides staff with resources to let them become a force for positive change in society. Since 2012, each project supported has received a grant of 780 euros, amounting to a total of 4,680 euros over two years. This also anchors the efforts of employees, some of whom have supported their projects for five years or more.
THE “RESCUE & RECOVER” ENDOWMENT FUND was created by the BNP Paribas group in 2013, led by BNP Paribas Cardif as a founding member. The fund amplifies the generosity of Group employees who come to the aid of victims of humanitarian disasters. Assistance is provided both in the immediate wake of a disaster as well as over the long term, to sustain support for “forgotten crises”. All donations by employees to the fund are matched by BNP Paribas and then given to the fund’s three partner NGOs: Care, the French Red Cross and Médecins Sans Frontières.
IN MID-2013, CARDIF PINNACLE introduced a staff volunteering scheme, enabling employees to spend two days a year helping a local charity. One group of Cardif Pinnacle volunteers visited the Pinniwells Riding Centre for the Disabled to help maintain the site, including clearing bushes from perimeter fences. Through a raffle, quiz night and other events, the company also raised funds for the centre, which provides disabled people with a chance to enjoy the pleasures of horse riding.
IN 2013, 40% OF THE EURO FUND managed by BNP Paribas Cardif was screened using an ESG(1) filter, representing more than 35 billion euros. Since 2008, some 86% of the company’s customer have expressed support for BNP Paribas Cardif’s policy of increasing the share of responsible investments in its euro fund, while maintaining the financial performance of the contracts. This approach reflects the broader commitment of the BNP Paribas group to propose savings products that take ESG criteria into account.(1) Environmental, Social and Governance.
BY SUPPORTING THE “GREEN LEADER PROGRAM”, BNP Paribas Cardif helps develop the concept of urban agriculture in South Korea. Since its creation in 2011, this initiative has transformed the lives of hundreds of children at schools and well-being centres through a contest designed to transform their spaces into miniature forests or crop fields. The Green Leader Program—which is guided by regional organizations—culminated in 2013 with the publication of an educational guide on urban architecture (featuring the BNP Paribas Cardif Korea logo), designed for all the country’s children.
ENGAGED EMPLOYEES
HUMANITARIAN AID
HELPING DISABLED RIDERS
RESPONSIBLE EURO FUND
EDUCATION FOR YOUNG CHILDREN
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#ARESPONSIBLEENTERPRISE_BNPPARIBASCARDIF
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FINANCIAL SYNTHESIS
SECTION 1
BNP PARIBAS CARDIF REVENUES
Reported data in this section relate to the BNP Paribas Group insurance business.
Consequently, revenues cover the legal scope of the BNP Paribas consolidated insurance entities, which for management reporting purposes are assigned to BNP Paribas Cardif.
Reconciliation of the 2013 French GAAP consolidated financial statements with the BNP Paribas Group insurance business at 31 December (billions of euro):
CONSOLIDATED REVENUES*: 19.7Associates and unconsolidated companies: 5.6of which:
Cardif Luxembourg Vie (wholly owned) 2.3AG Insurance (25% owned) 1.5Taiwan Cooperative Bank 1.0SBI Life (26% owned) 0.3Natio Assurance 0.2Other companies 0.3
INSURANCE BUSINESS REVENUES 25.3
* Revenues consolidated under French GAAP.
1. BNP PARIBAS CARDIF INSURES PEOPLE AND PROPERTY
1.1 SAVINGS
1.1.1 Gross Savings Inflows
SAVINGS REVENUES BY REGION (€BN)
2009 2010 2011 2012
64% 58% 54% 50%
20%
12%16% 15%
9%
16%16%
18%
7%
14%14% 17%
17.020.4
17.8 18.6
2013
51%
14%
18%
17%
19.4 AsiaRest of EuropeItalyFrance
In 5 years, inflows have expanded to Asia, Italy and the Benelux countries and grew outside France by over 23% (average annual growth rate over the 5 years). This growth was underpinned by the globalisation of the insurance community.
MAJOR SAVINGS COUNTRIES (€BN)
France Italy Luxembourg Taïwan South Korea
77% 86% 45% 8%
20%
3%
14%
55% 92%17%
9.2
4.0
2.2 2.2
0.9
Sundry ProductsUnit of AccountGeneral Fund
IndiaBelgium
83% 76% 55%24% 45%0.4 0.3
1.1.2 Net Savings Inflows
2013 net world savings inflows (increasing BNP Paribas Cardif assets under management) amounted to 2.9 billion euro including 1.3 billion euro in Asia, 0.8 billion euro in Italy and more than 0.5 billion euro in France.
1.2 PROTECTION INSURANCE
2013 Protection revenues came in at 5.9 billion euro.
BREAKDOWN OF REVENUES BY BUSINESS LINE
Other Protection
33%
Extended warranties
3%
Losses 11%
Collective Protection
2%
IndividualProtection
8%
Others(1)
3%Health
3%
Means ofPayment
3%
Borrowersinsurance
67%
* Other: Guaranteed Auto Protection, budget insurance, property insurance, assistance and services.
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SECTION 2
2013 ASSET MANAGEMENT
1.2.1 Protection revenues by region
PROTECTION REVENUES BY REGION (€BN)
2009 2010 2011 2012
33% 28% 25% 25%
16%
15%
12% 9%
29%
35%
35% 35%
7%8%
9%11%
3.7
4.9 5.4 5.7
Latin AmericaAsiaRest of EuropeItalyFrance
14%
2008
32%
16%
33%
5%
3.4
13% 15%
19% 20%
2013
24%
8%
34%
11%
5.9
22%
The company has continued to expand geographically since 2008 with rapid growth in Asia and Latin America. These regions now account for almost one-third of total revenues, up from just 18% in 2008.
1. ECONOMIC AND FINANCIAL DATA
BNP Paribas Cardif total assets under management as at 31 December 2013 stood at 178 billion euro, including: 107 billion euro for Cardif Assurance Vie, 15 billion euro for Cardif Luxembourg Vie, 13 billion euro for Cardif Vita, 12 billion euro for AG Insurance, 8 billion euro for Asia, 12 billion euro for other insurance (mainly protection) And over 9 billion euro in respect of unrealised gains.
Asset management for the main general funds of BNP Paribas Cardif, Cardif Assurance Vie and Cardif Vita, is broken down below.
1.1 CARDIF ASSURANCE VIE GENERAL FUND
1.1.1 Breakdown of investments
Cardif Assurance Vie, the group’s primary insurance company, has 92 billion euro under management via KVIGG.The Cardif Assurance Vie asset allocation at 31 December 2013 (excluding assets backing unit of account liabilities) was as follows:
In millions euroVALUATION
31/12/2012 31/12/2013Fixed rate notes 62,193 70.7% 67,959 74.0%Equity 6,440 7.3% 6,095 6.6%Variable rate and Inflation indexed notes 9,895 11.2% 11,655 12.7%
Real estate 5,680 6.5% 6,136 6.7%Short term 2,785 3.2% -1,190 -1.3%Other 980 1.1% 1,173 1.3%TOTAL 87,972 100.0% 91,828 100.0%
In values (including accrued interest), the proportion of fixed rate investments increased to 74% up from 70.7%, thereby returning to previous levels. The proportion of floating rate bonds reduced to 6.6% at 31 December 2013, down from 7.3% at 31 December 2012.
The percentage market value of investments in equities (including convertible bonds, indexed shares, other equities and diversified equities) increased from 11.2% at end 2012 to 12.7% at end 2013.
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FINANCIAL SYNTHESIS
1.1.2 Portfolio management
Equity markets:During the first half of the year, European markets fluctuated in line with key events. Beginning late February, renewed concerns about the euro zone (e.g. institutional freeze in Italy following the elections and the Cypriot crisis) had the effect of reversing the bull market of the previous months. Subsequently, the relaxed monetary policies conducted by central banks in the USA, UK and Japan to stimulate the global economy allowed markets to recover.
During the second half, the markets were influenced by events related to the central banks’ monetary policies. Statements from central bankers caused markets to bounce back rapidly by more than 10%, after plunging from May to June. The company took advantage of this market turnaround to increase equity exposure. These tactical investments were sold when the CAC 40 stood at 4,000.
As from September, the improved outlook for the European economy coupled with ECB monetary policy statements boosting financial markets helped to prop up European markets.
In this economic climate displaying major market fluctuations, the company frequently traded for tactical purposes during the period.In April, the company took advantage of the market downturn to invest more in equities, particularly in North America and to a lesser extent in emerging markets.Investments were then sold once the markets had bounced back and the CAC 40 stood at 4,000.Mid-May, the market decline following worries about the US Fed reducing its monetary stimulus programme was once again an opportunity to increase equity exposure.
Given this climate, the company purchased investments in sectors likely to benefit most from a European economic recovery.
Between 1 January and 31 December 2013, the CAC 40 and Euro Stoxx 50 rose 22.22% and 21.51% respectively (capitalised dividends).
As of 31 December 2013, equities accounted for 12.7% of total assets.
BREAKDOWN BY GEOGRAPHIC REGION
France Developed countriesexcluding euro zone
23%
44%
15%
Emerging countriesEuro zone excluding France
18%
Bond marketsIn the first half, US interest rates rose sharply, especially in May and June, which led to an increase in interest rates elsewhere in the world. As a result, the 10 year T-Note rate increased by 100 basis points in two months. In Germany and France, during the first half the 10 year rate rose by around 40 basis points to 1.73% and 2.23% respectively as at 30 June.The markets’ appetite for risk was hit by comments from Ben Bernanke, Fed chairman, from mid-May, in which he signalled the beginning of a very gradual tightening in monetary policy.
As a result, following a difficult start to the year for funds due to Italian elections, Italian long rates fell sharply in April to 3.76% before being pulled back up by US and core euro zone long rates to a high of 4.85%.
In the second half of the year, fluctuating views on the Fed’s future changes in monetary policy resulted in contrasting effects on government bond rates.Comments from the Fed’s chairman that the Fed may slow the pace of bond purchases based on economic data worried the markets. Despite the chairman’s confirmation that he would keep low short rates, investors took the view that a slowdown in monetary stimulus would lead to an early increase in the long-term government bond rate.
US rates then rose sharply, which resulted in a rate increase elsewhere in the world. As a result, the interest rate on French 10 year government bonds rose 60 basis points to a high of 2.63% between 3 June and 9 September 2013.
At the end of the second half, markets reacted to the Fed’s surprise decision on 18 September to maintain its bond purchases programme which took the pressure off all bond markets.
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On 18 December, the Fed then decided to very gradually reduce the volume of bond purchases. This action does not put an end to the zero base rate policy.
The downward trend in yields on European government bond rates was bolstered in November by the decision of the ECB (European Central Bank) to reduce its base rate.
During the year, despite large fluctuations, German and French government bond rates closed at relatively stable levels of 1.87% and 2.47% respectively. And, thanks to better than expected macro-economic figures in the euro zone and investors searching for higher returns, the market’s appetite for risk improved thereby benefiting Spain, Italy and Ireland which enjoyed much lower long rates on their bonds.
Indeed, the best performing bonds since the beginning of the year come from the euro zone “periphery”: Spain, Portugal and Ireland.
In this market climate, Cardif Life Insurance adopted an active investment policy while remaining cautious. Fixed rate, variable rate and short-term debt securities as at 31 December 2013 account for 79.3% of the market value of the fund’s euro-denominated assets.
Investments acquired mainly consisted of French government bonds. For the “peripheral” countries, the fund traded by purchasing positions in Spain and Ireland and selling positions in Portugal and Slovenia.
While adopting a very strict stock picking policy, we increased our investments in high ranking corporate bonds so as to take advantage of the additional yield available on these bonds compared to government bonds. The debt market was very active in 2013. We increased our investments in senior bank debts and securitised debt.
As at 31 December, the bond portfolio breaks down as 50% government bonds and 50% non government bonds. Most non government bonds come from industrial and financial services companies.
The bond portfolio still has a very high rating averaging “A+”.
During the last six months, we switched investments from “short-term” to long-term bonds.
RATINGS OF BOND PORTFOLIO ISSUERS AS AT 31 DECEMBER 2013
AAA AA A BBB
5.6%
3.3%
5.9%
33.4%
26.9%
1.6%
10.6%
10.9%
1.5%0.4%
8.8%
39.3%
28.5%
21.5%
1.9%
Government & similarNon-Government
<BBB
With regard to credit risk, the portfolio comprised 8.8% of securities rated AAA, 39.3% of securities rated AA, 28.5% of securities rated A and 21.5% of securities rated BBB The proportion of securities rated below BBB was just 1.9%.
27%Government AA
2.6%Government AAA
1.3%Government A
8.8%Government BBB
0.3%Government <BBB
As at 31 December 2013, exposure in the peripheral countries which received bailouts (Portugal, Greece and Cyprus) was very low and, at 0.4% of the total portfolio’s book value, only consisted of Portugal. Italy and Spain accounted for 6.5% and 3.1% respectively of book value.
ISSUING COUNTRY Rating €m %France AA 12 ,794 18.8%Italy BBB 4 ,420 6.5%Spain BBB- 2, 100 3.1%Belgium AA- 3 ,777 5.5%Netherlands AA+ 1 ,006 1.5%Germany AAA 1, 125 1.7%Austria AA+ 1 ,701 2.5%Ireland BB+ 641 0.9%Portugal BB- 270 0.4%Poland A- 540 0.8%Finland AAA 318 0.5%Czech Republic A+ 122 0.2%Slovakia A 163 0.2%BOND EXPOSURE 28,977 42.6%
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FINANCIAL SYNTHESIS
Furthermore, BNP Paribas Cardif actively contributed to the real economy as a long-term investor via two initiatives: the Fonds Stratégique de Participation (strategic equity investment fund) that was launched in 2012, and the NOVO fund.
The Fonds Stratégique de Participation (FSP) carried out its first two investments in 2013 by purchasing a 6.05% equity stake in chemicals company Acarkema and a 5.25% equity stake in SEB, a supplier of small electrical household appliances. FSP, founded by BNP Paribas Cardif, CNP Assurances, Agricultural Credit Insurance and Sogecap has a mission to act “as a long-term investor” while actively participating in the governance of companies in which it invests.
Cardif Assurance Vie made an investment commitment amounting to 50 million euro to the NOVO fund launched during the summer. The purpose of this fund amounting to just over 1 billion euro is to provide funding for French unlisted small and medium sized enterprises (SMEs). 24 insurance companies supported by the Caisse des Dépôts and the fonds de réserve des retraites (pension reserve fund) invested in the Nova 1 fund managed by BNP Paribas Investment Partner (who will manage two thirds of the total investments) and the Nova 2 fund managed by Tikehau Investment Management.
Real Estate MarketThe proportion of real estate assets as at 31 December 2013 remained stable at 6.7% in value.
In 2013, investments acquired mainly consisted of recently constructed or future office properties in the Paris region.
49%Offices
24%
Retail
4%Hotels
16%Residential
7%Others
Socially Responsible Investment:BNP Paribas Cardif continued its socially responsible investment approach for managing its financial assets. This involves managing based not only on traditional financial criteria but also on environmental, social and governance criteria in valuing and picking investments.
1.2 CARDIF VITA GENERAL FUND:
In Italy, most assets under management are attributed to the life insurance business of Cardif Vita which amounted to 13.2 billion euro at market value.
1.2.1 Breakdown of investments:
The 13.2 billion euro total assets are broken down between seven general funds.
At 31 December 2013, the assets allocated to Capital Vita, the company’s primary general fund, break down as follows:
In millions euroVALUATION
31/12/2012 31/12/2013Fixed rate 7,734 82.3% 9,501 81.7%Variable rates and inflation indexed 857 9.1% 783 6.7%Equities 424 4.5% 642 5.5%Real Estate 6 0.1% 6 0.1%Short term 382 4.1% 700 6.0%TOTAL 9,402 100.0% 11,632 100.0%
1.2.2 Portfolio management:
Equity marketsThe Euro Stoxx 50 rose some 14% in 2013, marginally outperforming the Italian index FTSE MIB which was up only 12% over the year.Management of equities mainly involved reducing the directly held equities and purchasing the actively managed European and US equity fund.At 31 December 2013, equities accounted for 5.5% of the market value of the fund’s assets, a small 1% increase over the year. 43% of investments are held directly (including Italian and French lines), 32% via ETFs and the remaining 25% are actively managed funds.
Bond marketsDuring 2013, yields on Italian 10-year governmental bonds (“BTP”) declined by 4.25 percentage points to 4.125% with volatility caused by renewed political concerns during the spring, followed by a second phase of markedly lower tension in the second quarter.The Cardif Vita investment policy consisted in taking advantage of the high tension phases to purchase medium/long term BTP at fixed rates while trading in variable rate securities classified short-term and reducing shorter maturity investments, and in reducing the proportion of lower rated issuers (i.e. below BBB-) and switching mainly to BTP and corporate bonds that included issue premiums on the primary market.
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At 31 December 2013, the bond portfolio broke down between 75% government and similar bonds (including close to 73% from Italy), and 25% of “non-government” bonds. The proportion of fixed rate bonds edged down from 82.3% to nearly 81.7%. Variable rate bonds fell from 9.1% to 6.7%, while the balance consists of term deposits (close to 3.5%) and high cash due to very buoyant net inflows, especially in the second half of the year (when net inflows amounted to 1,800 million euro, around 15% of the portfolio).Sensitivity to the total asset rate increased from 5 to 5.35 during the year despite very high inflows. Maturities were spread over the coming 10 years, and thereafter maturities were adjusted.With regard to credit risk, 83% of the portfolio consists of BBB rated bonds given the high proportion of Italian bonds, 9% of A rated bonds, 2.5% of AA rated bonds, 0.5% of AAA rated bonds, 2.25% of BBB+ rated bonds, 1% of BBB- rated bonds, just 1% of BB rated bonds and 0.15% of CCC rated bonds. The average rating stands at just above BBB.
BREAKDOWN BY PORTFOLIO BOND ISSUER RATING AS AT 31 DECEMBER 2013
NOTATION IN %AAA 0.46%AA+ 0.23%AA 0.26%AA- 1.96%A+ 0.92%A 4.93%A- 3.09%BBB+ 2.25%BBB 83.34% (incl. 73% government bonds)BBB- 0.91%BB+ 0.63%BB 0.45%BB- 0.20%B 0.05%CCC 0.15%NR 0.16%
As the insurance business holding company, BNP Paribas Cardif’s principal activity is to ensure the funding and development of its subsidiaries while hedging currency rate risk by forward borrowings and sales.
1. 2013 HIGHLIGHTS1.1 DIVIDENDS RECEIVED
Dividends received in 2013 in respect of 2014 earnings totalled 482.1 million euro and largely came from Cardif Assurance Vie (353.9 million euro), and our subsidiaries in the Netherlands (39.6 million euro).
1.2 HEDGING CARDIF ASSURANCE VIE BMS
In order to fund the growing minimum solvency margin and in view of changes to Cardif Assurance hedges, BNP Paribas Cardif invested in a Cardif Assurance Vie share issue amounting to 60 million euro.
1.3 DIVIDENDS PAID
In 2013, BNP Paribas Cardif paid BNP Paribas Group a 462.4 million euro dividend.
1.4 ACQUISITIONS/TRANSACTIONS
A 2013 highlight was the signature of an agreement to purchase the 50% stake held by ING Group in its life insurance joint venture with Bank of Beijing. The new joint venture will be owned in equal shares by the two shareholders, BNP Paribas Cardif and Bank of Beijing.
The alliance of these two major players will combine BNP Paribas Cardif Asia’s insurance know-how with the powerful Bank of Beijing brand to offer Chinese customers savings and protection products.
This transaction is subject to regulatory approvals that are in progress.
SECTION 3
COMPANY EARNINGS OF BNP PARIBAS CARDIF
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FINANCIAL SYNTHESIS
2. 2013 COMPANY RESULTS
2013 results displayed in the banking format of the BNP Paribas Cardif holding company broke down as follows:
In million euro 2012 2013 2013/2012Net banking income 504 350 -31%of which:
Dividends 614 482 -21%Costs of financing subsidiaries -59 -50 -15%Financial margin -50 -80 60%Exchange gains / losses -1 -2 149%
General expenses -119 -146 23%Cost of risk 0 14 NSProvisions and capital gains and losses on disposal of equity investments -7 -143 NS
Tax 0 0 NSNET PROFIT 378 75 -80%
Net banking income fell from 504 million euro in 2012 to 350 million euro in 2013. This decrease is due to the following items: A 131 million euro reduction in dividends including a 116 million
euro reduction from Cardif Assurances Vie; The 30 million euro decline in the financial margin related
to the late 2012 issue of two subordinated bonds totalling 472 million euro and the late March 2013 issue of two other subordinated bonds totalling 850 million euro; These items are slightly offset by a 9 million euro reduction in
interest expense on funding subsidiaries due to lower average interest rates on borrowings.
General expenses increased by 27 million euro largely due to an increase in corporate charges for supporting the global growth and diversification of the insurance business.
Reserves and capital gains and losses on disposals reduced by 131 million euro primarily due to impairment of equity invest-ments (UBI, Netherlands, Cardif Services).
Consequently, 2013 BNP Paribas Cardif net profit decreased by 303 million euro compared to the 2012 net profit and amounted to 75 million euro.
3. SHAREHOLDERS’ EQUITY AND EARNINGS
3.1 SHAREHOLDERS’ EQUITY BEFORE EARNINGS APPROPRIATION
BNP Paribas Cardif shareholders’ equity amounted to €4,053 million at 31 December 2013.
3.2 APPROPRIATION OF EARNINGS
In euros2013 earnings 74,575,649.14Retained earnings before IAS 19 (1) 577,566.91DISTRIBUTABLE EARNINGS BEFORE IAS 19 75,153,216.05Impact of IAS 19 revised - 501,959.00DISTRIBUTABLE EARNINGS AFTER IAS 19 74,651,257.05Dividend (€1.19 x 62,482,938 shares) 74,354,696.22Retained earnings 296,560.83
(1) Change of accounting policy – adoption of IAS 19 revised
The Board of Directors proposes to distribute dividends totalling 74,354,696.22 euro representing a dividend per share of 1.19 euro, and to carry forward the balance of 296,560.83 euro as retained earnings.Pursuant to Article 243bis of the French General Tax Code, it is hereby stated that all the proposed dividend is eligible for the 40% relief benefiting individuals resident for tax purposes in France, as provided for in Article 158-3 of the French General Tax Code.
Net dividends per share over the last three fiscal years were as follows: 6.53 euro in respect of 2010 earnings, 3.13 euro in respect of 2011 earnings, 7.40 euro in respect of 2012 earnings.
3.3 SHAREHOLDERS’ EQUITY AFTER EARNINGS APPROPRIATION
Shareholders’ equity after earnings appropriation as submitted to the general meeting amounts to 3,979 million euro.
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SECTION 4
CONSOLIDATED EARNINGS
1. CONSOLIDATED EARNINGS UNDER FRENCH GAAP
In million euro 2012 2013 2013/2012
Fund Net Banking Income Actual NBI 1 ,605 1 ,720 114 7%
General expenses - 970 - 1,055 -85 9%EBITDA 635 664 29 5%PROFIT BEFORE TAX 671 709 38 6%NET PROFIT, GROUP SHARE 383 387 4 1%
2. RECONCILIATION OF BNP PARIBAS GROUP IFRS CONSOLIDATED EARNINGS TO FRENCH GAAP CONSOLIDATED EARNINGS
In million euro (2013)
ACCOUNTINGPACKAGES
MANAGEMENTADJUSTMENTS *
AMOUNTSCONSOLIDATED
IN BNPPARIBAS IFRS
ACCOUNTSAT NORMAL EQUITY
DIFFERENCEBETWEEN ACTUAL
EQUITY INCOMEAND NORMAL
EQUITY INCOME
COMPANIES MANAGED BYBNP PARIBAS
CARDIF BUTHELD BY BNP
PARIBAS SA (1)
CHANGEIN CONSOLIDATION
BNPP/BUSINESS
REPROCESSING OFIFRS ADJUSTMENTS (2),
DIFFERENCES INEARNINGS AND
CHANGES IN A/CINGPOLICIES (3)
BNPP CARDIF FRENCH GAAP CONSOLIDATED
ACCOUNTS IN BANKING
FORMAT
Net banking income 1,917 220 2,137 130 100 47 139 1,720
General expenses -1,038 -39 -1,077 0 -39 14 3 -1,056
EBITDA 879 181 1,060 130 62 61 143 664
Other P&L items -3 105 102 -17 114 -26 -14 45PROFIT BEFORE TAX 876 286 1,162 113 176 35 129 709Tax - 321Minority interests - 1NET PROFIT, GROUP SHARE 387
(1) Darnell, Tutelle Groupe, AG Insurance, ERE, etc.(2) IFRS adjustments
a) Revaluation of financial assets net of deferred PPE b) Based on income statement, this represents goodwill impairment
(3) Difference in accounting policy between BNPP and business lines: GW impairment eliminated on consolidation* Primarily difference on return on equity, AG Insurance, ERE, Darnell, Group regulatory fees…
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FINANCIAL SYNTHESIS
3. CONTRIBUTION TO BNP PARIBAS FRENCH GAAP AND IFRS SHAREHOLDERS’ EQUITY
In million euro 2012 2013 2013/2012
NBI: 1 ,970 2 ,137 167 8%
General expenses -1 ,002 -1,077 -75 8%
EBITDA 968 1 ,060 92 9%
Other P&L items 95 102 7 8%
PBT 1 ,063 1,162 99 9%
Cost/income ratio 50,8% 50,4%
RONE 18,5% 19,2%
IFRS net banking income for the year ended 31 December 2013 came in at 2,137 million euro, up 8% or 167 million euro compared to the year ended 31 December 2012. This increase breaks down as follows:
Mark-to-market adjustments: 2 million euro increase compared to 2012: 152 million euro in December 2013 vs. 150 million euro in December 2012 Net banking income before mark-to-market adjustments:
165 million euro increase compared to 2012:Change in consolidation and currency differences: 6 million euro including a 50 million euro currency loss (mainly Japan and Brazil) and a 56 million euro positive adjustment due to change in consolidation including 39 million euro for Russia and 17 million euro for Colombia,Volume variance: 118 million euro mainly for International activities 8% (especially Latin America and Asia) and on International protection reserves,Variance on claims and losses: A 61 million euro increase primarily due to the impact of the Euro margin (before PPE) – up 2bp compared to December 2012, an improvement in the technical protection market in France (changed business structure benefiting non-ADE products with higher margins) and lower claims (mainly in Japan),Reserves/nonrecurring items: a 19 million euro decrease largely as a result of:• An interim difference in 2011 reducing 2012 earnings by 35 million euro; no interim difference in 2013,• A 2012 charge of 62 million euro on closure of the Luxembourg reinsurance business that did not reoccur in 2013,• An 82 million euro reduction in write-backs on exceptional reserves for claims and equalisation (15 million euro in 2013 against 97 million in 2013),• A 2013 PPE charge of 173 million euro against a 156 million euro charge in 2012.
2013 general expenses amounted to 1,077 million euro, up 7% compared to December 2012 for a 75 million euro reduction against earnings.
Change in consolidation and currency differences: A 13 million euro increase comprising a 20 million euro currency loss and a 33 million euro increase from acquisitions of which €14 million for Russia and 19 million euro for Colombia.France: A 45 million euro increase primarily due to non-recurring items in 2012 and 2013 (44 million euro of impairment provisions in 2013 on non-current assets and 21 million euro of depreciation of hardware and software developed in-house in 2012), combined with an increase in total payroll and IT costs.International: A 23 million euro increase due to support for International growth (personnel costs and taxes on revenue)Regulatory costs and interim differences: A 7 million euro decrease (relating to the financial accounting/management accounting split of IPS costs).
The 2013 income statement bottom line came in as income of 102 million euro, up 7 million euro compared to 95 million euro in 2012, largely due to the additional 2012 provisions on Greek bonds offset by an impairment charge at end 2013 of 19 million euro on UBI.
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1. SOLVENCY MARGIN
Under regulations (articles R334-17 and A334-1 of the French Insurance Code), insurance companies must have a level of equity sufficient to cover a solvency margin based on their liabilities.The consolidated BNP Paribas Cardif group solvency margin amounted to 5,401 million euro at 31 December 2013, as calculated under Article R334-19 of the French Insurance Code.
In Savings, the solvency margin is based on actuarial provisions on euro-denominated and unit of account contracts.
In Protection, it is based on capital at risk (for the Life business) and on revenues (for the Non-life business).
This solvency margin exceeds the consolidated solvency margin at 31 December 2012 of 5,040 million by 361 million euro. This increase arose due to growth in Savings within the Life business.
In million euro 2010 2011 2012 2013 Change 2012/2013
Euro Savings 2,979 3,538 3,612 3,828 6%UC Savings 362 365 391 399 2%Protection 930 1,022 1,038 1,175 13%TOTAL 4,272 4,925 5,040 5,401 7%
2. SOLVENCY MARGIN
In addition to the consolidated shareholders’ equity of 3,993 million euro, BNP Paribas Cardif benefited from loans and subordinated bonds amounting to 2,586 million euro, and from technical provisions accepted under regulations amounting to 638 million euro.
After minority interests of 33 million euro, the solvency margin would amount to 7,251 million euro.
In addition, items are deducted from the margin. These are intangible assets, goodwill and the portion of deferred acquisition costs not allowed as assets backing liabilities totalling -914 million euro.
Total assets included in the calculation of the solvency margin, after appropriation of earnings submitted to the shareholders general meeting, amounted to 6,337 million euro, which represents a margin of 117.3% (excluding unrealised capital gains and losses) as calculated under regulatory requirements.
These assets after appropriation of earnings and excluding the deduction of a portion of deferred acquisition costs not allowed as backing for the regulatory liabilities amounted to 6,705 million euro, which represented a margin amounting to 124.1% (excluding unrealised capital gains and losses) as calculated under the economic method.
3. SOLVENCY II
The Solvency II Directive is scheduled to enter into force as of 1 January 2016 and will provide EU insurance companies with a new standard prudential framework based on a risk assessment approach.
In particular, new rules to measure the solvency capital required – under an approach known as “standard formula” – were issued by EU institutions beginning in 2005 with the first quantified impact study (QIS) on the matter, which should result in the adoption of Implementing Technical Standards (ITS) in the coming months.
During this transition period, different approaches and criteria have been tested in order to take account of the specific features of the various insurance liabilities, including long-term liabilities, while valuing balance sheet assets and liabilities at “fair value”.
Under Solvency II, two levels of capital have been introduced: The Minimum Capital Requirement (MCR): absolute minimum
amount below which the financial resources of the company must not fall in order to pursue its activity, The Solvency Capital Required (SCR): economic capital that
must hold insurance and reinsurance undertakings to limit the probability of bankruptcy to one in two hundred, or alternatively, so that said undertakings remain able to meet their liabilities in the coming 12 months with a probability of at least 99.5%.
SECTION 5
CONSOLIDATED SHAREHOLDERS’ EQUITY AND SOLVENCY
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FINANCIAL SYNTHESIS
SCR coverage ratios have been calculated since 2010 for Cardif Assurance Vie and, despite changes in calculation methods and in economic and financial conditions, have always been well above 100%.
As at 31 December 2012, based on the last available figures, the SCR coverage ratio was 170%.
2010 2011 2012Eligible net equity 6,072 4,952 6,314SCR 4,321 3,881 3,712SCR COVER 141% 128% 170%
Tier 1 123% 98% 138%Tier 2 13% 30% 32%Tier 3 5% 0% 0%
MCR 1,945 1,746 1,670MCR COVER 312% 283% 378%
Note: The calculations have been made on the basis of Cardif Assurance Vie interpretations of currently available regulations and legislation. Calculations based on future decisions made by regulators could lead to different results.
The SCR breakdown illustrates the company’s risk profile:
SCR iN %Market risk 3,073 70%Credit risk 242 5%Life underwriting risk 711 16%Health underwriting risk 98 2%Non-life underwriting risk - 0%Operational risk 282 6%TOTAL (BEFORE DIVERSIFICATION) 4,406 100%
- Diversification between modules 694TOTAL SCR 3,712
Furthermore, for the first time at 2013 year end, in conjunction with the in-house valuation of solvency and risk required under Solvency II, a forecast valuation of this ratio was carried out with the same timeline as the Medium-Term Plan, and its sensitivity was tested by applying reasonable worst case scenarios. In all circumstances reviewed, the SCR coverage ratio remains well above 100%.
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LATIN AMERICA
ASIA
EUROPE AND REST OF THE WORLD
JAPANYasunori Kume9th Floor Infoss Tower,20-1 Sakuragaoka-cho, Shibuya-ku,Tokyo 150-0031Tel: + 81 3 64 15 63 40cardif.co.jp
BELGIUMChristophe De LonguevilleChaussée de Mons, 1424, 1070 AnderlechtTel: + 35 2 528 00 03bnpparibascardif.be
RUSSIAKonstantin KozlovUI. Timiryazevskaya 1, 127422 MoscouTel: + 7 495 287 77 8bnpparibascardif.ru
SLOVAKIAPeter DudakPoist‘ovna Cardif Slovakia, a.s., Plynarenska 7/C,821 09 Bratislava, Tel: + 421 2 5824 00 11bnpparibascardif.sk
ZONES
ARGENTINAGustavo CicinelliAv. Alicia Moreau de Justo, 170, 1107 Capital Federal Buenos AiresTel: + 54 11 43 16 42 00bnpparibascardif.com.ar
ASIA Xavier Guilmineau23/F Three Exchange Square8 Connaught Place, CentralHong KongTel: + 852 2825 1190
LATIN AMERICA Francisco ValenzuelaVitacura 2670 Piso 14 - Las Condes Santiago Del ChileChiliTel: + 56 2 3704801
NORTHERN EUROPE & EMERGING MARKETS Alexandre Draznieks8 rue du Port92728 Nanterre CedexFranceTel: + 33 1 41 42 41 36
CONTINENTAL EUROPE Pierpaolo Dipaola 8 rue du Port92728 Nanterre CedexFranceTel: + 33 1 41 42 48 35
IBERIAN PENINSULAAlexandre Boccia26 Calle Ribeira Del Loira28042 MadridEspagneTel: + 34 902 052 560
BELGIUM, NETHERLANDSNadège Gaspard8 rue du Port92728 Nanterre CedexFranceTel: + 33 1 41 42 82 99
CENTRAL EUROPEZdenek Jaros Rotenturmstrasse 16-18, A-1010 Vienna, Austria Tel: + 420 296 368 88
CHINA*Elsa LeeUnit 2611, 26F Shangai World Financial Center, N°100, Century Avenue, Pudong, Shanghai 200120 Tél.: + 88 62 23 96 39 53
INDIAAtanu Sen (PDG) / Vivien Berbigier (DGA)SBI Life *, Natraj Building, MV Road & Western Express Highway Junction,Mumbai 400069Tel: + 91 22 56 39 20 11 Tel: + 91 22 61 91 00 60sbilife.co.in
ALGERIAHervé Giraudon57, rue Abri Arezki, Hydra,16035 AlgerTel: + 213 21 48 26 23
GERMANYDavid FurtwänglerFriolzheimer Strasse 6D-70499 StuttgartTel: + 49 7 11 82055-0bnpparibascardif.de
AUSTRIAFlorian WallyRotenturmstrasse 16-18 A-1010 ViennaTel: + 43 1 533 98 78 83bnpparibascardif.at
HUNGARYFabrice PomiersKorhaz u, 6-12, H- 1033 BudapestTel: + 36 1 430 2300 /2bnpparibascardif.hu
ITALYIsabella FumagalliVia Tolmezzo, 15 – D Palazzo – 20132 MilanTel: + 39 02 77 22 41bnpparibascardif.it
ROMANIACarmen Bahrim40-44 Banul Antonache street, 1st floor,District 1, Bucarest 011665Tel: + 40 31-226 11 11bnpparibascardif.ro
OUR LOCATIONS
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MEXICONicole Reich de PolignacPaseo de las Palmas 425, Piso 5,Lomas de Chapultepec, 11000 Mexico, D.F.Tel: + 52 55 22 82 20 00bnpparibascardif.com.mx
BRAZILAdriano RomanoRua Campos Bicudo 98 4° andar04536 – 010 Sao Paulo – SPTel: + 55 11 22 46 90 00bnpparibascardif.com.br
PEROUDaniel WeisAvenida Canaval y Moreyra 380,Piso 11, San Isidro, Lima 27Tel: + 511 – 615 1700bnpparibascardif.com.pe
CHILEAlessandro DeodatoVitacura 2670 Piso 13, Las Condes, SantiagoTel: + 56 2 370 48 00bnpparibascardif.cl
COLOMBIAJorge HernandezCalle 113 No 7 – 80 Torre Ar Piso 11, BogotaTel: + 571 744 40 40bnpparibascardif.com.co
TAIWANPolly WangTCB Life * Taipei 101, Xinyi District, Taiwan 110 Tel: + 886 2 6636 3456 tcb-life.com.tw
THAILANDSirinthip ChotithamapornThai Cardif life assurance *36/39-42 36/59-62 PS Tower, 13th and 18th floor, Sukhumvit 21 (Asoke) Road, North Klongtoey, Wattana, Bangkok 10110 Tel: + 66 2645 85 00 – thaicardif.com
VIETNAMTran Ba PhuocVCLI *11th floor, Capital Tower, 109 Tran Hung Dao street, Hoan Kiem district, HanoiTel: + 84 4 39 36 85 07 vcli.vn
* Joint-ventures
BULGARIAMario Kostov29 A Hristo Belchev str 1st, 3rd floor,Sofia 1000Tel: + 359 249 15 970bnpparibascardif.bg
CROATIAAna IvancicIvana Lucica 2a 10000 ZagrebTel: + 385 1 53 93 100bnpparibascardif.hr
DENMARKJorgen Seligmann Bredgade 56, 2 - 1260 Copenhagen Tel: + 45 33 17 74 76 www.bnpparibascardif.dk
SPAINAlexandre BocciaCalle Ribera Del Loira, 28 4a Planta28042 MadridTel: + 34 902 052 560bnpparibascardif.es
LUXEMBOURGFabrice Bagne23-25 avenue de la porte neuve L-2227 LuxembourgTel: + 352 26 214-1cardifluxvie.lu
NORWAYDag MevoldMunkedamsveien 35, 0250 OsloTel: + 479 34 80 621bnpparibascardif.no
NETHERLANDSCees de JongHoevestein 28, 4903 SC OosterhoutTel: + 31162486000bnpparibascardif.nl
POLANDPascal PerrierPl. Pilsudskiego 2, 00-073 VarsovieTel: + 48 22 529 01 20cardif.pl
PORTUGALMiguel RibeiroAv. 5 de Outubro, N°206 – 6° Piso,1050-065 LisbonneTel: + 351 21 382 55 40bnpparibascardif.pt
SWEDENJan De GeerMölndalsvägen 93, 2nd floor 40022 Goteborg Tel: + 46 0 31 70 798 70cardif.se
TURKEYCemal KismirMeclis-i Mebusan Cadde,No : 57 – 34427 Findikli-Beyoglu, IstanbulTel: + 90 212 393 30 00bnpparibascardif.com.tr
UKRAINEOleg Romanenko8, Illinska Str, KievTel: + 38 044 428 61 61cardif.com.ua
SOUTH KOREAJean-Christophe DarbesBNP Paribas Cardif Life Insurance * 4F, Seoul City Tower, 581, 5GaNamdaemun-Ro, Jung-Gu, Seoul 100-741 Tel: + 822 3788 8851cardif.co.kr
FRANCEVirginie Korniloff8, rue du Port 92728 Nanterre CedexTel: + 33 (0)1 41 42 83 00cardif.fr
UNITED KINGDOMPaul GlenPinnacle House A1, Barnet Way – Borehamwood, Herfordshire WD6 2XXTel: + 44 208 207 90 00cardifpinnacle.com
CZECH REPUBLICTomas KadlecBNP Paribas Cardif Pojistovna Plzenska 3217/16 Prague 150 00Tel: + 420 234 240 234cardif.cz
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Head Office1, boulevard Haussmann75009 Paris France
Offices8, rue du Port92728 Nanterre CedexFrance
www.bnpparibascardif.com
382 983 922 RCS ParisLimited company with capital of 149,959,922.20 euros Continue the experience on-line…