Two BNP Paribas Assurance Operating Entities Assigned ‘AA+‘Ratings; Holding Company ‘AA’

Cardif verkrijgt een ‘AA+’ rating van Standard & Poor

Standard & Poor’s Ratings Services has assigned its ‘AA+’ long-term counterparty credit and insurer financial strength ratings to Cardif Assurance Vie and Cardif-Assurances Risques Divers, the two main operating entities of French life insurance group BNP Paribas Assurance. At the same time, Standard & Poor’s assigned its ‘AA’ long-term counterparty credit rating to the group holding company, BNP Paribas Assurance.

The ratings on Cardif Assurance Vie and Cardif-Assurances Risques Divers reflect the BNP Paribas Assurance group’s core positioning within French bank BNP Paribas (AA+/Stable/A-1+). The BNP Paribas Assurance group is the insurance arm of BNP Paribas and a key component of the banking group’s “Asset Management and Services” division. At Sept. 30, 2007, the BNP Paribas Assurance group accounted for 4.4% and 5.8% of BNP Paribas’ revenues and gross operating income, respectively. The company is fully integrated into BNP Paribas’ bancassurance strategy in France and 57% of the insurer’s premium income derives from BNP Paribas’ distribution network. The BNP Paribas Assurance group effectively operates as a division within the banking group for key orientations such as strategic objectives and capital management. All capital needs are funded by the parent.

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