For CNP Assurances, Returns on Equity Continue to Be Driven by Mix Shift to Unit-Linked
We initiate coverage of CNP Assurances with no-moat, stable trend ratings and a fair value estimate of EUR 23 per share. This implies a price/fair value ratio of 0.9 and tangible book value of 0.9 times.Like most other life insurers, CNP is shifting to a capital-light product mix, which will help the business drive better investment returns. In the low-interest-rate environment, returns to policyholders have increasingly started to compete with traditional deposit-saving business. This is a lar...
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