Obligation CNP Assure 1.875% ( FR0013213832 ) en EUR

CNP Assure

100 % ▼

France

FR0013213832 ( en EUR )

1.875% par an ( paiement annuel )

19/10/2022 - Obligation échue

Prospectus brochure de l'obligation CNP Assurances FR0013213832 en EUR 1.875%, échue

100 000 EUR

1 000 000 000 EUR

CNP Assurances est un groupe français spécialisé dans l'assurance des personnes, principalement actif dans les domaines de la prévoyance, de la santé et de la retraite, avec une forte présence en Europe et en Amérique latine.

L'obligation (ISIN FR0013213832), émise en France par CNP Assurances, un acteur majeur du secteur de l'assurance français spécialisé notamment dans l'assurance vie, la prévoyance et la santé, présentait une taille d'émission totale d'un milliard d'euros (EUR), un taux d'intérêt annuel de 1,875%, une taille minimale à l'achat de 100 000 euros et un prix de marché établi à 100% de son nominal, cette ligne de dette ayant atteint sa maturité et ayant été intégralement remboursée le 19 octobre 2022.

Prospectus dated 18 October 2016

CNP ASSURANCES
1,000,000,000 1.875 per cent. Tier 3 Notes due 20 October 2022
Issue Price: 99.719 per cent.
The 1,000,000,000 1.875 per cent. Tier 3 notes due 20 October 2022 (the Notes) of CNP Assurances (CNP Assurances or the Issuer) will
be issued outside the Republic of France on 20 October 2016 (the Issue Date).
The status of the Notes may change during the life of the Notes. From the Issue Date and for so long as any Existing Ordinary Subordinated
Obligation is outstanding, the obligations of the Issuer under the Notes in respect of principal, interest and other amounts, constitute (subject
to certain limitations described in the "Terms and Conditions of the Notes - Status of the Notes Payment on the Notes in the event of
liquidation of the Issuer") direct, unconditional, unsecured Ordinary Subordinated Obligations and rank and shall at all times rank without
any preference among themselves (save for certain obligations required to be preferred by French law) equally and rateably with any other
existing or future Ordinary Subordinated Obligations, in priority to present and future Equity Securities, Undated Junior Subordinated
Obligations, Dated Junior Subordinated Obligations, prêts participatifs granted to, and titres participatifs issued by the Issuer, but behind
subordinated Obligations expressed to rank senior to Ordinary Subordinated Obligations, if any, and behind Unsubordinated Obligations as
set out in the "Terms and Conditions of the Notes - Status of the Notes". Upon the date of redemption or repurchase and cancellation of all of
the Existing Ordinary Subordinated Obligations (inclusive), the obligations of the Issuer under the Notes in respect of principal, interest and
other amounts, will constitute (subject to certain limitations described in the "Terms and Conditions of the Notes - Status of the Notes 
Payment on the Notes in the event of liquidation of the Issuer") direct, unconditional, unsecured Senior Subordinated Obligations and rank
and shall at all times rank without any preference among themselves (save for certain obligations required to be preferred by French law)
equally and rateably with any other existing or future Senior Subordinated Obligations, in priority to all present and future Equity Securities,
Undated Junior Subordinated Obligations, Dated Junior Subordinated Obligations, Ordinary Subordinated Obligations, prêts participatifs
granted to, and titres participatifs issued by, the Issuer, but behind subordinated Obligations expressed to rank senior to Senior Subordinated
Obligations, if any, and behind Unsubordinated Obligations as set out in the "Terms and Conditions of the Notes - Status of the Notes".
Each Note will bear interest on its Principal Amount (i.e. 100,000 per Note) from (and including) the Issue Date to (but excluding) 20
October 2022 (the Scheduled Maturity Date), at a fixed rate of 1.875 per cent. per annum, payable annually in arrear on 20 October in each
year (each an Interest Payment Date), commencing on 20 October 2017.
Payment of interest on the Notes shall be deferred under certain circumstances, as set out in "Terms and Conditions of the Notes Interest
Deferral".
Unless previously redeemed, purchased or cancelled in accordance with the terms and conditions of the Notes, the Notes will be redeemed at
their Principal Amount on the Scheduled Maturity Date, subject to the Prior Approval of the Relevant Supervisory Authority and to certain
other conditions (as set out in Condition 5 of the Notes).
The Issuer may, at its option and subject to Condition 5.8, redeem the Notes upon the occurrence of certain events, including a Gross-up
Event, a Withholding Tax Event, a Tax Deductibility Event, a Regulatory Event or if the conditions for Clean-up Redemption are met, all as
further described in "Terms and Conditions of the Notes - Redemption and Purchase". All redemptions are subject to the Prior Approval of
the Relevant Supervisory Authority.
Application has been made for approval of this prospectus (the Prospectus) to the Autorité des marchés financiers (the AMF) in France in
its capacity as competent authority pursuant to Article 212-2 of its Règlement Général which implements Directive 2003/71/EC of 4
November 2003, as amended (the Prospectus Directive).
Application has been made to Euronext Paris for the Notes to be admitted to trading on Euronext Paris. Euronext Paris is a regulated market
for the purposes of the Markets in Financial Instruments Directive 2004/39/EC, appearing on the list of regulated markets issued by the
European Commission (a Regulated Market).
The Notes will be issued in bearer dematerialised form (au porteur) in the denomination of 100,000. The Notes will at all times be in book-
entry form in compliance with Articles L.211-3 and R.211-1 of the French Code monétaire et financier. No physical documents of title
(including certificats représentatifs pursuant to Article R.211-7 of the French Code monétaire et financier) will be issued in respect of the
Notes. The Notes will, upon issue, be inscribed in the books of Euroclear France (Euroclear France) which shall credit the accounts of the
Account Holders. Account Holder shall mean any financial intermediary institution entitled to hold, directly or indirectly, accounts on
behalf of its customers with Euroclear France, and includes Euroclear Bank S.A./N.V. (Euroclear) and Clearstream Banking, société
anonyme (Clearstream, Luxembourg).
The Notes are rated BBB+ by S&P Global Ratings (Standard & Poor's). The Issuer's long-term senior unsecured debt is rated A by
Standard & Poor's. Standard & Poor's is established in the European Union and registered under Regulation (EC) No. 1060/2009 of the
European Parliament and of the Council of 16 September 2009 on credit rating agencies (as amended) (the CRA Regulation) and included
in the list of credit rating agencies registered in accordance with the CRA Regulation published on the European Securities and Markets

Authority's website (at http://esma.europa.eu/page/list-registered-and-certified-CRAs) as of the date of this Prospectus. A rating is not a
recommendation to buy, sell or hold securities and may be subject to revision, suspension, change or withdrawal at any time by the assigning
rating agency.
Prospective investors should have regard to the risk factors described under the section headed "Risk Factors" in this Prospectus, in
connection with any investment in the Notes.
Sole Structuring Advisor
BNP PARIBAS
Joint Lead Managers
BNP PARIBAS
CITIGROUP
CRÉDIT AGRICOLE CIB
BofA MERRILL LYNCH
NATIXIS
NOMURA

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This Prospectus should be read and construed in conjunction with any supplement, that may be published
between the date of this Prospectus and the date of the admission to trading of the Notes on Euronext Paris,
and with all documents incorporated by reference herein (see "Documents Incorporated by Reference")
(together, the Prospectus).
This Prospectus constitutes a prospectus for the purposes of Article 5.3 of the Prospectus Directive and the
relevant implementing measures in France, in respect of, and for the purposes of giving information with
regard to, the Issuer and the Group (as defined below) and the Notes which, according to the particular
nature of the Issuer and the Notes, is necessary to enable investors to make an informed assessment of the
assets and liabilities, financial position, profit and losses and prospects of the Issuer and the Group.
Certain information contained in this Prospectus and/or documents incorporated herein by reference has
been extracted from sources specified in the sections where such information appears. The Issuer confirms
that such information has been accurately reproduced and that, so far as it is aware and is able to ascertain
from information published by such sources, no facts have been omitted which would render the information
reproduced inaccurate or misleading.
References herein to the Issuer are to CNP Assurances. References to the Group are to the Issuer, together
with its fully consolidated subsidiaries taken as a whole from time to time.
No person has been authorised to give any information or to make any representation other than those
contained in this Prospectus in connection with the issue or sale of the Notes and, if given or made, such
information or representation must not be relied upon as having been authorised by the Issuer or any of the
Joint Lead Managers (as defined in "Subscription and Sale"). Neither the delivery of this Prospectus nor
any offering or sale made in connection herewith shall, under any circumstances, create any implication that
there has been no change in the affairs of the Issuer or those of the Group since the date hereof or the date
upon which this Prospectus has been most recently supplemented or that there has been no adverse change
in the financial position of the Issuer or that of the Group since the date hereof or the date upon which this
Prospectus has been most recently supplemented or that any other information supplied in connection with
the issue of the Notes is correct as of any time subsequent to the date on which it is supplied or, if different,
the date indicated in the document containing the same.
This Prospectus does not constitute an offer to sell or the solicitation of an offer to buy any Notes in any
jurisdiction to any person to whom it is unlawful to make the offer or solicitation in such jurisdiction. The
distribution of this Prospectus and the offer or sale of Notes may be restricted by law in certain jurisdictions.
Neither the Issuer nor the Joint Lead Managers do not represent that this Prospectus may be lawfully
distributed, or that any Notes may be lawfully offered, in compliance with any applicable registration or
other requirements in any such jurisdiction, or pursuant to an exemption available thereunder, or assume
any responsibility for facilitating any such distribution or offering. In particular, no action has been taken
by the Issuer or the Joint Lead Managers which would permit a public offering of the Notes or distribution of
this Prospectus in any jurisdiction where action for that purpose is required. Accordingly, no Notes may be
offered or sold, directly or indirectly, and neither this Prospectus nor any offering material may be
distributed or published in any jurisdiction, except under circumstances that will result in compliance with
any applicable laws and regulations. Persons into whose possession this Prospectus comes are required by
the Issuer and the Joint Lead Managers to inform themselves about and to observe any such restriction. In
particular, there are restrictions on the distribution of this Prospectus and the offer or sale of Notes in the
United States, the United Kingdom, France, Hong Kong, Singapore, Switzerland and Italy, see the section
entitled "Subscription and Sale".
THE NOTES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED OR WITH ANY SECURITIES REGULATORY AUTHORITY OF
ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES. SUBJECT TO CERTAIN
EXCEPTIONS, NOTES MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR
FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS, EXCEPT IN TRANSACTIONS EXEMPT FROM

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OR NOT SUBJECT TO THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN
COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS. FOR A DESCRIPTION OF
CERTAIN RESTRICTIONS ON OFFERS AND SALES OF NOTES AND ON DISTRIBUTION OF THIS
PROSPECTUS, SEE "SUBSCRIPTION AND SALE".
The Joint Lead Managers have not separately verified the information contained in this Prospectus. None of
the Joint Lead Managers makes any representation, warranty or undertaking, express or implied, or accepts
any responsibility or liability, with respect to the accuracy or completeness of any of the information
contained or incorporated by reference into this Prospectus or any other information provided by the Issuer
in connection with the issue and sale of the Notes. Neither this Prospectus nor any information incorporated
by reference into this Prospectus is intended to provide the basis of any credit or other evaluation and
should not be considered as a recommendation by the Issuer or the Joint Lead Managers that any recipient
of this Prospectus or any information incorporated by reference should subscribe for or purchase the Notes.
In making an investment decision regarding the Notes, prospective investors must rely on their own
independent investigation and appraisal of the (a) the Issuer, the Group, its business, its financial condition
and affairs and (b) the terms of the offering, including the merits and risks involved. The contents of this
Prospectus are not to be construed as legal, business or tax advice. Each prospective investor should
consult its own advisers as to legal, tax, financial, credit and related aspects of an investment in the Notes.
None of the Joint Lead Managers undertakes to review the financial condition or affairs of the Issuer or the
Group after the date of this Prospectus or to advise any investor or potential investor in the Notes of any
information coming to the attention of any of the Joint Lead Managers. Potential investors should, in
particular, read carefully the section entitled "Risk Factors" set out below before making a decision to invest
in the Notes.
Neither this Prospectus nor any other information supplied in connection with the issue and sale of the Notes
(a) is intended to provide the basis of any credit or other evaluation or (b) should be considered as a
recommendation by the Issuer or the Joint Lead Managers that any recipient of this Prospectus or any other
information supplied in connection with the issue and sale of the Notes should purchase any Notes. Neither
this Prospectus nor any other information supplied in connection with the issue and sale of the Notes
constitutes an offer or invitation by or on behalf of the Issuer or the Joint Lead Managers to any person to
subscribe for or to purchase any Notes.
In this Prospectus, unless otherwise specified or the context otherwise requires, references to , Euro, EUR
or euro are to the single currency of the participating member states of the European Economic and
Monetary Union which was introduced on 1 January 1999.

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TABLE OF CONTENTS
Section
Page
Risk Factors ........................................................................................................................................................ 6
General Description of the Notes ..................................................................................................................... 32
Documents on Display ..................................................................................................................................... 44
Information Incorporated by Reference ........................................................................................................... 45
Terms and Conditions of the Notes .................................................................................................................. 50
Use of Proceeds ................................................................................................................................................ 68
Description of the Issuer ................................................................................................................................... 69
Taxation ............................................................................................................................................................ 70
Subscription and Sale ....................................................................................................................................... 72
General Information ......................................................................................................................................... 76
Persons responsible for the information contained in the Prospectus .............................................................. 78

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RISK FACTORS
The Issuer believes that the following factors may affect its ability to fulfil its obligations under the Notes.
All of these factors are contingencies which may or may not occur and the Issuer is not in a position to
express a view on the likelihood of any such contingency occurring.
Factors which the Issuer believes may be material for the purpose of assessing the market risks associated
with the Notes are also described below.
The Issuer believes that the factors described below represent the principal risks inherent in investing in the
Notes, but the inability of the Issuer to pay interest, principal or other amounts on or in connection with the
Notes may occur for other reasons and the Issuer does not represent that the statements below regarding the
risks of holding the Notes are exhaustive. Prospective investors should read the entire Prospectus. The
following is a disclosure of risk factors that are material to the Notes in order to assess the market risk
associated with these Notes and risk factors that may affect the Issuer's ability to fulfil its obligations under
the Notes. Prospective investors should consider these risk factors before deciding to purchase Notes. The
following statements are not exhaustive. Prospective investors should consider all information provided in
this Prospectus and consult with their own professional advisers if they consider it necessary. In addition,
investors should be aware that the risks described may combine and thus intensify one another. The
occurrence of one or more risks may have a material adverse effect on the own funds, the financial position
and the operating result of the Issuer.
Each of the risks highlighted below could have a material adverse effect on the business, operations,
financial conditions or prospects of the Issuer or the Group, which in turn could have a material adverse
effect on the amount of principal and interest which investors will receive in respect of the Notes. In
addition, each of the risks highlighted below could adversely affect the trading price of the Notes or the
rights of investors under the Notes and, as a result, investors could lose some or all of their investment.
Words and expressions defined in the section entitled "Terms and Conditions of the Notes" herein shall have
the same meanings in this section. For the purpose of this section, the Group is defined as the Issuer and its
fully consolidated subsidiaries taken as a whole from time to time. Expressions in this section such as "we",
"our", "us" and any similar terms are a reference to the Issuer and/or the Group, as the case may be, unless
the context requires otherwise.
The order in which the following risks factors are presented is not an indication of the likelihood of their
occurrence.
RISK FACTORS RELATING TO THE ISSUER
Introduction: Macroeconomic environment
The 2015 economic and financial environment is described in section 2.1 of the 2015 Registration Document
(as defined in the section "Information Incorporated by Reference"). Any reference in this section to
consolidated financial statements and to Notes thereto are to the audited consolidated financial statements of
the Issuer for the year ended 31 December 2015 and their annexes, all included in the 2015 Registration
Document (as defined in the section "Information Incorporated by Reference"), which is incorporated by
reference in this Prospectus.
The risks described below are inherent to the economic, competitive and regulatory environment in which
the Group operates.
Their impact cannot always be reliably measured, due to the many contingencies and uncertainties related to
these risks. Risk management processes, procedures and controls have nonetheless been set up to track and

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manage the risks on an ongoing basis. These processes, procedures and controls are discussed in the report of
the Chairman of the Board of Directors in this Registration Document.
Although the main risks to which the Group is exposed are set out in this section, the list is by no means
exhaustive and other risks that are currently unknown or are considered minor or not material may prove to
have a material impact on the Group in the future.
The Group may also be exposed to emerging risks, corresponding to new or continually evolving risks whose
impact is very difficult to measure. Risks may be related to developments in synthetic biology, for example,
or any currently unknown toxic effects of products using nanotechnologies. There may also be risks related
to the development of big data, which could result in increased data security risks. Risks that are currently
unknown or considered of minor importance may have a material adverse effect on the Group in the future.
Specific processes exist to identify and analyse emerging risks. These include keeping abreast of relevant
scientific publications, market trends, regulatory developments, case law, etc. and performing annual reviews
to identify those risks that should be incorporated into the routine risk management process.
This section presents the Group's risk exposures by type of risk, level of materiality and potential impact on
consolidated results and assets.
In addition to the sections covering the overall Group risk management system and internal control
procedures in the report of the Chairman of the Board of Directors of CNP Assurances, the following are
successively dealt with:
underwriting risk factors linked to the insurance business: insurance risk on savings contracts,
pension and personal risk products, concentration of insurance risk, reinsurance risk and liability
adequacy risk due to changes in assumptions;
risk factors linked to the financial markets: asset/liability mismatch risk, interest rate risk, credit
risk, sovereign debt risk, country risk, liquidity risk, equity risk, real estate risk, infrastructure risk,
private equity risk, currency risk and hedging adequacy risk;
risk factors linked to the business: operational risks, business continuity risk, compliance risk,
litigation risk, money-laundering and fraud risk, information systems risk, employee-related risk and
environmental risk;
other risk factors: tax risk, ratings downgrade risk, partner risk, regulatory and antitrust risk,
modelling risk.
This presentation should be read in conjunction with the tables illustrating and quantifying these risks that
are included in the consolidated financial statements and have been audited by the Statutory Auditors.
1.
Underwriting risk factors linked to the insurance business
The Group offers a full range of insurance products both inside and outside France.
The main individual insurance products are savings products, term life insurance, endowment policies with
death cover and deferred annuity contracts with or without contingency insurance. The Group also markets
products that combine a traditional savings component and one or several unit-linked components.
Group policies are mainly defined contribution pension plans, points-based pay-as-you-go group pension
plans, employee benefits plans and term creditor insurance.
In addition, the Group's subsidiaries in Brazil (Caixa Seguros) and in Cyprus and Greece (CNP Cyprus
Insurance Holdings) write property & casualty and liability insurance. Commitments under property &

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casualty and liability insurance are marginal in relation to those arising from the life and protection insurance
written by the Group.
CNP Assurances is exposed to the risks inherent in marketing and pricing new products. These risks are
managed through specific processes and by dedicated committees.
The insurer's risks differ depending on the type of policy:
Savings contracts give rise to mainly financialtype risks
Savings contracts fall into two broad categories:
traditional savings products, where the insurer may commit to pay a minimum guaranteed yield plus
a share of the investment yield. The yield guarantee is for a fixed period (see Note 24.4 to the
consolidated financial statements Risk of guaranteed yields on insurance and financial liabilities).
Most savings contracts include an early surrender option for a contractually fixed amount. The policy
surrender rate will depend on stock market performance, the performance of competitors' products,
policyholder behaviour (e.g., a need to raise cash), customer confidence, and tax considerations. A wave of
surrenders could materially impact earnings or even solvency in extreme conditions. Traditional savings
products are exposed to surrender risk in the event of a sharp increase in interest rates. This would generate
unrealised losses, some of which would be recognised directly in equity, thus impacting both earnings and
solvency;
unit-linked products, where the policyholder bears the financial risk and the insurer's commitment is
limited to the additional cover provided, consisting generally of a guaranteed death benefit. A bear
market combined with higher-than-expected losses could severely hit earnings on savings products.
Unit-linked products are subjected to an internal analysis and selection process before being
marketed.
Pension products give rise to mainly financial and underwriting risks
Risks associated with annuity-based pension portfolios concern:
the benefit payment period, which is not known in advance;
the interest rate, corresponding to the return on the funds managed by the insurer.
For these contracts, results are determined by long-term financial management strategies and actual mortality
rates compared with assumptions. Technical reserves are calculated using regulatory mortality tables based
on statistical data on population trends. In certain cases, experience-based data is also used. Earnings or
equity are potentially exposed to the risk that actual demographic trends may turn out to be significantly
different to those predicted in the mortality tables or the risk that yields on plan assets will fall significantly
short of the valuation rate of interest used in the pricing model.
Personal risk policies give rise to mainly underwriting risks
Personal risk contracts comprise various types of primary guarantees covering such risks as death, temporary
or permanent disability, long-term care, health and unemployment.
The Group establishes risk selection and reinsurance policies and monitors statistical data concerning the
policyholder base and related loss ratios.

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Deteriorating loss ratios for temporary disability cover provided under term creditor insurance and employee
benefit plans, together with longer observed life expectancies of insureds requiring long-term care have led
to a major rethink of the pricing strategy for these products.
The increase in the legal retirement age in France has also had an adverse impact as benefits are payable until
the policyholder retires.
Asymmetric information available to policyholders and insurers gives rise to a risk of anti-selection although
this is attenuated by the use of medical questionnaires, deferred periods and other measures.
The Group's business may be affected by the occurrence of natural or human catastrophes.
Although CNP Assurances' business model focuses primarily on personal insurance, a wave of global
climate-related disasters, acts of terrorism, the spread of pandemics such as the H5N1 and Ebola viruses, or
fallout from global warming, aside from the immediate damage that such events would cause, could also
significantly impact the results of certain personal insurance businesses.
The Group is exposed to concentration risk
The Group has potential exposure to concentration risk which could arise from:
one or a number of Group entities underwriting the same risk;
one or a number of Group entities underwriting different risks likely to result in claims arising from
the same loss event or primary cause.
Identifying and containing concentration risk is part of the product development and approval procedure and
product portfolio management, which includes managing the related reinsurance cover (see Note 24.5 to the
consolidated financial statements Concentration of insurance risk).
The Group has set up a reinsurance programme to limit risk exposure
The reinsurance programme is an important part of managing both the insurance business and the related
risk. It has the following features and objectives:
the reinsurance policy is implemented throughout the Group, covering business written by the
Company and by its subsidiaries;
overall underwriting results are protected by non-proportional treaties that are geared to the size of
the Group and its claims-paying ability;
risks are shared on large-scale new Personal Risk business.
Other reinsurance treaties have been set up for strategic and commercial reasons.
Applications have been developed to monitor reinsured portfolios and these are presented in Note 10.5 to the
consolidated financial statements Credit risk on reinsured business. The Group's exposure to its main
reinsurers is also analysed to ensure that cumulative exposure remains within defined limits. Even if all
relevant exposure limits are complied with, certain reinsurers may be unable to honour their financial
obligations and this could adversely affect the Group's consolidated earnings.
The availability, amount and cost of reinsurance also hinges on numerous factors and these may vary
considerably over time. An increase in the cost of reinsurance may affect Group earnings either directly via
the reinsured business or because a reduction in the reinsurance rate increases the risk of losses.

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A change in assumptions may result in inadequate technical reserves or adversely affect earnings or
solvency
Prudential technical reserves are the core of the Solvency II balance sheet, and hence have a material impact
on CNP Assurances' solvency.
The modelling of insurance liabilities requires the use of biometric assumptions in relation to mortality and
disability events. Behavioural assumptions are also required to consider the duration of liabilities, such as
surrender behaviour.
Moreover, future management decisions are incorporated into models, reflecting management actions in
different economic scenarios. Thus, all the assumptions for calculation of technical reserves are cautiously
analysed and verified. Any errors on them could have an impact on the overall risk profile of the company.
The approach used to ensure that technical reserves are adequate focuses on:
managing the risks associated with a fall in interest rates;
taking into account any increase in life expectancies compared with the periods reflected in
regulatory mortality tables, by using an approved experience-based table developed internally;
regularly assessing risks via:
prospective monitoring of yield commitments,
detailed analyses and statistical studies of personal risk and group death/disability contracts,
including loss monitoring (by contract/underwriting year/loss year) and tracking of the utilisation of
reserves.
The main categories of technical reserves are disclosed in Note 24.3 to the 2015 consolidated financial
statements Valuation of insurance liabilities (the 2015 consolidated financial statements are included in the
2015 Registration Document (as defined in the section "Information Incorporated by Reference"), which is
incorporated by reference in this Prospectus).
Statistical and actuarial approaches are used to:
develop new products;
determine technical reserves, their adequacy (via liability adequacy tests), deferred participation
reserves and assets and the latter's recoverability;
measure certain indicators such as new business value or embedded value (see Embedded Value
report);
measure the value of In-Force business and cash flow projections used for goodwill impairment
testing;
determine potential shock scenarios in order to assess the Group's risk exposure.
Certain assumptions use data extrapolated from past experience or prospective data that draw upon:
economic, demographic, social, legislative, regulatory or financial trends;
policyholder behaviour (surrender rate, renewal/non-renewal rate, etc.);

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