BNP Paribas Cardif demonstrated its resilience during the pandemic in 2020, thanks to its diversification strategy and digital expertise. The rebound in the insurer’s business continued in 2021, supported by a diversified business model.
Gross written premiums for the insurance business of the BNP Paribas Group reached a historic level of 32.6 billion euros, rising 32% compared with 2020. The solid business momentum in savings seen in late 2020 was confirmed throughout the following year, with over 45% of gross inflows invested in unit-linked products. Growth continued in protection insurance in France, and was especially sustained in Latin America and Asia.
Pre-tax net profit was 1.4 billion euros, a marginal decline of 1% due in particular to the impact of claims and investments in projects to support business momentum. At 31 December 2021 BNP Paribas Cardif had 282 billion euros in assets under management, an increase of 7% compared with 2020. Positive impact investments by BNP Paribas Cardif in 2021 totalled 1.5 billion euros (compared with 1.2 billion in 2020).
Gross savings inflows totalled 25.7 billion euros at 31 December 2021, an increase of 42%, pursuing the rebound seen in late 2020.
Nearly 100 new or renewed partnerships in 2021
BNP Paribas Cardif pursued its growth in 2021, signing or renewing nearly one hundred partnership agreements worldwide. Some 46% of gross written premiums (15.1 billion euros) comes from partners outside the BNP Paribas Group.
BNP Paribas Cardif renewed its worldwide agreement with Volkswagen Financial Services to provide insurance solutions in 16 countries. The two partners also decided to create a joint venture to strengthen the European fleet business of Volkswagen Financial Services. Icare will provide maintenance solutions across Europe through the new joint venture
BNP Paribas Cardif also expanded its distribution model through partnerships with digital players, adding new approaches to providing insurance through new ways. Of particular note is the pan-European agreement with Back Market and the technology insurer i-surance (bolttech) to launch a new insurance offer for refurbished smartphones, tablets and laptops in several European countries, including Spain.