The document provides an investment recommendation for CNP Assurance, the largest French life insurer. It suggests buying due to solid 1H15 results, moderate gearing, strong solvency, and improving ROE. Despite Brazil risk, the asset exposure is low. The recommendation includes a Lower Tier 2 instrument with a 4.6% yield, first call in 2019, and is considered an underperformer in the sector.
documents/EFTA01378328.pdf
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