Non-recurring items represented a net expense of €271 million. This amount corresponds mainly to the €162 million net transfer for the year to the policyholders' surplus reserve and to the €102 million accrual booked for tax payable on the capitalisation reserve.
In all, the policyholders' surplus reserve was increased to €3,372 million from €2,886 million at 31 December 2011, representing 1.55% of technical reserves versus 1.34% at end-2011.
Net profit amounted to €951 million, an increase of 9.1% on 2011.
3. MCEV ® 2012 MCEV ® (before the 2012 dividend) amounted to €13.9 billion or €21.6 per share. The 17.5% increase compared with 2011 (after the 2011 dividend and dilution) reflects growth in ANAV (up 14.2%) and in-force business (up 30.1%). 4. Solvency capital Solvency capital represented 298.2% of required capital under Solvency I at 31 December 2012, an increase of 167 points versus end-2011. Solvency capital excluding unrealised capital gains (i.e. Tier 1 capital and subordinated debt) stood at 112.2% of Solvency I required capital versus 113.8% in 2011. Under Solvency II, the estimated coverage ratio was approximately 170%, representing a 20-point improvement. 5. Investment policy In an investing environment shaped by historically low interest rates and measures to resolve the euro zone crisis, CNP Assurances repositioned its asset portfolio while pursuing conservative investment strategies. Action was taken to wind down euro zone sovereign debt portfolios considered as high risk, and by the end of the year, the sums invested in Irish, Portuguese, Italian and Spanish sovereign debt by CNP Assurances France had been reduced to €10.5 billion . At the same time, corporate debt portfolios were increased, with €9.7 billion invested in this asset class at end 2012, and liquid assets were kept high at 9.2% of the total portfolio, including short-term securities and units in money market funds.