CNP has "heavily" scaled down its sovereign bond portfolio and ploughed into equities and property, as it seeks to adjust to the ultra-low interest rate environment in the first half of the year.
The French insurer has shortened its average bond duration as part of the realignment of its asset portfolio.
Government bond holdings, measured in fair value, fell to €125.57bn ($137.49bn) from €127.03bn in the six months to the end of June, CNP said in its half-year report.
This reduction was largely made at the expense of long-dated bonds and went hand-in-hand with an increase in exposure to alternative asset classes.
The insurer invested some €1.6bn in equities during the half-year, as it sought to take advantage of the bull market, and another €1.2bn in property.
Furthermore, it placed another €400m into private equity and €70m into infrastructure projects.
The share of bonds and other fixed-income assets in the total asset portfolio of €322.89bn, excluding unit-linked and measured at fair value, fell by more than one percentage point to 83.5%.
The relative exposure to equities increased in a similar proportion to 12.6%, while property accounts for 2.3%.
On the fixed-income side, the insurer shifted its focus towards variable-rate bonds and bonds with maturities of less than 10 years, in an attempt to shorten the average duration of the portfolio.
About 48% of the insurer's bond holdings have a maturity of less than five years compared to 45% at the end of last year.
Companies:CNP