Performance in 2016

Robust results in 2016 amid the ongoing transformation.

CNP Assurances’ total revenue and results(1) continued to make steady progress in 2016 in a low interest-rate environment. The Group continued its transformation in 2016, in line with the strategy announced in 2013.

(Source: CNP Assurances’ 2016 annual results - IFRS)

Group premium income

  • €31.5 billion in 2016 -0.2%
    up 1.4% at comparable structure and exchange rates
  • €31.6 billion in 2015

Analysis of premium income by segment (as a %, IFRS)

  • Savings 68.6%
  • Pensions 10.4%
  • Personal risk and protection (2) 21.0%

Analysis of premium income by geographical area (as a %, IFRS)

  • France 76.9%
  • Latin America 11.4%
  • Europe excluding France 11.7%

Total revenue (net insurance revenue + revenue from own-funds portfolios)

€3,553 million up 8.1%
up 11.7% at comparable structure and exchange rates

In France, net insurance revenue came to €1,599 million. This very steep increase of 15.4% (up 18.8% at comparable structure) was driven mainly by savings and pensions, primarily as a result of the growth in technical reserves and the positive effects of the improvement in the revenue mix.
Net insurance revenue in Latin America totalled €938 million. This 1.8% rise (or 7.1% at comparable structure and exchange rates) largely reflected the firm operating trends in personal risk and protection.
In Europe excluding France, net insurance revenue rose 18.2% (25.1% at comparable structure) to €245 million, mainly as a result of CNP Santander’s brisk growth in personal risk and protection.

Revenue from own-funds portfolios was stable at €771 million.

Group EBIT

€2,638 million up 8.7% up 12.8% at comparable structure and exchange rates

Analysis of EBIT by segment (as a %)

  • Savings and pensions 41.3%
  • Personal risk and protection (2) 35.9%
  • Own-funds portfolios: 22.8%

Analysis of EBIT by geographical area

  • France 61.8%
  • Latin America 33.4%
  • Europe excluding France 4.9%

Attributable net profit

€1,200 million up 6.2%

up 9.2% at comparable structure and exchange rates

Operating free cash flow, net

€1,056 million up 10.5% or €1.54 per share
CNP Assurances pays a return to its shareholders and finances its growth using the free cash flow generated by its operations.

Dividend

€0.80 per share in cash submitted for shareholders’ approval at the Annual General Meeting on 13 April 2017

Consolidated SCR coverage ratio (Solvency II)

177%
This ratio reflects the strength of the Group’s balance sheet.

Organic growth target revised upwards

In view of the strong organic growth of 12.8% in EBIT reported in 2016, CNP Assurances has raised its target for 2018. It now aims to deliver organic growth in EBIT averaging at least 5% over the 2017-2018 period.

Source: CNP Assurances’ 2016 annual results (IFRS)

(1) Source: CNP Assurances’ 2016 annual results (IFRS)
(2) Personal risk and protection, health, term creditor and property and casualty insurance