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