Group performance
Highly satisfactory results
up 1.9%
€32.1 bn
Premium income
Growth of at least 5% in EBIT in 2018
In view of the positive trends in 2017 coupled with the firmer macroeconomic environment, the ramp-up in our new partnerships and our digital initiatives, CNP Assurances is targeting organic EBIT growth of at least 5% in 2018 from its 2017 baseline.
“Our earnings grew substantially thanks to significant improvement in our product mix and tighter cost control. We are looking ahead to 2018 with confidence.”
Frédéric Lavenir, Chief Executive Officer of CNP Assurances
up 7.7%
€3,827 m
Total revenue
up 9.5%
€2,889 m
EBIT
up 7%
€1,285 m
Attributable net profit
up 5.4%
€1,113 m
Operating free cash flow providing cover of 1.9x for the dividend
190%
SCR coverage ratio (SOLVENCY II) higher than in 2016 (177%)
€0.84 per share in cash dividend
Product mix continues to improve Breakdown of EBIT by segment
37%
Savings/Pensions
40%
Personal risk/protection*
23%
Own Funds
* Personal risk and protection, health, term creditor, and property and casualty insurance.
Business momentum concentrated in the highest-margin segments
Growth in 2017 premium income from 2016
42% unit-linked savings/pensions
12% personal risk/protection
Very tight grip on costs
Cost/income ratio (administrative costs)
32.9%
2016
30.8%
2017
Promising increase in new business
Value of new business
€436 m
2016
€782 m
2017
APE margin: estimated future profitability
13.9%
2016
23.6%
2017
Overview of results
Premium income by geographical area
71%
France
17%
Latin America
12%
Europe (excluding France)
EBIT by geographical area
61%
France
34%
Latin America
5%
Europe (excluding France)
In France,
premium income declined 5.9%, but net insurance revenue (NIR) advanced 7.2% thanks to a strong contribution from personal risk/protection.
In Latin America,
premium income recorded a strong increase of 47.4% and NIR rose 14.6%, spurred on by performance in all market segments.
In Europe excluding France,
premium income rose 8.6% and NIR 5.5% thanks to the boost provided by CNP Santander’s personal risk / protection business.
Proactive CSR(1) approach
Selection of progress indicators
34% of Group Management-grade staff are women
€275 bn Assets under management screened by an ESG (environment, social, governance)
187,300 Insurance policies incorporating an SRI (socially responsible investment) unit-linked fund
€600 m Invested in SMEs and micro-companies, Ranked among the top 50 companies in private equity
less than 0.2% Refusal rate in term creditor insurance
The full set of indicators is provided in the 2017 CSR report.
(1)Corporate social responsibility
Ambitious objectives to help drive the energy and environmental transition
Increase in green investments
Green bonds, renewable energies (€ billion)
0.6
2014
0.8
2015
1.7
2016
2.4
2017
€5 bn Increase
2021 estimate
€5bn In new green investments by 2o21 to help limit global warming by the end of the century to 2 °C
Reduction in the equity portfolio’s carbon footprint
(in CO2-equivalent tonnes €1,000 invested)
0.47
2014
0.44
2015
0.40
2016
0.30
2017
47% Reduction
0.25
2021 estimate
0.25
CO2-equivalent tonnes / €1,000 invested
Programme scoring highly with rating agencies
MSCI
AAA
November 2017
Oekom Research
1st/131 International Insurance Industry Groups
Prime B-
August 2017
VIGEO
4th/53 in the european insurance sector
April 2018
For more details, download the CSR report and the responsible investment report from cnp.fr.