Paris, 31 July 2017
EBIT up 15.4% at €1,477 million. Net profit up 6.0% at €657 million.
HIGHLIGHTS
- Further improvement in the product mix across all regions, as evidenced by the €2.4 billion net inflow into unit-linked savings/pensions products and the symmetrical €5.0 billion net outflow from traditional products, leading to 16.4% growth in average unit-linked technical reserves and a 1.5% dip in average other technical reserves
- Premium income down 5.2% to €16.4 billion, due to the discontinued underwriting of new Caisses d’Epargne savings/pensions business, partly offset by the strong growth dynamic in Brazil
- Sharp rise in the APE margin to 17.8%, reflecting an improved product mix and a more favourable economic environment
- EBIT of €1,477 million, up 15.4% (9.1% like-for-like)
- Attributable net profit of €657 million, up 6.0% (1.7% like-for-like)
- Consolidated SCR coverage ratio of 193% (177% at 31 December 2016)
Frédéric Lavenir, CNP Assurances' Chief Executive Officer, said:
"CNP Assurances delivered a solid operating performance in the first half, helped by the gradual refocusing of technical reserves on unit-linked contracts. All regions contributed to the strong growth dynamic and the sharp rise in EBIT.."