Paris, 11 May 2017
EBIT up 19.5% to €613 million Net profit up 7.3% to €302 million
HIGHLIGHTS
- Further improvement in the product mix across all regions, as evidenced by the €1.1 billion net inflow into unit-linked savings/pensions products and the symmetrical €2.8 billion net outflow from traditional products, leading to 17.7% growth in average unit-linked technical reserves and a 1.0% dip in average other technical reserves
- Premium income down 12.5% to €7.9 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 18.5%, reflecting an improved product mix and a more favourable economic environment
- EBIT of €613 million, up 19.5% (up 8.6% like-for-like)
- Attributable net profit of €302 million, up 7.3% (up 1.1% like-for-like)
- The quarter's performance was shaped by a favourable basis of comparison versus first-quarter 2016 on the currency market (22% increase in the average exchange rate for the Brazilian real) and the equity market (17% gain in the CAC 40 index).
Frédéric Lavenir, CNP Assurances' Chief Executive Officer, said:
"CNP Assurances delivered a strong quarterly performance. The Group continued to actively refocus its savings/pensions mix, particularly on unit-linked contracts, as illustrated in the net inflow structure. The favourable dynamic drove a sharp rise in margins across all regions."