Paris, 16 May 2018
Net profit up 3.7% at €313 million APE margin at 23.9%
HIGHLIGHTS
- Sharply higher net inflow to unit-linked savings/pensions products (€1.7 billion) and symmetrical net outflow from traditional products (€2.0 billion), reflecting a further improvement in the product mix across all regions
- Proportion of savings/pensions premiums represented by unit-linked contracts in France increased to 24.1% (vs. 19.0% in first-quarter 2017)
- APE margin virtually stable at 23.9% (vs. 23.6% in 2017)
- EBIT of €625 million, up 1.8% (up 9.3% like-for-like)
- Attributable net profit of €313 million, up 3.7% (up 8.6% like-for-like)
- Consolidated SCR coverage ratio of 192% (vs. 190% at year-end 2017)
- Reported performance shaped by unfavourable currency effect compared with first-quarter 2017 (19% decrease in the average exchange rate for the Brazilian real)
Frédéric Lavenir, CNP Assurances' Chief Executive Officer, said:
“CNP Assurances performed very well during the quarter, delivering a further improvement in the product mix with all regions contributing to a 35% increase in unit-linked premium income.”