Paris, 11 September 2007
First-half 2007 recurring profit before capital gains up 12% like-for-like and 27% on a reported basis.
Value of new business up 20% on a comparable consolidation scope basis
Summary
The first-half 2007 results reflect, in particular, the acquisition of a further 50% of Écureuil Vie. The Company performed well in a French life insurance market that was slightly down, due to lower transfers from PEL home-savings accounts, against a backdrop of higher interest rates and flourishing stock markets. Recurring profit before capital gains rose 12% like-for-like (based on a comparable scope of consolidation and at constant exchange rates), attesting to the quality of the Company’s fundamentals. Profit attributable to equity holders of the parent doubled compared with first-half 2006. European embedded value grew by 19% to €73.3 per share before dividends and the value of new business rose by 20% on a comparable consolidation scope basis to €204 million.
Key figures
- Consolidated premium income: €17,397.5 million, up 6.7% on a reported basis and 6.4% like-for-like(1).
- EBIT: €700 million, up 9.9% on a reported basis and 9% like-for-like(1).
- Recurring profit before capital gains: €392 million, up 26.5% on a reported basis and 11.8% like-for-like.
- Profit attributable to equity holders of the parent: €568 million, up 102.6% on a reported basis and 85.2% like-for-like.
- Insurance and financial liabilities at 30 June 2007: €239.4 billion, up 10.1%.
- Estimated European embedded value per share before dividends (calculated according to CFO Forum principles): €73.3, up 19% compared with 30 June 2006 (20.5% after dividends)
- Estimated value of new business: €204 million, up 40.6% on a reported basis and 20% on a comparable consolidation scope basis.
(1) Comparable scope of consolidation:
- Premium income: excluding CNP Vida (Spain)
- Profit: excluding CNP Vida and 50% of Écureuil Vie