Loan insurance, property & casualty, health and personal risk were the fastest-growing classes of business.

CNP Vida, the new Spanish subsidiary, contributed premium income of €112.9 million, including €108.5 million in Savings business and €4.1 million in Pensions business.

The Savings business slowed by 19% in the fourth quarter, mainly due to a more than 50% drop in Fourgous transfers by the French networks, which caused premium income for the year to decline by 3.4% on a reported basis and 3.8% like-for-like. CNP Vida, the new Spanish subsidiary, contributed €108.5 million.

Pensions revenue was stable in the fourth quarter and for the year, inching up 0.3% as strong 38% growth in Brazil was offset by declines of 10% in France and 8% in Italy.

Revenues from personal pension products launched in France since 2004 rose 21.6% to €468.4 million, including €113.5 million from Perp contracts and €32.9 million from Solésio Préfon.

Sales of personal risk products rose 4.9%, despite a slowdown at year-end. Growth was led by a 24% gain in Brazil and a €160 million contribution (up 58%) from La Banque Postale through La Banque Postale Prévoyance (previously Assurposte), which offset a slight erosion of group personal risk premiums in the Companies and Local Authorities segment.

Loan insurance premium income amounted to €2,399.8 million, up by a robust 13.6% for the year and 22.6% in the fourth quarter alone.

In France, the loan insurance business expanded by 9.3%, reflecting the February 2007 launch of a contract co-insured on a 50/50 basis with Natixis Assurances and distributed by four Banques Populaires. A further four Banques Populaires began distributing the product from 1 January 2008.

Loan insurance written outside France on behalf of Cofidis under a partnership set up in 2003 expanded by a very strong 29.8% in the fourth quarter and rose 30% over the year to €92.1 million.

The branches in Italy and Spain, which began operations in 2005, contributed €52.7 million in premiums for the year, an increase of 2.2% compared with 2006.

Health insurance premium income rose 6.2% during the year to €288.7 million.

Property & Casualty premiums came to €346.1 million, up 7.9% on a reported basis and 5.4% at constant exchange rates. This business is written by subsidiaries in Portugal (€141.7 million)  and Brazil (€204.5 million).

Fourth quarter premium income in France amounted to €5,953.1 million, compared with €6,954.9 million in the same period of 2006 which included €983 million from Fourgous transfers. Premiums recognised on these transfers from non-unit-linked contracts to combined unit-linked/non-unit-linked contracts totalled €412 million in the fourth quarter, around half the amount for the same period of 2006. Excluding this impact, underlying revenue growth in France was down 7% in the fourth quarter versus a reported 14%. Total Fourgous transfers for all the networks amounted to €2,472 million in 2007, of which 24% was classified as unit-linked.

Premium income for the year in France contracted by 3.1% to €27,027.8 million. New money invested in savings and pensions products declined 3.4% under French GAAP, while net new money fell 19.9% to just under €9.5 billion. These declines were generally in line with the market as a whole.

Unit-linked sales stood at €3,918.3 million, a 1.4% decrease that tracked the 1% decline in the French market, with a sharp slowdown in the fourth quarter. The three networks' combined unit-linked sales represented 17.3% of total French savings and pensions revenue in 2007, slightly down from 17.8% in the first nine months of the year, but up from 17% in 2006.

Premium income generated by La Banque Postale in the fourth quarter amounted to €2,708.7 million compared with €3,629.4 million in the same period of 2006, which saw 56% growth. The fourth-quarter slowdown in net new money was due to the Savings business, and especially Fourgous transfers, which declined to €286 million in the quarter from €878 million a year earlier.

Premium income for the year was largely unchanged at €12,015.4 million, down 0.5% from 2006. The network outperformed the market as a whole thanks to premium income recognised in respect of Fourgous transfers, which rose to €1,837 million from €1,816 million in 2006. Unit-linked sales grew 3% to €1,613.8 million, lifting their contribution to the network's total savings and pensions new money to 13.7%. All of the other segments expanded during the year, with pensions revenue rising more than 20% and sales of personal risk contracts (through La Banque Postale Prévoyance, which is 50%-owned by CNP Assurances) surging some 60% to around €160 million for CNP Assurances' share. Lastly, loan insurance premiums were 13% higher, at €68 million.

The Savings Banks generated premium income of €1,867.8 million in the fourth quarter, a decline of 1.1% compared with the same period of 2006.

Premiums for the year stood at €10,200.1 million, down 5% from 2006 when PEL home-savings plan transfers generated an estimated €600 million in premiums compared with around €200 million in 2007. Excluding the impact of these transfers, premium income from the Savings Banks was down just 1% in 2007. Fourgous transfers recognised in 2007 premium income amounted to €496.2 million (including €56.6 million in the fourth quarter), of which 28.6% was classified as unit-linked. The high-end Nuances Plus and Nuance Privilège products went from strength to strength, with premiums up 17% and 12% respectively, and Banque BCP launched a new combined unit-linked/non-unit linked contract in September. At €2,084.9 million, unit-linked sales accounted for 21.3% of the total, up slightly from 20.6% in 2006. The personal risk business continued to expand, with premiums up 6% thanks to the new Garantie Urgence formula, for which 97,000 new contracts were sold during the year. A new long-term care product, Ecureuil Assistance Vie, was distributed on a trial basis by branches of the Loire Drôme Ardèche savings bank, and will be gradually rolled out to the entire network. Ecureuil Assistance Vie was rated ''excellent'' by the Dossiers de l'Epargne 2007 review of savings products. Lastly, the loan insurance business grew by a strong 12.9% to €388 million, within close reach – a year early – of the €400 million target set for 2008 when the distribution agreements were renewed in early 2005.

The CNP Trésor network generated premium income of €229.9 million in fourth-quarter 2007, a very robust 42.5% increase over the prior-year period.

Premium income for the year came to €862.8 million, down 12.2% on a reported basis, but up 1% excluding the effect of Fourgous transfers which dropped to €138.8 million from €265.3 million in 2006. During the first half, the network focused on deploying the new Majestic marketing information system and resizing the portfolio to obtain increased leverage and enhance customer service. At the same time, new insurance advisors were hired during the year, raising the total number of CNP Trésor employees to 304 at year-end. Two new products were launched – CNP Trésor Projets, a combined unit-linked/non-unit-linked contract, and CNP Trésor Génération, a potentially tax-exempt gifting product. Unit-linked sales amounted to €167.5 million for the year, representing 20.1% of total savings and pensions revenue generated by the network.

The Financial Institutions partnership centre contributed premium income of €1,396.3 million in 2007, an increase of 9.2% over the previous year. In December, CNP Assurances and Crédit Agricole signed an agreement to extend their loan insurance partnership until 1 January 2010.

The Mutual Insurers partnership centre generated premium income of €855.1 million, down 11% compared with 2006 which represented a high basis of comparison due to the signature of two non-recurring contracts.

Lastly, premium income from Companies and Local Authorities contracted 5.7% to €1,616 million, reflecting a decline in the personal risk business. In a competitive tender, CNP Assurances was selected to set up an annuity pension plan and an ''Article 39'' defined benefit plan, both scheduled for a 1 January 2008 launch.

Premium income from other development initiatives in France, including direct sales and sales by other networks, amounted to €82.2 million for the year.

Premium income from operations outside France declined 10.5% in the fourth quarter, to €982.6 million, due to a slowdown in Italy, but rose 9.8% over the year to €4,344.2 million, including like-for-like growth of 5.9%.

	Italy	Portugal	Spain	Other Europe	Brazil	Argentina	International
2007 (€m)	2,971.6	209.5	144.5	25.3	1,145.6	5.2	4,501.7
% change	+ 0.4	- 0.5	n.m.	+ 20.6	+ 29.1	+ 39.5	+ 9.8