I.            Revenue

As announced in the 1 August press release, premium income under French GAAP for first-half 2008 totalled €14,750 million, down 16.8% on the year-earlier period. Premium income under IFRS came to €14,063 million. The strong momentum enjoyed by the pensions and personal risk businesses and growth in Brazil only partly offset the sharp drop in savings revenue in France and Italy. Net new money nevertheless remained positive, representing €3.5 billion for the French savings and pensions business alone.

II.           Results

To offset the effects of the first-half 2008 financial crisis (particularly the sinking stock markets), certain technical reserves were reduced and additions to other reserves were scaled back compared with first-half 2007. Fair value adjustments to the trading portfolio trimmed €182 million from first-half 2008 profit, after adding €162 million in the year-earlier period. At the same time, falling stock market prices led to the recognition of €91 million in impairment losses on equities.

Non-recurring reversals for the period totalled €307 million versus additions of €194 million in first-half 2007.

In the following discussion, period-on-period changes are presented on a reported basis and also after restating these adjustments, in order to highlight the Group's underlying performance.

EBIT totalled €1,264 million on a reported basis and €956 million excluding the effects of managing the stock market crisis (up 6.9%). The savings business contributed €536 million to this latter amount (up 1.0%), pensions business €83 million (up 13.7%) and personal risk business (health insurance, personal risk, loan insurance and property & casualty insurance) €302 million (up 12.3%).

For pensions, the increase was largely attributable to Caixa Seguros (Brazil) and, for personal risk, to growth in loan insurance business across the Group.

The international subsidiaries continued to make a significant contribution, accounting for 24% of total EBIT. Caixa Seguros's contribution rose by a strong 15.6% compared with first-half 2007.

Attributable recurring profit (including net capital gains on equities and investment property) amounted to €756 million on a reported basis and €633 million excluding the effects of managing the stock market crisis (up 9.1%).

As announced on 1 August, reported attributable profit rose 1.1% to €574 million.

Average insurance and financial liabilities were up 6.3% on first-half 2007. At 30 June 2008, they totalled €240.1 billion excluding deferred participation.

III.         Embedded value

CNP Assurances publishes its embedded value according to the principles recommended by the CFO Forum, of which it is a member. At 30 June 2008, European embedded value (EEV) was estimated at €75.1 per share (before dividends and after the cost of solvency capital and non-financial risks), an increase of 0.2% over 31 December 2007. ANAV came to €58.4 per share before dividends. In-force business amounted to €16.7 per share. This represented a decline of €2.4 from the 31 December 2007 level, which was mainly due to the effects of changing economic conditions (€2.35) led by lower stock market prices and increased volatility.

The value of new business came to an estimated €147 million or €1.0 per share, down 28% from 30 June 2007. The decline was mainly attributable to the fall-off in business. New business margin stood at 10.7% in first-half 2008 versus 11.5% for the 2007 financial year, reflecting changes in product mix in France and Italy, particularly the decline in unit-linked sales caused by falling stock market prices.

IV.        Solvency capital

As announced in the 1 August press release, the post-dividend solvency capital requirement under Solvency I was covered 1.85 times at 30 June 2008, including 1.20 times by equity and quasi-equity.

V.          Targets and outlook for 2008

The Group's 2008 recurring profit target is maintained. CNP confirms that unless the financial crisis worsens considerably, it expects to report double-digit growth in attributable recurring profit for 2008, despite the unfavourable trading conditions in France.