Overview of results
In France,
net insurance revenue rose 5.2% to 1,804 million euros. Savings / pensions net insurance revenue was boosted by higher unit-linked new money, while the personal risk / protection business benefited from improved loss ratios for previous claim years.
In Latin America,
net insurance revenue came to 1,069 million euros, down 0.6% as reported, but up 19.4% at constant exchange rates. Growth drivers included sharply higher technical reserves in the pensions business.
In Europe excluding France,
net insurance revenue contracted by 6.8% to 241 million euros as a result of the cost of renewing the distribution agreement with UniCredit in Italy being smoothed over three years. CNP Santander enjoyed strong growth in net insurance revenue (21.8%).
Premium income by geographical area (in billion euros)
- France : 21.6
- Latin America : 5.5
- Europe excluding France : 5.3
EBIT by geographical area
- France : 65 %
- Latin America : 31 %
- Europe excluding France : 4 %