Paris, 4 March 2008
A very robust set of results for CNP Assurances in 2007
Attributable recurring profit before capital gains up 35% (up 20% like-for-like)
Value of new business up 18% (up 1% like-for-like)
Dividend recommended: €2.85 per share, up 24%
Outlook for 2008: double-digit growth in attributable recurring profit
Summary
CNP Assurances is releasing today its 2007 balance sheet and results, which reflect the acquisition of an additional 50% interest in Ecureuil Vie. Amid unsettled credit markets hit by US subprime woes in the second half of the year, CNP turned in a very robust performance despite a downturn in the French life insurance business. The subprime crisis had only a very limited impact on CNP Assurances, which delivered 20% like-for-like growth in attributable recurring profit before capital gains on the back of a continuing rise in technical reserves, which represent more than 80% of revenue. Profit attributable to equity holders of the parent came in 7% higher. European embedded value before dividends rose 14% year-on-year to €77.8 per share at 31 December 2007. The value of new business surged 18% on a reported basis and 1% like-for-like (comparable scope of consolidation and constant exchange rates), to €355 million.
Key figures
- Insurance and financial liabilities at 31 December 2007: €244.2 billion, up 6.3% on a reported basis and 8.3% excluding deferred participation.
- Consolidated premium income: €31,529.5 million, down 1.4% on a reported basis(1) and 1.9% like-for-like.
- EBIT: €1,837 million, up 21% on a reported basis and 19.6% like-for-like(1).
- Recurring profit before capital gains: €1,120 million, up 34.8% on a reported basis and 20% like-for-like.
- Profit attributable to equity holders of the parent: €1,222 million, up 6.7%.
- European embedded value per share before dividends: €77.8, up 11% compared with EEV at 31 December 2006, calculated based on CFO Forum principles; up 14% compared with EEV at 31 December 2006, calculated after dividends, share issues and the acquisition of an additional 50% interest in Ecureuil Vie (€68).
- Estimated value of new business: €355 million, up 18% on a reported basis and 1% like-for-like.
(1) Comparable scope of consolidation:
- Premium income: excluding CNP Vida (Spain).
- Profit: excluding CNP Vida and 50% of Ecureuil Vie