Paris, 22 April 2008
Annual general meeting of CNP Assurances of 22 April 2008
At the CNP Assurances Annual General Meeting, held in Paris on 22 April 2008 under the chairmanship of Edmond Alphandéry, Chairman of the Board of Directors, shareholders approved the financial statements of the Company and the Group for the year ended 31 December 2007.
During the meeting, Mr. Alphandéry reviewed the economic and financial environment prevailing since the US subprime mortgage crisis emerged during summer 2007. He reminded shareholders that the crisis did not have much of an impact on CNP Assurances' 2007 earnings.
Then, Gilles Benoist, Chief Executive Officer, presented the Group's operations during the year and its outlook for growth. In particular, he discussed the figures for new money invested in life insurance products in France in the first quarter of 2008, which was down 10% for the period and 18% in the bancassurance segment. He indicated that, excluding the impact of Fourgous transfers, CNP Assurances' first-quarter business in France should be in line with the bancassurance segment, and reminded shareholders that earnings growth was primarily driven by increases in technical reserves.
In the light of this, Mr. Benoist confirmed the Group's 2008 earnings target for the year. "Unless the financial crisis worsens considerably, we expect a rise in technical reserves to power double-digit growth in the Group's recurring profit in 2008, despite a possible decline in the French market."
Shareholders also approved all of the proposed resolutions, including the payment of a dividend of €2.85 per share, to be paid as from 29 April 2008.