Paris, 27 August 2008

Reported net profit stable despite the financial crisis Further growth in technical reserves

(Paris – 27 August 2008) - CNP Assurances, France's leading personal insurer with operations in Europe and in South America, has announced its first-half 2008 results which confirm its robust fundamentals.

Highlights

  • Reported net profit rose 1.1% despite the effects of the financial crisis.
  • Attributable recurring profit totalled €756 million, up 9.1% excluding the effects of falling stock markets.
  • Average insurance and financial liabilities rose by a strong 6.3% and continued to represent the main driver of earnings growth.
  • Robust growth in personal risk and pensions business only partly offset lower savings revenue. Gross new money was down 16.8% on first-half 2007 but net new money remained positive.
  • Solvency capital at 30 June 2008 represented 1.85 times the regulatory minimum in total and 1.20 times excluding unrealised gains (based on Solvency I)
  • Embedded value at 30 June 2008 stood at an estimated €75.1 per share, up 0.2% on 31 December 2007. In-force business amounted to €16.7 per share and adjusted net assets came to €58.4 per share.

Gilles Benoist, Chief Executive Officer, said:

"Our first-half results attest to CNP's resilience in a turbulent market. Reported profit for the period was up 1.1% over first-half 2007. Our international subsidiaries contributed a substantial 24% of EBIT. Our solvency ratios provide evidence of our very robust financial position, particularly as our ABS portfolio has virtually no exposure to the market segments that are currently in crisis."