Paris, 8 February 2008
CNP Assurances denies rumours of €2 billion in asset write-downs for 2007
It was rumoured in the market today that CNP Assurances was planning to record €2 billion in write-downs in the 2007 accounts in respect of its asset-backed securities portfolio.
CNP strenuously denies these rumours and confirms that it continues to derive over 80% of income from growth in mathematical reserves, which rose 8% in 2007. As profits attributable to policyholders are credited to mathematical reserves, annual fluctuations in premium income have only a limited impact on their growth.
Thus, despite the business slowdown in the fourth quarter (as reported in the 7 February press release), 2007 earnings growth should be at least in line with the first half, when recurring net profit rose 26% as reported and 16% excluding Ecureuil Vie.