Premium income: up 15.1% to 32.6bnNet profit up 37.5% to €1,004mMarket consistent embedded value (MCEV) up 17% to €78.9 per shareRecommended dividend1 of €3 per share
(Paris – 24 February 2010) - CNP Assurances, the leading personal insurer in France, with operations in the rest of Europe and in South America, has announced its 2009 premium income and results.
Highlights
- Premium income rose 15.1% to €32.6 billion, with gains of 4.9% in France and 93.4% in international operations
- Technical reserves rose by a strong 9.6%, mainly due to positive net new money
- APE2 was 14% higher, with the value of new business up 5%
- MCEV increased by 17% to €78.9 per share
- EBIT was down 25.8%, due to lower recurring investment revenue and the high level of reversals from technical reserves in 2008
- Net profit attributable to equity holders increased by 37.5% to €1,004 million
- ROE (based on net profit) came to 11.6% for 2009 versus 8.5% for 2008
- The solvency capital requirement under Solvency I was covered 1.92 times including unrealised gains
Gilles Benoist, Chief Executive Officer, said:
“Thanks to all of our partners, we have expanded our business in every operating region. In a persistently difficult environment, we have created value and maintained clear earnings
visibility. CNP Assurances intends to pursue its value creation strategy in coming years.”