Paris, 29 july 2011
Net profit: €543 million
Revenue: €15.3 billion
MCEV: €21.1 per share
(Paris – 29 July 2011) – CNP Assurances, the leading personal insurer in France, with operations in Europe and in South America, has announced its revenue and results for the first six months of 2011.
First-Half 2011 Highlights - Net Income stable thanks to:
- good operating profitability (Net Insurance Revenue up 9.7%)
- further expansion of unit-linked business (Unit-Linked sales account for 18.5% of Group’s sales in Savings and Pensions)
- growth in reserves (average reserves up 6.2%)
- 21% impairment on Greek debt (€353 million) is absorbed by the Policyholder’s Surplus Reserve, which stands at €2,742 million after this operation
- Revenue of €15.3 billion, down 13.7%, reflecting opposite movements:
- a decline in savings business in Europe
- growth in personal risk and term creditor insurance
- healthy performances by Caixa Seguros in Brazil, up 16.2%, and by CNP BVP, up 200%
- Market consistent embedded value (MCEV) up 8% to €21.1 per share and improvement in the new business margin to 14.3% versus 12.3% at 31 December 2010
- Solvency capital requirement covered 1.58 times including unrealised gains
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Gilles Benoist, Chief Executive Officer, said:
“The Group’s operating dynamic is sound due to continued growth in reserves, cost control and the reorientation of business towards personal risk lines. Thanks to its conservative balance sheet management, CNP Assurances has the capacity to face the uncertain monetary and financial context as well as the decrease in the Group’s European savings market.”
