Paris, 23 february 2011

Solid Performance from CNP Assurances in 2010

Premium income stable at €32.3bn (-0.8%)
Net profit: €1,050 million (+5%)
Market Consistent Embedded Value (MCEV) of €20.3 per share
Recommended dividend [1] of €0.77 per share

[1] To be submitted for shareholder approval at the Annual General Meeting of 6 May 2011.

(Paris – 23 February 2011) – CNP Assurances, the leading personal insurer in France, with operations in the rest of Europe and in South America, has announced its 2010 premium income and results.

Highlights

  • Premium income amounted to €32.3 billion, led by growth in risk and unit-linked business. After a good 2009, traditional savings products remained at a satisfactory level.
  • Average technical reserves [2] rose by 8.2% in 2010, buoyed by structurally positive net new money.
  • Net profit climbed 4.6% to €1,050 million, thanks to healthy operating momentum in a persistently challenging financial environment.
  • MCEV increased by 6.8% to €20.3 per share, with APE margin at 12.3% versus 11.5% in 2009.
  • ROE stood at 10.9% for 2010.
  • The solvency capital requirement under Solvency I was covered 1.73 times including unrealised gains.

 [2]Excluding the deferred participation reserve.

Gilles Benoist, Chief Executive Officer, said:
“In a record-low interest rate environment, our value creation strategy for 2010 consisted of developing sales of risk products both in France and in international markets. This strategy led to solid bottom-line growth and increased balance sheet flexibility. In 2011, with the continued support of all of our partners, we will pursue our expansion in high-margin segments.”

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