Paris, 9 may 2011
First-Quarter 2011 Premium Income: €8.1 Billion
First-Quarter 2011 Net Profit: €270 Million
(Paris, 9 May 2011) – CNP Assurances, the leading personal insurer in France with operations in the rest of Europe and in South America, has announced its quarterly indicators for the first three months of 2011.
Highlights
- €8.1 billion in premium income, down 14.1% from first-quarter 2010
- Lower savings revenue in France and Italy, amid declining markets
- Higher premiums in risk business (personal risk up 4.6%; term creditor insurance up 7.1%)
- Average technical reserves, excluding deferred participation, up 6.3% to €284.2 billion, lifted by structurally positive net new money
- EBIT stable at €453 million
- Net profit down 3.6% to €270 million
- Solvency capital requirement under Solvency I covered 1.56 times including unrealised gains
Gilles Benoist, Chief Executive Officer, said:
“Like the entire industry, CNP Assurances experienced a decline in savings revenue in the first quarter of 2011.However, our strategy of focusing on higher-margin personal risk products both in France and in other countries is continuing to pay off, and CNP Assurances is still strongly profitable. We will continue to focus on margins rather than volume.”