Paris, 22 february 2012

Revenue: €30.0 billion

Positive net new money in France in all four Quarters

Strong operating momentum (EBIT up 17.4%)

Net profit: €872 million, affected by asset impairments in the third Quarter

Market Consistent Embedded Value: €20.0 per share

(Paris – 22 February 2012) – CNP Assurances, the leading personal insurer in France, with operations in the rest of Europe and in South America, has announced its 2011 revenue and earnings.

 

Highlights 

  •  Firm business volumes in a difficult environment. CNP Assurances outperformed the Life and Pensions market in France and continued to enjoy strong momentum in Brazil. Revenues were up in the Pensions, Personal Risk and Term Creditor Insurance segments
  • Solid growth in operating indicators, lifted by higher technical reserves [1] (up 4.4%) and sound cost discipline (with a 1.8-point improvement in the Group’s cost/income ratio to 37%):net insurance revenue up 12.4% and EBIT up 17.4%.
  • Net profit of €872 million (down 17%) after impairment charges of €332 million including the 70% haircut [2] on Greek sovereign debt
  • MCEV up 2% to €20.0 per share and APE ratio stable at 12.3%

[1] Average technical reserves (excluding deferred participation)
[2] Impact of Greek debt impairment charges on the income statement: €60 million net of tax and policyholder participation.

 

Gilles Benoist, Chief Executive Officer, said:

“In last year’s adverse environment, CNP Assurances demonstrated its ability to maintain operating performance by controlling costs and adjusting policyholder dividends. This reflects the Group’s prudent management approach and its focus on reducing its exposure to financial risks.”

Download .PDF (161.1 kB)

All press releases