Paris, 11 mays 2012

Revenue: €7.0 billion
Net profit: €275 million
Solvency capital requirement covered 1.93 times including unrealised gains
Reduced exposures to equities and peripheral sovereign debt

 Paris, 11 May 2012 – 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 2012.

Highlights

  • Revenue down 12.9% to €7 billion. Business was affected by the on-going decline in savings markets in Europe. However, the personal risk and term creditor insurance segments continued to grow.
  • EBIT stable at €454 million.
  • Net profit slightly higher at €275 million, supported by improved financial markets in the first quarter and an assertive profit-taking strategy.
  • Reduced exposure to financial risks:
    • Equities represented 8.6% of total assets compared with 9.3% at 31 December 2011.
    • The Group pursued its strategy of selling peripheral euro zone sovereign debt, reducing its exposure by 11% over the quarter (see detailed table in the appendices).

 

Gilles Benoist, Chief Executive Officer, said:

"Despite the decline in revenue in a still adverse environment, CNP Assurances continued to grow its technical reserves and lower its costs. The business base is robust and with the improvement in market conditions in the first three months we were able to lift our earnings while at the same time actively pursuing our strategy to dispose of high-risk assets."

Download .PDF (85.5 kB)

All press releases