Paris, 27 july 2012
Net profit: €540m (down 0.5%)
Revenue: €13.3bn (down 13.1%)
High solvency capital (1.83x required capital including unrealised capital gains, 1.13x based on Tier 1 capital)
CNP Assurances, the leading personal insurer in France, with operations in the rest of Europe and in South America, has announced its revenue and results for the first six months of 2012.
HIGHLIGHTS(1)
- Business slowed in the first half (down 13%)
- Savings down 15%, but solid gains in Term Creditor Insurance (up 3%) and Personal Risk (up 10%)
- Market share in France held firm
- Net insurance revenue resilient at €1,542m
- High solvency capital:
- Solvency I: required capital covered 1.83 times including unrealised gains. At 1.13x, the Tier 1 ratio was stable compared with the first quarter.
- Solvency II: ratio stable at around 1.55x.
- MCEV up 4% to €19.1 per share
- Active implementation of the strategy to remove high-risk assets from the portfolio: reduction in equity portfolio, sales of peripheral euro zone sovereign debt securities, elimination of Greek sovereign debt exposure.
(1)Per share data are calculated based on 637,790,028 shares, assuming that 75% of shareholders will reinvest their dividends