Paris - 5 November, 2015
Attributable net profit for the period of €875 million, up 3.9%.
CNP Assurances, the leading personal insurer in France with operations in the rest of Europe and in Latin America, presents its indicators for the first nine months of 2015. These indicators were approved for publication by the Board of Directors at its meeting on 4 November 2015.
HIGHLIGHTS
- Business highlights :
- Improved product mix In Savings/Pensions in France: sharply positive net inflow to unit-linked products (€1,526 million), coupled with net outflow from traditional “Euro” products (€(699) million)
- In Europe excluding France, increased premium income from personal risk/protection insurance business (led by CNP Santander Insurance) and improved sales of savings/pensions products in Italy (with unit-linked sales up 48.9% at CNP UniCredit Vita)
- Continued strong growth in Brazil (+35.4% like-for-like and +20.3% on an as-reported basis).
- Financial highlights: steady earnings growth despite the impact of low interest rates and the unfavourable BRL exchange rate
- Total revenue up 2.5% to €2,400 million
- Attributable net profit up 3.9% to €875 million
Frédéric Lavenir, CNP Assurances's Chief Executive Officer, said: "CNP Assurances has continued to report steady earnings growth despite the impact of the low interest rate environment and unfavourable exchange rates in Latin America. During the first nine months of the year, we saw a further improvement in the product mix, with a shift in business towards unit-linked products and personal risk/protection insurance. The quality of production is thereby improved, giving better new business margins."