Paris, 11 May 2016
Attributable net profit of €281 million, up 0.3% as reported (up 10.3 % like-for-like)
CNP Assurances, the leading personal insurer in France with operations in the rest of Europe and in Latin America, has presented its quarterly indicators for the first three months of 2016. These indicators were approved for publication by the Board of Directors at its meeting on 10 May 2016.
HIGHLIGHTS
- Premium income of €9.0 billion, up 13.5% like-for-like* (up 8.4% as reported)
- EBIT of €513 million, up 10.8% like-for-like (down 4.7% as reported)
- Attributable net profit of €281 million, up 10.3% like-for-like (up 0.3% as reported)
- The quarter's performance was shaped by an unfavourable basis of comparison on the currency market (the average exchange rate for the Brazilian real declined by 34%) and the equity market (the CAC 40 index lost 13%), as well as by changes in consolidation scope.
Frédéric Lavenir, CNP Assurances' Chief Executive Officer, said:
"In the first quarter of 2016, CNP Assurances demonstrated its ability to continue to grow in a persistently unfavourable economic environment. Lower European interest rates, which are not favourable to traditional savings and pensions business, confirmed the relevance of our strategic diversification towards unit-linked contracts and personal risk/protection insurance. The agreement to acquire 51% of Pan Seguros and Pan Corretora, this summer's commercial launch of our digital company in Brazil and the ramp-up of CNP Santander Insurance in 10 European countries all contribute to this strategy."