Premium income of €17.6 billion, up 3.6% Net profit of €687 million, up 2.3%.


  • Premium income of €17.6 billion, up 3.6% (up 4.6% like-for-like1)
  • Proportion of Savings/Pensions premiums represented by unit-linked contracts still high, at 39.2% (versus 42.2% in first-half 2018)
  • APE margin of 16.9%, reflecting the impact of lower interest rates in Europe
  • EBIT of €1,566 million, up 4.4% (up 6.2% like-for-like1)
  • Attributable net profit of €687 million, up 2.3% (up 3.3% like-for-like1)
  • Net operating free cash flow of €846 million, up 4.6%
  • Consolidated SCR coverage ratio2 of 169% (versus 187% at 31 December 2018), also reflecting the impact of lower interest rates in Europe

Antoine Lissowski, CNP Assurances’ Chief Executive Officer, said: "CNP Assurances delivered a solid business performance in the first half despite the exceptionally low interest rate environment in Europe.

In Europe, we demonstrated our business model’s ability to withstand a sluggish market by consolidating our positions in the unit-linked savings and term creditor insurance segments.

In Latin America, we posted impressive growth, outperforming the market to become Brazil’s third largest insurance company.

In this environment, net profit was up 2.3%. Disciplined cost management is helping to drive further improvement in the cost/income ratio, and we are continuing to transform the business."