Net profit of €326 million, up 4.2% Consolidated1 SCR coverage ratio of 180%

HIGHLIGHTS

  • Premium income was stable at €8.5 billion (- 0.7% as reported and + 0.6% like-for-like)
  • The proportion of Savings/Pensions premiums represented by unit-linked contracts was maintained at a satisfactory level in France (21.2% vs. 24.1% in the year-earlier period) and for the Group as a whole (at 38.9% vs. 42.3% in the year-earlier period)
  • Continued growth in the Brazilian market: Caixa Seguradora is now the country’s third largest insurer
  • The APE margin stood at 19.4%, reflecting the impact of lower interest rates in Europe
  • EBIT came in at €640 million, up 2.5% (+ 5.6% like-for-like)
  • Attributable net profit was €326 million, up 4.2% (+ 6.0% like-for-like)
  • Robust consolidated SCR coverage ratio 3 at 180% (vs. 187% at 31 December 2018)

Antoine Lissowski, CNP Assurances’ Chief Executive Officer, said:
“CNP Assurances reported first-quarter net profit up 4.2% in an environment shaped by extremely low interest rates and by the effects of the fall in share prices in 2018. In this environment, our APE margin and SCR coverage ratio remained comfortably high. This solid performance resulted from the operational implementation of our three-pronged strategy focused on improving service quality, developing our partnerships and delivering shareholder value.”