Premium income of €7.9 billion (up 14.6%)
Attributable net profit of €308 million (up 2.9%)
SCR coverage ratio of 217% (up 9 pts)
Highlights
Premium income of €7.9 billion, up 14.6% as reported (up 21.8% like-for-like1)
- Strong momentum in the Savings/Pensions segment across all geographies, with:
- Unit-linked sales in France up 54.3%, representing 25.4% of total new money
- Success of the integrated bancassurance model, with La Banque Postale’s unit-linked sales up 44.1%
- PACTE transfers of €2.1 billion, equivalent to 62% of their contribution for the whole of 2020
- €0.5 billion net inflow to unit-linked Savings/Pensions products in France vs €1.6 billion net outflow from traditional contracts
- 3.1% growth in Savings/Pensions premiums in the Europe excluding France region
- Solid commercial momentum in Latin America, with Pensions premiums up 41.2% like-for-like.
- Personal Risk/Protection premiums up 4.2% like-for-like
EBIT of €715 million2, down 9.1% as reported (down 1.8% like-for-like)
Attributable net profit of €308 million, up 2.9% as reported (up 5.6% like-for-like)
APE margin of 13.2% (up 1 point vs 2020)
Consolidated SCR coverage ratio of 217% at 31 March 2021 (up 9 points vs 31 December 2020)
Stéphane Dedeyan, CNP Assurances’ Chief Executive Officer, said:
“This first publication of the year marks the start of my term as Chief Executive Officer of the CNP Assurances Group. In a period shaped by the Covid-19 crisis, net profit rose 2.9% and the SCR coverage ratio came in at 217%. The Group’s performance for the quarter confirms that we are on the right track in pursuing our strategic objectives. We are transforming the business mix towards unit-linked products, as well as advancing in our international development, with the start of operations under the new agreement in Brazil and the signing of a planned acquisition in Italy that will ultimately double our market share."
1 Average exchange rate, Brazil: first three months of 2021 €1 = BRL 6.60; first three months of 2020 €1 = BRL 4.92
2 Effective from 2021, EBIT includes realised gains on available-for-sale financial assets (initially included in mark-to-market effects) and excludes amortisation of intangible assets (now included in “Mark-to-market effects and intangible amortisation”). The reclassifications had the effect of increasing first-quarter 2020 EBIT by €165 million.