Business growth abroad and in unit-linked sales in France. Enhanced financial robustness.
Premium income1 of €9.8 billion (up 25.3% vs first-quarter 2021)
EBIT of €933 million (up 30.6% vs first-quarter 2021)
Attributable net profit of €316 million (up 2.7% vs first-quarter 2021)
SCR coverage ratio of 243% (up 26 points vs 31 December 2021)
- Premium income of €9.8 billion, up 25.3% as reported (up 5.5% like-for-like2) vs first-.quarter 2021.
- Savings/Pensions premiums stable in France, with an increased contribution from unit-linked sales. Solid momentum in international markets.
- In France, premium income of €4.1 billion, including a 29.7% contribution to total new money from unitlinked contracts (up 4.3 points) with sales up 17.1%, and PACTE transfers of €1.7 billion.
- In Europe excluding France, premium income of €2.6 billion (up 27.5% like-for-like), partly due to the first-time consolidation of CNP Vita Assicurazione and CNP Vita Assicura3 (CVA).
- In Latin America, premium income of €1.5 billion (up €161 million like-for-like).
- Consolidated Personal Risk/Protection premiums of €1.7 billion, up 3.5% as reported.
- EBIT of €933 million, up 30.6% as reported (up 24.4% like-for-like).
- Attributable net profit of €316 million, up 2.7% or €8 million vs first-quarter 2021.
- APE margin of 16.1%, up 0.6 points vs 2021.
- Consolidated SCR coverage ratio of 243% at 31 March 2022 (up 26 points vs 31 December 2021).
Stéphane Dedeyan, CNP Assurances’ Chief Executive Officer, said:
“CNP Assurances’ premium income is up 25.3%. We owe this performance to our latest acquisition in Italy, which is already paying off. We have continued transforming our technical reserves, with consolidated unit-linked sales up 31.5%. Having completed our profit-taking programme during the first quarter we are looking forward to the next nine months with confidence. The high SCR coverage ratio of 243% shows our financial robustness in a macroeconomic changing environment.”
1 - Premium income include insurance activity only
2 - Based on a comparable scope of consolidation and at constant exchange rates:
Average exchange rate, Brazil: first three months of 2022: €1 = BRL 5.87; first three months of 2021: €1 = BRL 6.60.
Average exchange rate, Argentina: first three months of 2022 €1 = ARS 119.66; first three months of 2021 €1 = ARS 106.8.
3 - Acquisition of Aviva’s life insurance businesses in Italy.
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