CNP announced 9M 20 consolidated premium income of €18,649m, -25.7%% yoy as reported (-21% lfl), but 7.7% higher than consensus. The French business (61.1% of total sales) recorded a 30.5% decrease in premiums to €11,402m. The shift in business mix accelerated with Unit-Linked contracts representing 50.7% of Savings/Pensions new money at the group level. EBIT reached €1,943m (-14.7% yoy) and net profit stood at €918m (-7% yoy), 3.3% lower than consensus. No material change is expected in our mod ....
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Signs of recovery
- Published:
19 Nov 2020 -
Author:
Bassem Neifer -
Pages:
3
CNP announced 9M 20 consolidated premium income of €18,649m, -25.7%% yoy as reported (-21% lfl), but 7.7% higher than consensus. The French business (61.1% of total sales) recorded a 30.5% decrease in premiums to €11,402m. The shift in business mix accelerated with Unit-Linked contracts representing 50.7% of Savings/Pensions new money at the group level. EBIT reached €1,943m (-14.7% yoy) and net profit stood at €918m (-7% yoy), 3.3% lower than consensus. No material change is expected in our mod ....