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CNP pays the bill for the BRL

  • 11 May 16

Q1 16 consolidated premium income came to €8,990m, up 8.4% yor as reported and 13.5% lfl. In France, premiums increased significantly by 13.7% to €7,261m. However, the Italian business recorded a decline of 10.9% as reported (-5.1% lfl) to €769m. In Brazil, the adverse impact of the currency was visible, as premium income increased by 19.8% lfl but failed by 10.5% as reported to €729m. Unit-Linked sales declined by 7% to €1,734m under the weight of lower sales in Italy (-21% to €384m) and Brazil (-9% to €356m). However, Savings sales improved by 18.7% to €6,662m. Net insurance revenue stood at €570m, up 3.8% yoy (20.8% lfl), positively impacted by the French contribution (28.2% as reported to €314m). This allowed it to offset LatAm’s reported bad performance (-18.8% to €206m). Revenues from own-funds portfolios dropped by 26.2% as reported to €152m (down by 21.9% at current FX). Administrative expenses decreased by 3.7% as reported (but up 4.3% lfl) to €209m. Average technical reserves (excluding deferred participation) increased by 1.9% to €321bn. Consolidated EBIT was down by 4.2% to €513m (+10.8% lfl). Attributable net profit was €281m, stable relative to Q1 15 but with a significant increase of 10.3% yoy at constant FX. The Solvency II coverage ratio stood at 175%. It is worth noting that CNP’s sale to La Banque Postale of its 50% stake in La Banque Postale Prévoyance for €306m (less pre-closing dividends) should be completed in Q2/Q3 16. If no pre-closing dividends are received, the sale should generate an after-tax gain of c.€160m, with this amount being included in the 2016 capital gains programme.

Upbeat news

  • 17 Feb 16

FY 15 consolidated premium income came to €31,585m, up 2.5% yoy as reported (+3.4% lfl). In France, premiums increased slightly by 1.1% to €24,777m. Growth was led by the 21.4% increase in unit-linked sales, which accounted for 15.6% of total Savings/Pensions premiums (13.1% in 2014). The International business recorded a strong 8.1% increase to €6,808m, boosted by the Brazilian growth (+11.8% to €3,161m). Net insurance revenue stood at €2,514m, up 0.4% yoy (7.5% lfl). By region, French net insurance revenue grew by 4.6% to €1,386m, while LatAm's contracted by 4.1% to €921m (+12.6% lfl). In Europe, excluding France, net insurance revenue fell by 5.2%, reflecting the non-recurring impact of the changes in consolidation scope that took place in 2015 (sale of CNP BVP, first-time consolidation of CNP Santander Insurance and the relaunch of CNP Partners). Revenues from own-funds portfolios came in at €774m, stable at current FX (+4.6% lfl). Administrative expenses increased by 3% to €862m (4.2% lfl). Consolidated EBIT was down 0.6% to €2,426m (+7.7% lfl). Attributable net profit was €1,124m, 0.2% yoy (+5.9% lfl). Under Solvency II, the estimated coverage rate was 192%. A cash dividend of €0.77 per share will be proposed at the AGM to be held on 28 April 2016. The board has also announced that it has also authorised the signature of the final agreements covering implementation of the renewed partnership with La Banque Postale for a period of 10 years, in accordance with the terms of the preliminary memorandum of understanding announced on 10 December 2015.