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28 Jul 16
H1 16 consolidated premium income came at €17,269m, up 6.4% yoy as reported and 10.2% lfl. In France, premiums increased by 9.7% to €13,672m, while in LatAm, premium income dropped by 11.6% (11.6% lfl) to €1,566m. Europe excluding France’s premiums amounted to €2,030m, up by 1.2% (+6.5% lfl). Net insurance revenue reached €1,281m, up 4.8% yoy (+16.8% lfl). New business value stood at €205m (-11.6% as reported) with a decreasing margin to 11.9% (14.5% in H1 15). Revenues from own-funds portfolios came in at €426m, down by 4.1% as reported (-0.6% lfl). Administrative expenses reduced by 0.8% as reported (+4% lfl) to €428m. Consolidated EBIT was up 3.6% to €1,280m (+14.9% on a lfl basis). Attributable net profit was €620m, +0.8% yoy (up 8.7% on a lfl basis). The Solvency II ratio stood at 165% (192% in H1 15).
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.
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.
06 Nov 15
9M 15 consolidated premium income came to €23,567m, up 1.5% year-on-year as reported (1.9% like-for-like). In France, premiums decreased slightly by 0.8% to €18,246m. However, international business recorded a 10.4% increase to €5,319m, boosted by the excellent Brazilian growth (+19.9% to €2,475m). The product mix continued in its shift, with lower premium income from traditional savings and pensions business (down 3.7%) and growing Unit-Linked sales (+19.5%). Net insurance revenue stood at €1,826m, up 3.1% year-on-year (8.5% like-for-like). Revenues from own-funds portfolios came in at €574m, up by 0.6% at current FX (+5% like-for-like). Administrative expenses increased by 4.8% to €637m (6.0% like-for-like). Consolidated EBIT was up 1.7% to €1,763m. Attributable net profit was €875m, 3.9% year-on-year.
05 Oct 15
CNP Assurances and AG2R La Mondiale have today announced that they are in exclusive talks with a view to establishing a partnership in the field of private pensions. The partnership will take the form of a 40% investment by CNP Assurances in Arial Assurance, a subsidiary of AG2R La Mondiale dedicated to company retirement savings. The objective for the new company (operational in Q1 16) is to become the leading company retirement savings provider. The JV is expected to represent close to €12bn in additional pension commitments.
16 Sep 15
H1 15 consolidated premium income came to €16,227m, up 2.9% year-on-year as reported and 2.6% like-for-like. In France, premiums increased slightly by 0.3% to €12,462m. In LatAm, premium income jumped by 27.8% (33% like-for-like) to €1,760m. Europe excluding France’s premiums amounted to €2,006m, up by 2.0%. Net insurance revenue stood at €1,222m, up 4.4% year-on-year (+6.4% like-for-like). New business value recorded a sharp rise of 20.6% to €248m (+17.4% like-for-like) with an improved margin to 15.3% (13.7% in H1 14). Revenues from own-funds portfolios came in at €444m, up by 4% as reported (+3.7% like-for-like). Administrative expenses increased by 5.4% as reported (+4.8% like-for-like) to €431m. Consolidated EBIT was up 3.9% to €1,235m (+5.9% on a like-for-like basis). Attributable net profit was €615m, +2.4% year-on-year (up 3.4% on a like-for-like basis). Profits include the gain from the sale of CNP’s 50% stake in Spanish-based CNP Barclays Vida y Pensiones (CNP BVP) for €457m (including a special dividend). The transaction led to a pre-tax capital gain of €248.5m and a post-tax gain of €231.8m. The Solvency I coverage ratio stood at 398%. Excluding unrealised capital gains, the rate is 120% (118% on 31 December 2014). Economic coverage ratio stood at 170% (160% in December 2014).
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