Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on CNP ASSURANCES. We currently have 7 research reports from 1 professional analysts.
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The French motor is fully functioning
09 Nov 16
9M 16 consolidated premium income came in at €24,332m, up 3.2% yoy as reported and 5.8% lfl. The French business recorded an excellent growth pace with a 4.2% increase in sales as reported (+5.2% lfl) to €19,020m, which represents 78% of total premiums. The Brazilian business showed resilience and sales reached €2,492m (+12.9% lfl). The shift in business mix is confirmed with €2.3bn of inflows in unit-linked products and €1.4bn net outflows in traditional savings products. Net insurance revenue reached €1,951m, up 6.8% yoy (+14.5% lfl). Revenues from own-funds portfolios came in at €572m, down by 0.3% as reported (+1.8% lfl). Administrative expenses increased slightly by 1.3% as reported (+4% lfl) to €645m. EBIT reached €1,878m (+6.5% yoy) and net profit reached €886m (+1.3%). The Solvency II ratio stood at 160%.
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.
Making Mobiles Better
17 Jan 17
Mobile phones are increasingly the key connection for the modern world. This means that the performance of mobile phones, and their networks, is going to become more critical for all the apps and businesses that rely on them. New technologies such as VR, AR, and AV will need better, more reliable connections to really move into the mainstream. In this thematic piece we attempt to identify some of the most important issues facing mobile phone networks and their users, and start to identify solutions and enablers that will solve these problems and create value by doing so.
N+1 Singer - Best Ideas 2017 - Top picks
04 Jan 17
Today we publish our Best Ideas for 2017 - 12 stocks that we believe have excellent prospects in the current year together with a detailed discussion of what we see as the key sector and market themes for 2017. Our top picks are Cineworld, Elementis, Herald Investment Trust, Hill & Smith, IQE, MySale, Redde, ReNeuron, RhythmOne, SDL, Servelec and Severfield.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.
N+1 Singer - Morning Song 16-01-2017
16 Jan 17
As the birthplace of Stephenson, Armstrong and Swan, the North East of England has a proud history of industrial and technological innovation. Despite local economic challenges, the region’s industrial heritage lives on through continuing success in high end engineering and technology. The recent takeovers of private equity backed SMD (subsea robotics) and Nomad Digital (wi-fi on the railways) are testament to this. The North East has also emerged as a leader in genetics and genomics with an enviable life sciences and healthcare infrastructure. Against this backdrop, we expect the region to continue to throw up attractive IPO candidates to build on the six new listings in the past three years. We expect 2017 to be far kinder to the existing portfolio of North East plcs than 2016 (a year to forget) with recent management changes one important theme for the new year. Our top picks are Hargreaves Services, Quantum Pharma and Zytronic (all N+1 Singer Corporate clients) and we are Buyers of Northgate and Grainger.