Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on CNP ASSURANCES. We currently have 8 research reports from 1 professional analysts.
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A dividend increase, finally
23 Feb 17
FY 16 consolidated premium income came to €31,536m, slightly down 0.2% yoy as reported (+4.4% lfl). In France, premiums decreased by 2.1% to €24,251m. The International business recorded a strong 7% increase to €7,284m, boosted by Brazilian growth (+12.2% to €3,548m). Net insurance revenue stood at €2,782m, up 10.7% yoy (14.9% lfl). By region, French net insurance revenue grew by 15.4% to €1,599m and therefore represented c.57.5% of the total group’s net revenues. LatAm’s contracted by 0.8% to €152m (+7.4% lfl). In Europe, excluding France, net insurance revenue jumped 18.2% to €245m. Revenues from own-funds portfolios came in at €771m, -0.3% yoy at current FX (+1.4% lfl). Administrative expenses increased by 6.33% to €916m (8.5% lfl). Consolidated EBIT was up 8.7% to €2,638m (+12.8% lfl). Attributable net profit was €1,200m, 6.2% yoy (+9.2% lfl). Under Solvency II, the estimated coverage rate was 177%. A cash dividend of €0.80 per share will be proposed at the AGM to be held on 13 April 2016.
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.
Another positive verdict
20 Mar 17
Burford’s results for 2016 produced another outstanding set of figures. Revenue grew by 60% to $163.4m with strong growth in the litigation finance business and an additional boost from a secondary sale in the Petersen case. On an underlying basis net income grew to $114m, a 75% increase despite the investment in growing capacity which increased costs. A combination of ongoing investment and gains and increases on valuation saw the fair value of the litigation assets increase 67% to $559m, underpinned by a growth in invested capital to $394m. With the results statement there was an announcement of a further sale of 9% of the Petersen case at a valuation of 20 times the cost of investment.
N+1 Singer - Morning Song 22-03-2017
22 Mar 17
Carador Income Fund (CIFU LN) Premium rating restored, high levels of refinancing activity | Cello Group (CLL LN) Outlook getting brighter – watch Pulsar | Eckoh (ECK LN) Largest ever US secure payments win | eg solutions (EGS LN) Full year results in line | Futura Medical (FUM LN) Licensing deal for CSD500 in Portugal | Verona Pharma (VRP LN) Global agreement with QuintilesIMS to support development of RPL554 | Xaar (XAR LN) 2016 results slightly ahead, reduced visibility in 2017
Small Cap Breakfast
21 Mar 17
First Sentinel—Investment company expecting NEX admission/introduction on 24 March. £636k raised pre-IPO. BioPharma Credit—Expected Gross Initial Acquisition Proceeds now c.$338m. Gross Cash Proceeds capped at $423m with placing and open offer. Results expected 23 March with admission now due 30 march. Tufton Oceanic Assets- The Company intends to invest in a diversified portfolio of second hand commercial sea-going vessels where the Investment Manager believes that an attractive opportunity exists in shipping. $150m raise. Admission 3 April.