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.
Positive returns from all asset classes in Q316
28 Nov 16
Tetragon Financial Group (TFG) reported fair value earnings of US$49.7m for the third quarter of 2016, with positive contributions made by all asset classes. NAV total return was 1.3% for the quarter and 7.8% for the nine months to 30 September 2016. Having completed a US$100m tender offer in June 2016, TFG commenced a US$50m tender offer on 9 November 2016, which should be meaningfully accretive to NAV per share given the current wide share price discount to NAV. Consistent with previous years, the third interim dividend was held in line with the second interim, confirming TFG’s 5.9% yield.
N+1 Singer - Morning Song 30-11-2016
30 Nov 16
Sanderson has delivered full year results in line with expectations and the 19 October trading update after a strong finish to the year compensated for a slower start. A healthy level of pre-contracted recurring revenue (50%), incremental sales to existing customers and new customer wins at higher average order values helped deliver solid revenue growth in both the Digital Retail (+9%) and Enterprise (+12%) divisions. A decent order book and good sales momentum suggest that the company is on track to deliver on unchanged profit expectations for the current year. We continue to view the valuation (FY17 EV/EBITDA 8.6x) as undemanding given an attractive combination of accelerating growth potential, strong cash generation and growing dividends.
Small Cap Breakfast
28 Nov 16
Warpaint London—Schedule one update. Raising £2.5m at 97p. Expected mkt cap £62.6m vs revenues of £22.3m Walls & Futures REIT — Has raised £1m at £1 to acquire, refurbish or develop residential properties in the UK . Due to arrive on ISDX on 29 November Diversified Oil & Gas— Schedule One now out. $60m to be raised. Expected admission 6 December. Creo Medical Group —UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.
Long-term investment in Asian small caps
10 Nov 16
Scottish Oriental Smaller Companies Trust (SST) aims to generate long-term capital growth by investing in a portfolio of small-cap Asia ex-Japan equities. Vinay Agarwal is the interim lead fund manager while Wee-Li Hee is on maternity leave; he is assisted by Martin Lau, Scott McNab and the broader First State Stewart Asia team. Stocks are selected on a bottom-up basis, with a view to preserving capital on the downside as well as achieving capital growth. SST has significantly outperformed the peers and the MSCI AC Asia ex-Japan and MSCI AC Asia ex-Japan Small Cap indices over both five and 10 years.
Interims reveal value creation
28 Nov 16
In June Draper Esprit was listed on the LSE. Today its maiden interim results reveal substantial progress since IPO. In addition to strengthening the executive team with the appointment of Ben Wilkinson as CFO, Draper Esprit has created shareholder value through new investment and realisations.