CNP Assurances – 2011 Revenue and Earnings

PARIS, February 22, 2012 /PRNewswire/ --

Revenue: €30.0 billion
Positive net new money in France in all four Quarters
Strong operating momentum (EBIT up 17.4%)
Net profit: €872 million, affected by asset impairments in the third Quarter
Market Consistent Embedded Value: €20.0 per share

 

CNP Assurances, the leading personal insurer in France, with operations in the rest of Europe and in South America, has announced its 2011 revenue and earnings.

Highlights

• Firm business volumes in a difficult environment.CNP Assurances outperformed the Life and Pensions market in France and continued to enjoy strong momentum in Brazil. Revenues were up in the Pensions, Personal Risk and Term Creditor Insurance segments
• Solid growth in operating indicators, lifted by higher technical reserves^[1] (up 4.4%) and sound cost discipline (with a 1.8-point improvement in the Group's cost/income ratio to 37%): net insurance revenue up 12.4% and EBIT up 17.4%.
• Net profit of €872 million (down 17%) after impairment charges of €332 million including the 70% haircut^[2] on Greek sovereign debt
• MCEV up 2% to €20.0 per share and APE ratio stable at 12.3%

Gilles Benoist, Chief Executive Officer, said:

"In last year's adverse environment, CNP Assurances demonstrated its ability to maintain operating performance by controlling costs and adjusting policyholder dividends. This reflects the Group's prudent management approach and its focus on reducing its exposure to financial risks."

1. 2011 Business Review^[3]

Consolidated revenue amounted to €30.0 billion in 2011, a decline of 7.1% compared with the previous year. This was mainly due to the Savings business, which experienced a 13.4% fall in revenue. By contrast, the Pensions and Personal Risk businesses both enjoyed double-digit growth, with rises of 17.7% and 11.0% respectively. In Pensions, part of the increase was attributable to a major contract in Ireland. Term Creditor Insurance revenues were also up, by nearly 4% or 14.0% excluding the impact of the discontinued partnership with Cofidis.

                                   IFRS           French GAAP            Revenue                                     % change          % change            (EURm)              2011              2011    Savings                 20,420.0   - 13.4 21,203.2   - 13.1    Pensions                 3,720.4   + 17.7  3,817.1   + 12.9    Personal Risk            1,917.5   + 11.0  1,917.5   + 10.9    Term Creditor Insurance  3,140.9    + 3.9  3,140.9    + 3.9    Health Insurance           465.8    - 3.0    466.7    - 2.8    Property & Casualty        340.5    + 1.7    340.5    + 1.7             TOTAL          30,005.1    - 7.1 30,886.0    - 7.4 

Although revenue in France was down 9.1% on a French GAAP basis, this was significantly less than the 14.0%^[4] fall in the domestic Life and Pensions market in 2011. With its revenue contribution up 13.0%, Brazil confirmed its role as a key driver of business growth for the Group.

                                       IFRS                 French GAAP                  Revenue                    (EURm)           2011   % change       2011        % change               France           23,864.0      - 8.7   23,965.0           - 9.1               Italy (1)         2,062.3     - 22.5    2,346.0          - 20.9               Portugal (2)        224.0      + 2.8      297.2          - 16.3               Brazil (3)        2,764.2     + 13.0    3,177.0          + 12.9               Argentina (3)        31.7     + 84.8       31.7          + 84.8               Spain (4)           397.6     - 32.0      397.6          - 32.0               Cyprus              210.4      + 3.7      220.5           + 7.9               Ireland             449.9          -      449.9               -               Other (5)             1.0     - 97.2        1.0          - 97.2               Total               International     6,141.0      - 0.7    6,920.9           - 1.1                   TOTAL        30,005.1      - 7.1   30,886.0           - 7.4    (1) CNP Italia branch, CNP UniCredit Vita and CNP BVP Italy.     (2) CNP BVP Portugal (change in consolidation scope in 2010)    (3) Based on exchange rates at 31 December 2011    (4) CNP España branch, CNP Vida and CNP BVP Spain.    (5) Cofidis Romania.  

Consolidated sales of unit-linked products rose 6.2% in 2011. These products represented just under 10% of Savings/Pensions revenue in France and 18.4% overall.

Average technical reserves excluding deferred participation rose by 4.4%.

Technical reserves at 31 December 2011, including deferred participation, stood at €288.7 billion, an increase of 0.2% after taking into account a deferred participation asset of €621 million.

Net new money came to €4.1 billion.

• France^[5]

In 2011, revenue in France declined by 9.1% to €24.0 billion under French GAAP. Over the same period, the domestic Life and Pensions market fell by 14%. As a result, CNP Assurances's market share rose to 17.4% from 16.8% in 2010, on a new money basis.

The downturn in France was mainly due to the Savings segment, which contracted by 11.7%. By contrast, Term Creditor Insurance was up 3.1% and Personal Risk by a very healthy 11.0% over the twelve-month period.

CNP Assurances's net new money from the Savings business was a positive €2,641 million in 2011, giving the Group 34.9% of the market. Net money remained positive even in the fourth quarter.

A.La Banque Postale

Revenue generated by La Banque Postale totalled €10.2 billion in 2011, down by a slight 4.1% on 2010 in a difficult market environment. Sales of the life insurance offer for more affluent customers continued to grow at a brisk pace, while the shift towards unit-linked products continued, with sales up 20% over the past two years. The Personal Risk business held up well, as did the Term Creditor Insurance business.

B. Savings Banks

The Savings Banks' contribution to consolidated revenue declined by 16.5% to €8.8 billion.

The proportion of unit-linked sales remained high at 15.6% of the total, supported by the marketing of five unit-linked funds invested in bonds issued by BPCE.

Personal Risk and Term Creditor Insurance revenue increased, led by the new funeral insurance offer for which monthly sales are running at around 1,300 contracts.

C. CNP Trésor

CNP Trésor generated revenue for the year of €669 million. The 8.7% decline compared with 2010 was less than the fall in the market and should be set against the high basis of comparison created by two exceptional sales in 2010. Excluding the effect of these contracts, new money was broadly stable in 2011.

D. Financial Institutions

The revenue contribution of the Financial Institutions partnership centre amounted to €1.45 billion, a decline of 4.8% versus 2010 that was mainly due to the loss of the Cofidis contract. Excluding the Cofidis effect, underlying revenue was up 7.3%.

This performance was achieved in a year when the number of real estate transactions declined but interest rates were still low and loan books were stable.

During the year, CNP Assurances consolidated its existing partnerships and strengthened its position as an insurer of loans granted under the "1% logement" government housing scheme, through an agreement with the Sud Est Group, one of the scheme's administrators.

E. Companies & Local Authorities

Revenues in this segment declined by a modest 2.0% to €1.7 billion. Performances varied, with an increase in employee benefits revenue in the corporate segment but a fairly marked fall in group pensions business due to the high basis of comparison created by the sale of a major contract in 2010.

F. Mutual Insurers

The Mutual Insurers partnership centre lifted its revenue contribution by 15.4% to €974 million, including €332 million generated by MFPrévoyance.

Several mutual insurers strengthened their ties with CNP Assurances in 2011, particularly in the areas of long-term care insurance and death cover.

• International operations^[6]

Europe, amounting to €6,141 million under IFRS (down 0.7% or 0.3% at constant exchange rates) and €6,921 million under French GAAP (down 1.1%)^[7].

Excluding the effect of the discontinued partnership with Cofidis, which represented revenue of €99 million in 2010, international revenue was up 0.8%.

In all, international operations contributed 20% of total Group revenue.

Growth drivers included Caixa Seguros in Brazil, which enjoyed another year of double-digit growth in 2011 with revenue up 13%. Demand in international markets for the products that create the most value was also strong, with Pensions revenue up 38% thanks to the sale of a major group contract in Ireland, Personal Risk revenue up 11% and Term Creditor Insurance up 6.8% (26% excluding the effect of the discontinued Cofidis business). Performance was dragged down by the Savings business, which contracted by 24.5% due mainly to the unfavourable economic environment and competition from bank products in Europe. The proportion of unit-linked sales remained high, with over one in two Savings/Pensions products sold in international markets including a unit-linked formula.

A. Caixa Seguros (Brazil)

The overall insurance market in Brazil continued to expand rapidly in 2011, led by favourable demographic trends and the growing middle class.

For its part, Caixa Seguros reported revenue up 13% in 2011 to €2,764 million (reflecting a 14% increase in local currency). Growth was in the double digits across all business lines except for Property & Casualty (up 1.5%). Savings revenue grew 18%, Pensions business (over 60% of new money) 12.8%, Personal Risk 13.5% and Term Creditor Insurance 25.5%.

B. CNP UniCredit Vita (Italy)

The Italian life insurance market contracted sharply in 2011, due to competition from bank products. Note that bancassurers hold 75% of the life market. CNP UniCredit Vita's performance was in line with the market trend, with revenue down 31.3% to €1,699 million. Savings business, which accounts for the bulk of revenue, fell by a steep 33.6%.

Highlights of the year included the successful launch of a high-end product in July and healthy growth in term creditor insurance revenue, up 29.5% to €103 million.

C. CNP Barclays Vida y Pensiones (Portugal, Spain and Italy)

CNP BVP operates in the markets of Southern Europe that were particularly badly hit by the crisis. Despite this difficult environment, it reported revenue up 19.6% at €727 million. The main growth driver was Italy, where revenue more than doubled to €297.4 million thanks to the success of BLIP, a new traditional savings product with a unit-linked formula, and expansion of the term creditor insurance business.

D. CNP Marfin Insurance Holding (Cyprus/Greece)

CNP Marfin delivered a resilient performance in last year's very troubled economic environment. Revenue rose 3.7% to €210 million, of which over 90% was generated in Cyprus. In 2011, CNP Marfin consolidated its leadership of the Cyprus market, with shares of 28.8% in the Life segment and 17% in the Non-Life segment (based on statistics up to end-September). In all, 40% of CNP MIH's revenue came from the Savings business which enjoyed 6% growth in 2011.

2. 2011 Results

Net insurance revenue rose by 12.4% in 2011 to €3,129 million. The two main drivers of growth were:

• Strong operating momentum. In France, net insurance revenue increased across all main business lines. Outside France, Brazil remained a major contributor to net insurance revenue growth, thanks to higher revenues and technical reserves, while in Southern Europe, changes in product mix had a favourable impact.
• Higher net insurance revenue from the own funds portfolio, reflecting the 32.8% growth in revenue generated by increased dividends and improved yields on fixed income investments.

Administrative expenses were up by a modest 1.4% as a result of business growth, particularly in international markets. In France, excluding the effect of the first-time consolidation of MFPrévoyance, administrative expenses were down 1.2%. The cost/income ratio^[8] improved by 1.8 points to 42.5%. The ratio for international operations was 29.9%, representing a 4.7-point improvement.

EBIT rose 17.4% to €2,243 million, reflecting the combined effects of higher net insurance revenue and tight cost discipline. All business lines reported gains, with Savings EBIT up 6.7%, Pensions EBIT 3.7 times higher, Personal Risk EBIT up 1.2% and EBIT from own funds portfolios up 48.2%.

Net profit was dampened by impairment charges resulting from deteriorating financial markets-particularly in the third quarter-and the Greek sovereign debt haircut. In all, impairment charges booked by the Group in 2011 totalled €332 million. The Greek sovereign debt portfolio was written down by 70% at 31 December 2011, representing a net loss for shareholders in 2011 of €60 million. In addition, an impairment loss of €75 million was recorded on CNP UniCredit Vita due to financial market conditions in Italy.

CNP Assurances ended the year with consolidated net profit down 17% at €872 million.

The policyholders' surplus reserve stood at €2,886 million at 31 December 2011, unchanged from the year-earlier figure.

Return on Equity declined to 8.8% from 10.9% in 2010 as a natural result of the decrease in profit.

In light of these results, the Board plans to recommend setting the dividend at €0.77 per share, with a scrip payment option.

2011 Income Statement

                                                                        %                                                    2011     2010    change                                                    EURm     EURm                                          Revenue  30,005   32,315    - 7.1%                            Net insurance revenue   3,129    2,785   + 12.4%          - Expenses                                 (886)    (874)    +1.4%                                             EBIT   2,243    1,911   + 17.4%          - Finance costs                            (150)     (95)  + 57.8%          - Income tax expense                       (720)    (619)  + 16.3%          - Minority interests                       (264)    (235)  + 12.2%            Recurring profit before capital gains                                       and losses   1,109      961   + 15.4%    Net realised (losses) gains on    equities and investment property                 (144)     106        -          Fair value adjustments to trading          securities                                  (93)      10        -                              Non-recurring items      (1)     (27)       -                                       Net profit     872    1,050   - 17.0%  

3. Embedded Value at 31 December 2011

At 31 December 2011, Market Consistent Embedded Value (MCEV) amounted to €20.0 per share after dividends. The 2% increase compared with MCEV after dividends at the previous year-end demonstrated the Group's ability to create value even in a difficult environment.

It reflected a 10% increase in ANAV attributable to the inclusion of profit for the year. VIF was down 21%, due to the decline in net new money, volatile and riskier financial markets.

                                         2011        2010                                     In EUR per  In EUR per                                        share      share    % change                                       (before     (after                                     dividends)  dividends)    Market Consistent Embedded Value        20.0       19.6    +2.0%     Adjusted net asset value (ANAV)        15.8       14.4   +10.0%    Value of In Force Business (VIF)         4.1        5.2   -21.0% 

The value of new business (NBV) amounted to €362 million, a decline of 8% that was in line with the reduction in annual premium equivalents (APE), mainly as a result of lower revenues in the French market.

The NBV/APE ratio was stable at 12.3%.

4. Solvency capital

The solvency capital requirement under Solvency I was covered 1.15 times based on Tier 1 capital at 31 December 2011, and 1.35 times including unrealised gains. These figures include the assumption of the scrip dividend payment option.

APPENDICES

Premium Income by Partnership Centre

                        IFRS                                       French GAAP                       2011        2010          %       2011            2010       %                       EURm        EURm     change       EURm            EURm   Change    French Post    Office          10,183.1    10,613.1      - 4.1   10,185.8        10,616.6     - 4.1    Savings Banks    8,807.8    10,548.3     - 16.5    8,809.5        10,550.4    - 16.5    CNP Trésor         669.6       733.4      - 8.7      669.6           733.4     - 8.7    Financial    Institutions    France           1,448.3     1,521.8      - 4.8    1,448.3         1,521.8     - 4.8    Mutual    Insurers           974.4       844.5     + 15.4      974.4           844.5    + 15.4    Companies and    Local    Authorities      1,696.6     1,730.5      - 2.0    1,793.3         1,951.6     - 8.1    Others    (France)            84.1       137.5     - 38.8       84.1           137.5    - 38.8    TOTAL France    23,864.0    26,129.2      - 8.7   23,965.0        26,355.9     - 9.1    CNP Seguros    de Vida    (Argentina)    (1)                 31.7        17.1     + 84.8       31.7            17.1    + 84.8    CNP Vida    (Spain)            172.6       242.0     - 28.7      172.6           242.0    - 28.7    Caixa Seguros    (Brazil) (1)     2,764.2     2,445.8     + 13.0    3,177.0         2,814.0    + 12.9    CNP UniCredit    Vita (Italy)     1,698.8     2,472.9     - 31.3    1,982.5         2,778.5    - 28.6    Marfin    Insurance    Holdings Ltd    (Cyprus)           210.4       202.9      + 3.7      220.5           204.4     + 7.9    CNP Europe    (Ireland)          449.9        23.4  + 1 821.2      449.9            23.4  +1 821.2    CNP BVP    (Portugal -    Spain -    Italy) (2)         727.1       608.2     + 19.5      800.4           745.7     + 7.3    Financial    Institutions    outside    France (3)           3.5        99.3     - 96.5        3.5            99.3    - 96.5    Branches            82.8        74.3       + 11.4     82.8            74.3    + 11.4        TOTAL    International    6,141.0     6,185.9      - 0.7    6,920.9         6,998.8     - 1.1        TOTAL       30,005.1    32,315.1      - 7.1   30,886.0        33,354.7     - 7.4    (1) Average exchange rates                                Argentina:            EUR1 = ARS 5.7091                                Brazil:               EUR1 = BRL 2.3458    (2) Of which CNP BVP Portugal up 23.9%, CNP BVP Spain down 31.3% and CNP BVP Italy up    131.5% under IFRS    (2) The business of writing creditor insurance for Cofidis under the EU freedom of    services directive was discontinued on 1 January 2011 and the related contracts will    generate no further revenues.  

Premium Income by Business Segment

                                IFRS     Premium income                                       2011                                                 Like-for-like     (EUR millions)      2011     2010 % change            (1)    Savings          20,420.0 23,587.3   - 13.4       20,421.5    Pensions          3,720.4  3,160.5   + 17.7        3,735.9    Personal Risk     1,917.5  1,727.7   + 11.0        1,726.0    Creditor    Insurance         3,140.9  3,024.5    + 3.9        3,009.7    Health Insurance    465.8    480.3    - 3.0          465.9    Property &    Casualty            340.5    334.8    + 1.7          343.1         TOTAL       30,005.1 32,315.1    - 7.1       29,702.0 

                            French GAAP     Premium income                                       2011                                                 Like-for-like     (EUR millions)      2011     2010 % change            (1)    Savings          21,203.2 24,404.5   - 13.1       21,209.0    Pensions          3,817.1  3,381.6   + 12.9        3,832.6    Personal Risk     1,917.5  1,728.9   + 10.9        1,726.0    Creditor    Insurance         3,140.9  3,024.5    + 3.9        3,009.7    Health Insurance    466.7    480.3    - 2.8          466.8    Property &    Casualty            340.5    334.8    + 1.7          343.1         TOTAL       30,886.0 33,354.7    - 7.4       30,587.1 

     (1) Average exchange rates for Brazil    At 31 December 2011EUR1 = BRL2.3458    At 31 December 2010EUR1 = BRL2.3286

Unit-Linked Sales

                                          IFRS                French GAAP                                   2011    2010       %    2011    2010      %                                   EURm    EURm  change    EURm    EURm change    French Post Office            539.7   507.9   + 6.3   542.3   511.4  + 6.1    Savings Banks               1,271.1 1,392.6   - 8.7 1,272.7 1,394.8  - 8.7    CNP Trésor                     22.2    31.8  - 30.0    22.2    31.8 - 30.0    Others                          5.8     7.5  - 22.9     5.8     7.5 - 22.9         TOTAL individual        unit-linked France      1,838.9 1,939.8   - 5.2 1,843.1 1,945.4  - 5.3    Group unit-linked France       24.9    23.3   + 7.0   121.6   244.4 - 50.2           TOTAL France         1,863.8 1,963.1   - 5.1 1,964.8 2,189.8 - 10.3    CNP UniCredit Vita            702.1   316.0 + 122.2   985.9   621.6 + 58.6    Caixa Seguros               1,578.1 1,496.1   + 5.5 1,578.1 1,496.1  + 5.5    CNP Vida                       78.3   112.5  - 30.4    78.3   112.5 - 30.4    Marfin Insurance Holdings    Ltd                            68.6    73.5   - 6.6    77.8    73.7  + 5.6    CNP Europe                      6.4    23.4  - 72.9     6.4    23.4 - 72.9    CNP BVP (Spain - Portugal -    Italy) [(1)]                  141.9   196.2   -27.7   215.2   460.0 - 53.2        TOTAL International     2,575.5 2,217.6  + 16.1 2,941.7 2,787.3  + 5.5         TOTAL Unit-linked      4,439.3 4,180.7   + 6.2 4,906.5 4,977.1  - 1.4 

     (1) Of which CNP BVP Spain down 44.9%, CNP BVP Portugal stable and CNP BVP    Italy up 8.4%% under IFRS 

Premium Income by Insurance Category

                                  IFRS                 French GAAP                           2011     2010      %     2011     2010      %                            EURm     EURm change     EURm     EURm change     Individual    insurance products 23,390.8 26,515.5 - 11.8 24,174.0 27,332.7 - 11.6    Group insurance    products            6,614.3  5,799.7 + 14.0  6,711.9  6,022.0 + 11.5          TOTAL        30,005.1 32,315.1  - 7.1 30,886.0 33,354.7  - 7.4 

2011 Premium Income by Country and by Business Segment

                                             IFRS                            Savings          Pensions        Personal Risk          EURm          2011    % chg.    2011    % chg.    2011    % chg.    France            18,058.7  -11.7  1,457.7    -4.1   1,439.9    11.0    Italy (1)          1,763.6  -28.4     16.4    -6.2       7.2    -2.4    Portugal (2)         200.0   29.2      0.0       -       0.3   -86.4    Spain (3)            222.0  -33.7    104.1   -10.5      11.4   -22.0    Cyprus                84.3    6.0      0.0       -      31.8     1.9    Ireland                6.4  -72.9    443.6       -       0.0       -    Others Europe (4)      0.0      -      0.0       -       0.0       -    Brazil                81.1   18.0  1,698.6    12.8     419.2     13.5    Argentina              4.0   10.4      0.0       -       7.7     33.2    Sub-total Inter-         national       2,361.3  -24.5  2,262.7    38.0     477.5    11.0          TOTAL       20,420.0  -13.4  3,720.4    17.7   1,917.5    11.0    (1) CNP Italia branch, CNP UniCredit Vita and CNP BVP Italy    (2) CNP BVP Portugal    (3) CNP España branch, CNP Vida and CNP BVP Spain    (4) Cofidis Romania  

Table continues

                                              IFRS                          Creditor       Health      Property &                        insurance      Insurance     Casualty          Total          EURm         2011   % chg.  2011  % chg.  2011  % chg.     2011   % chg.    France           2,465.6   3.1   442.1  -3.8     0.0     -   23,864.0    -8.7    Italy (1)          275.1  59.3     0.0     -     0.0     -    2,062.3   -22.5    Portugal (2)        23.7 -61.1     0.0     -     0.0     -      224.0     2.8    Spain (3)           60.1 -49.4     0.0     -     0.0     -      397.6   -32.0    Cyprus               6.7 -14.5    22.6   8.0    65.0   2.6      210.4     3.7    Ireland              0.0     -     0.0     -     0.0     -      449.9       -    Others Europe (4)    1.0 -97.2     0.0     -     0.0     -        1.0   -97.2    Brazil             288.8  25.5     1.0     -   275.6   1.5    2,764.2    13.0    Argentina           20.0 157.9     0.0     -     0.0     -       31.7    84.8    Sub-total Inter-         national       675.3   6.8    23.6  12.8   340.5   1.7    6,141.0    -0.7          TOTAL      3,140.9   3.9   465.8  -3.0   340.5   1.7   30,005.1    -7.1    (1) CNP Italia branch, CNP UniCredit Vita and CNP BVP Italy    (2) CNP BVP Portugal    (3) CNP España branch, CNP Vida and CNP BVP Spain    (4) Cofidis Romania  

CNP UniCredit Vita Premium Income

            EURm             IFRS         French GAAP                                     %               %       MARKET SEGMENT      2011  change    2011  change    Savings            1,571.9   -33.6 1,855.6   -30.6    Pensions              16.4    -6.2    16.4    -6.2    Personal Risk          7.2    -2.4     7.2    -2.4    Creditor insurance   103.2   +29.5   103.2   +29.5          TOTAL        1,698.8   -31.3 1,982.5   -28.6 

Caixa Seguros Premium Income

            BRLm               IFRS         French GAAP      MARKET SEGMENT       2011 % change    2011 % change          Savings         190.8   + 19.4 1,159.6   + 14.1         Pensions       3,982.1   + 13.5 3,982.1   + 13.5       Personal Risk      982.9   + 14.2   982.9   + 14.2    Creditor Insurance    679.1   + 27.1   679.1   + 27.1    Property & Casualty   646.9    + 2.5   646.9    + 2.5     Health Insurance       2.5        -     2.5        -           TOTAL        6,484.2   + 13.9 7,453.0   + 13.8 

CNP BVP Premium Income

            EURm             IFRS         French GAAP      MARKET SEGMENT     2011 % change    2011 % change    Savings             473.7   + 22.5   547.0    + 4.4    Pensions             93.2   - 16.5    93.2   - 16.5    Personal Risk        11.5   - 14.9    11.5   - 14.9    Creditor Insurance  148.7   + 54.3   148.7   + 54.3          TOTAL         727.1   + 19.6   800.4    + 7.3 

2012 Investor Calendar

• First quarter 2012 revenue and profit indicators: Friday, 11 May 2012 at 7:30 am
• Annual General Meeting: Thursday, 7 June 2012 at 2:00 pm at Palais des Congrès in Paris
• First-half 2012 revenue and net profit: Friday, 27 July 2012 at 7:30 am
• Nine-month 2012 revenue and profit indicators: Wednesday, 14 November 2012 at 7:30 am

This press release, as well as the consolidated financial statements, the management report and the embedded value report are available in French and English on the CNP Assurances financial web site, http://www.cnp-finances.fr

Disclaimer: Some of the statements contained in this press release may be forward-looking statements referring to projections, future events, trends or objectives that, by their very nature, involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated in such statements by reason of factors such as changes in general economic conditions and conditions in the financial markets, legal or regulatory decisions or changes, changes in the frequency and amount of insured claims, particularly as a result of changes in mortality and morbidity rates, changes in surrender rates, interest rates, foreign exchange rates, the competitive environment, the policies of foreign central banks or governments, legal proceedings, the effects of acquisitions and the integration of newly-acquired businesses, and general factors affecting competition.

Further information regarding factors which may cause results to differ materially from those projected in forward-looking statements is included in CNP Assurances' filings with the Autorité des Marchés Financiers. CNP Assurances does not undertake to update any forward-looking statements presented herein to take into account any new information, future event or other factors.

 

1. Average technical reserves (excluding deferred participation)

2. Impact of Greek debt impairment charges on the income statement: €60 million net of tax and policyholder participation.

3. Unless otherwise stated, all data is presented on an IFRS basis.

4. Source: FFSA statistics, January 2012

5. See also the analyses in the Appendix

6. See also the analyses in the Appendix

7. Differences in revenue between French GAAP and IFRS are due to the fact that for investment contracts without DPF, only the loading is recognized in revenue in the IFRS accounts, in accordance with IAS 39. The main countries affected by the application of IAS 39 are Italy and Portugal.

8. Ratio of administrative expenses to net insurance

 

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+33(0)1-42-18-83-66
Jean-Yves Icole
+33(0)1-42-18-94-93
E-mail : [email protected]

SOURCE CNP Assurances