CNP Assurances : Nine-Month 2013 Indicators

PR Newswire/Les Echos/ 
Paris - 7 November 2013 
Press Release
Nine-Month 2013 Indicators 
Attributable net profit for the first nine months up 3.6% to EUR811 million 
CNP Assurances, the leading personal insurer in France with operations in the
rest of Europe and in Latin America, has announced its indicators for the first
nine months of 2013. 
HIGH LIGHTS OF THE PERIOD 
* IFRS premium income up 5.7% to EUR20.5 billion
* Net revenue up 3.0% to EUR2,351 million
* EBIT up 4.3% to EUR1,692 million
* Attributable net profit up 3.6% to EUR811 million
* First nine-month trends in line with the Group's strategic vision: 
- Improving product mix in France 
- On-going growth in Latin America 
1. Nine-month 2013 indicators 
On an IFRS basis, premium income for the nine months ended 30 September 2013
stood at EUR20.5 billion, up 5.7% as reported and 7.3% at comparable scope of
consolidation and constant exchange rates (like-for-like). Net new money*
amounted to an inflow of EUR691 million for the period. 
In France, premium income saw a decline of 1.8%, stemming mainly from the
traditional savings contract segment, where the net outflow* totalled 
EUR1,080 million over the period. 
Confirming the first-half's positive trend, unit-linked sales rose by 17.8%, 
led by La Banque Postale. As a result, net new money from unit-linked contracts
represented an inflow of EUR290 million. 
In the Personal Risk/Protection segment, which includes death/disability
insurance, health insurance and term creditor insurance, premiums ended the
period up 3.4%, lifted by the Caisses d'Epargne network. 
Revenue in Latin America rose by 7.9% as reported and 22.4% like-for-like to
EUR2.3 billion, reflecting firm expansion in the pensions and term creditor
insurance segments in Brazil. Unit-linked business in the region was up 26.1%
year-on-year and 41.3% like-for-like. 
In the "Europe excluding France" region, premium income included a newly signed
EUR420 million group pension contract. Excluding this factor, the region's
underlying premium income surged 50.8% on the upturn in Italy after a
historically weak first nine months of 2012, and the 74.6% growth in 
unit-linked sales in the region. 
The new business margin widened to 13.5% in the first nine months of 2013 from
11.6% in full-year 2012, while the annualised value of new business rose by 
21% over the same period. 
This performance drove a further 2.2% increase in average technical reserves, 
to EUR298 billion. 
Net insurance revenue stood at EUR1 ,784 million for the period, a year-on-year
gain of 3.1% as reported and of 8.8% like-for-like. 
In France, the 2.6% growth primarily stemmed from the improved product mix and
the increase in technical reserves. 
In Latin America, net insurance revenue rose by 11.0% as reported and 25.7%
like-for-like, led by the sustained growth in business. 
Net insurance revenue in the "Europe excluding France" region contracted by
22.3%, primarily due to the fall-off in savings technical reserves in Southern
Europe. 
Revenues from own funds portfolios rose by 2.8% as reported and by 5.5%
like-for-like to EUR567 million. 
Net revenue for the first nine months of 2013 came to EUR2,351 million, an
increase of 3.0% as reported and of 8.0% like-for-like. 
The cost/income ratio improved to 37.0% from 38.2% in the first nine months of
2012.  
Administrative expenses were almost unchanged, at EUR659 million for the
period. 
At EUR1,692 million, consolidated EBIT was up 4.3% as reported and 10.1%
like-for-like. 
Attributable net profit came to EUR811 million, a gain of 3.6% as reported and
of 6.6% like-for-like. 
Consolidated equity (excluding minority interests) increased by EUR338 million
or 2.4% to EUR1 4,485 million at 30 September 2013. 
The Solvency I coverage rate stood at 291%. Excluding unrealised capital gains,
the rate was stable at 116%. 
                                   2013         2012 
                                (9 months)   (9 months)   % change
(in EUR millions)
Premiums (IFRS)                       20,508       19,394       + 5.7
Average technical reserves excl. 
deferred participation               298,039      291,568       + 2.2
Net revenue                            2,351        2,283       + 3.0
Net insurance revenue, of which:       1,784        1,731       + 3.1
France                                   882          860       + 2.6
Latin America                            750          675      + 11.1
Europe excluding France                  152          196      - 22.4
Revenues from own funds portfolios       567          552       + 2.8
- Administrative expenses, of which:    (659)        (661)      - 0.2
France                                   427          423       + 1.0
Latin America                            156          158       - 1.2
Europe excluding France                   76           79       - 4.5
EBIT (Earnings Before Interest 
and Taxes)                             1,692         1,622      + 4.3
- Finance costs                         (108)         (115)     - 6.0
+ Share of profit of associates            2            -          NS
- Income tax expense                    (572)         (531)     + 7.7
- Minority interests                    (248)         (220)    + 12.5
Recurring profit before capital  
gains and losses                         765           755      + 1.4
Net realised gains on equities and 
investment property, AFS and fair 
value adjustments                         85           237     - 64.3
Non-recurring items                      (38)         (209)      n.m.
Net profit attributable to equity
holders of the parent                    811           783      + 3.6 
   
APPENDIX 
INVESTOR CALENDAR 
- 2013 premium income and profit: Thursday, 20 February 2014, 7:30 am  
- Annual General Meeting: Tuesday, 6 May 2014, 2:30 pm 
- First-quarter 2014 results indicators: Wednesday, 7 May 2014, 7:30 am 
- First-half 2014 premium income and profit: Thursday, 31 July 2014, 7.30 am 
- Nine-month 2014 results indicators: Wednesday, 5 November 2014 at 7:30 am. 
This press release, along with all of CNP Assurances's regulated information
published in accordance with Article L.451-1-2 of the Monetary and Financial
Code and Articles 222-1 et seq. of the Autorité des Marchés Financiers'
general rules, may be downloaded from the Group's investor information website
www.cnp-finances.fr. 
About CNP Assurances 
CNP Assurances is France's leading personal insurer, with net profit of EUR951
million in 2012. The Group also has operations in other European countries and
in Latin America, with a significant presence in Brazil. It has 23 million
savings and personal risk policyholders worldwide and 17 million insureds under
term creditor insurance contracts. 
CNP Assurances's business is to promote confidence in the future by offering
products that protect against the risks of everyday life. The Group designs and
manages life insurance, pension, term creditor insurance and personal risk
insurance products. The products are distributed by partners that have a strong
market presence. 


    - In France, CNP Assurances distributes its individual insurance products
     through La Banque Postale and the Caisses d'Epargne, as well as through 
     its own CNP Trésor network.
    - In group insurance, CNP Assurances and its international subsidiaries
     design term creditor insurance products for a large number of financial
     institutions. They also craft tailor-made pension and employee benefits
     contracts for local authorities, companies and mutual insurance partners.


Listed on the first market of the Paris Bourse since October 1998, CNP
Assurances enjoys the backing of a core group of four major shareholders 
(Caisse des Dépôts et Consignations, La Banque Postale, Groupe BPCE and the 
French State) united by a shareholders' agreement. 
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. 
                                APPENDIX 


                             2. Premiums by Country


(in EUR millions)
Policyholders' country           Consolidated Premiums (IFRS) by Country
of residence                  2013        2012    % change    % change
                           (9 months)  (9 months)          (like-for-like) 
                                                                 (1)

France                      15,386.8    15,674.2    - 1.8       - 1.8
Brazil                       2,237.5     2,071.9    + 8.0      + 22.3
Argentina                       44.2        43.7    + 1.0      + 23.0
Italy (2)                    2,069.1     1,094.7   + 89.0      + 89.0
Portugal (3)                    46.4        27.6   + 68.4      + 68.4
Spain (4)                      161.3       285.3   - 43.4      - 43.4
Cyprus                         116.9       136.5   - 14.4      - 14.4
Ireland                          0.7        54.6   - 98.7      - 98.7
Other Europe                   444.8         5.5     n.m.        n.m.
Sub-total
International                5,120.9     3,719.8   + 37.7      + 45.9
TOTAL                       20,507.7    19,394.0    + 5.7        +7.3

(1)Average exchange rate for the Brazilian real 
At 30 September 2013: EUR1 = BRL2.79
At 30 September 2012: EUR1 = BRL2.46
(2) CNP Italia branch, CNP UniCredit Vita, CNP BVP Italy, CNP Europe Life
business written under the EU freedom of services directive
(3) CNP BVP Portugal
(4) CNP España branch, CNP Vida and CNP BVP Spain

3. Premiums by Business Segment


                                                      IFRS
(in EUR millions)             2013        2012    % change    % change 
                       (9 months)  (9 months)          (like-for-like)  
                                                             (1)
Savings                     13,099.4    12,550.5    + 4.4       + 4.4
Pensions                     2,731.2     2,364.9   + 15.5      + 23.2
Personal Risk                1,520.9     1,474.2    + 3.2       + 5.7
Term Creditor Insurance      2,491.4     2,343.6    + 6.3       + 8.3
Health Insurance               396.3       392.1    + 1.1       + 1.5
Property & Casualty            268.6       268.8    - 0.1      + 11.0
TOTAL                       20,507.7    19,394.0    + 5.7       + 7.3 
(1)Average exchange rate for the Brazilian real
At 30 September 2013: EUR1 = BRL2.79
At 30 September 2012: EUR1 = BRL2.46 


                                    APPENDIX
           4. Premiums by Region and Partnership Centre/Subsidiary


                                       IFRS
(in EUR millions)              2013        2012 
                        (9 months)  (9 months)   % change 
La Banque Postale             6,287.2    6,826.3       - 7.9
Caisses d'Epargne             5,620.6    5,285.8       + 6.3
CNP Trésor                      393.9      433.6       - 9.1
Financial Institutions France 1,132.9    1,102.5       + 2.8
Mutual Insurers                 651.8      700.3       - 6.9
Companies & Local Authorities 1,244.6    1,273.5       - 2.3
Other (France)                   55.7       52.3       + 6.5
TOTAL FRANCE                 15,386.8   15,674.2       - 1.8
CNP Seguros de Vida 
(Argentina) (1)                  44.2       43.7       + 1.0
Caixa Seguros (Brazil) (1)    2,237.5    2,071.9       + 8.0
CNP Vida (Spain)                 95.0      123.2      - 22.9
CNP UniCredit Vita (Italy)    1,876.8      932.4     + 101.3
CNP Laiki Insurance Holdings 
(Cyprus)                        123.6      142.0      - 13.0
CNP Europe (Ireland)             20.0       54.6      - 63.3
CNP BVP (Portugal-Spain-Italy)  213.2      309.4      - 31.1
Branches                        510.5       42.5        n.m.
TOTAL INTERNATIONAL           5,120.9    3,719.8      + 37.7
TOTAL                        20,507.7   19,394.0       + 5.7 
   
(1) Average exchange rates: Argentina: 
EUR1 = ARS 6.96 - Brazil: EUR1 = BRL 2.79 
Contacts presse
CNP Assurances 
Florence de MONTMARIN
01 42 18 86 51 
Tamara BERNARD
01 42 18 86 19 
servicepresse@cnp.fr 
Contacts investisseurs et analystes CNP Assurances 
Jim ROOT
01 42 18 71 89 
Annabelle BEUGIN-SOULON
01 42 18 83 66 
Julien DOCQUINCOURT
01 42 18 94 93
infofi@cnp.fr 
                  
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-0- Nov/07/2013 09:28 GMT