CNP Assurances SA, France’s largest life insurer, said first-half net income fell 0.5 percent on lower demand for policies.
Net income declined to 540 million euros ($663 million) from 543 million euros a year earlier, the Paris-based company said in a statement today. That is in line with the 536 million-euro average estimate of six analysts surveyed by Bloomberg.
“It shows resistance,” said Benoit Valleaux, an analyst at Natixis SA in Paris who recommends buying the stock. “But we’ll wait to know the future chief executive’s strategic decisions.”
CNP Assurances’s board of directors yesterday decided to extend the term of Chief Financial Officer Antoine Lissowski as interim chief executive officer until Sept. 25 at the latest. Lissowski was appointed as interim CEO last month after former CEO Gilles Benoist’s 14-year tenure ended.
CNP Assurances rose 1.5 percent to 8.27 euros by 10:35 a.m. in Paris trading, giving the company a market value of 5.3 billion euros. The stock has dropped 14 percent this year, trailing the 7 percent increase of the 26-member Bloomberg Europe 500 Insurance Index.