CNP Assurances First-Half Profit Rises on Latin America PremiumsFabio Benedetti-Valentini
CNP Assurances SA said first-half profit climbed as insurance premiums in Latin America surged.
Net income was 615 million euros ($674 million) in the six months through June compared with 601 million euros a year earlier, the Paris based insurer said in a statement Thursday.
“We continued to enjoy strong business and earnings momentum,” Chief Executive Officer Frederic Lavenir said in the statement.
While premiums were almost flat at 12.5 billion euros in France, they jumped 33 percent to 1.7 billion euros in Brazil, its main market in Latin America.
The shares rose 0.9 percent to 15.52 euros at 9:43 a.m. in Paris trading, valuing the company at 10.7 billion euros. They’ve gained 5.4 percent this year, lagging behind an increase of 13 percent for the Bloomberg Europe 500 Insurance Index.
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