CNP Assurances: 2011 turnover and result
Insurance - 23 February 2012
At 31 December 2011, the turnover of the CNP Assurances group amounts to €30Md, and is 7.1% down on last year. This evolution is mainly due to the savings section, which decreases by 13.4%.
Pensions and provident funds, on the other hand, record two-figure growth (+17.7% and +11%) while credit risk insurance increases by nearly 4%.
In France, although down by 9.1% to €24bn, activity in this sector is greater than in the life insurance/capitalisation market which dropped by 14% in 2011.
CNP Assurances increases its market share (in gross inflow) to 17.4%, compared to 16.8% in 2010.
The reduction in activity stems mainly from the savings segment.
Loan insurance and provident funds record good progress (up by 3.1% and 11% respectively).
Net inflow in France in the life insurance/capitalisation sector is positive at €2,641mn, which corresponds to a market share of 34.9%.
The mutual insurance sector’s activity is up by 15.4% to €974mn.
Internationally, sales remained stable at €6,141mn at the end of 2011. Activity is sustained by dynamic growth in Brazil which records a 13% increase and by the good development of Pension Funds (+38%) and Loan Insurance (+6.8%, or +26% excluding the impact of the loss of Cofidis).
The bottom line of the balance sheet is negatively impacted by the deterioration of the financial markets, mainly in the third quarter of 2011, and by the Greek sovereign debt situation. Because of this environment, net profit comes to €872mn, down by 17%.
“In 2011, CNP Assurances demonstrated in adverse conditions its ability to maintain its operational performances by controlling costs and adjusting the return on portfolios”, underlined the company’s Managing Director, Gilles Benoist. “This is part of a strategy of careful management and reduction of exposure to financial risks“.
* In French standards.
** In IFRS standards (- 0.7%, - 0.3% at constant exchange rates) and € 6,921mn in French standards (- 1.1%).