France: Premium Income Down 17.9% Excluding Fourgous Transfers (in Line
With the Performance of the Bancassurance Sector) and International Premium
Income up 16.3%
Technical Reserves up 6.6%, Despite Lower Stock Market Prices
Target of Double-Digit Growth in Recurring Profit in 2008 Reaffirmed
PARIS, May 13 /PRNewswire-FirstCall/ -- CNP Assurances's premium income
declined 19% in the first quarter of 2008, as a difficult financial
environment led to strong competition from easy access savings products in
France and Italy. Premium income in France was down 24% on a reported basis
and 18% excluding Fourgous transfers, while international premium income
was up 16%. Reflecting the trend observed in the fourth quarter of 2007,
the French life insurance market was adversely affected by stiff
competition from short-term savings products offered by banks and also by a
fall-off in unit-linked sales and Fourgous transfers due to lower stock
market prices. By contrast, the Group's technical reserves - which are the
main drivers of earnings growth - rose by 6.6% despite the decline in stock
market prices, without which the increase would have reached 7.6%. Based on
this performance and as announced at the Annual General Meeting of 22 April
2008, the Group reaffirms its target of double-digit growth in recurring
profit for the year, barring any significant worsening of the financial
crisis.
1 - First quarter business review
Note:
In line with the new partnership agreement with UniCredit in Italy
approved on 22 January 2008 (see 3.1 below), since 1 January, CNP UniCredit
Vita has been marketing, through the UniCredit network, a product range
aligned with the UniCredit Group's other life insurance offerings. The
range includes products without a deferred participation feature that are
accounted for in accordance with IAS 39, by recognising only the premium
loading in revenue (unlike under French GAAP, where the total premium
income is reported as revenue).
As a result of this shift in product mix, CNP UniCredit Vita's reported
premium income under IFRS declined compared with first-quarter 2007,
although new money was higher.
1.1 - Consolidated revenue
Technical reserves, which are the main driver of earnings growth, rose
by 6.6% over the twelve months to 31 March 2008, excluding deferred
participation. The increase is net of a 1% decline in linked liabilities.
It compares with an 8.3% rise over the twelve months to 31 December 2007,
of which 0.1 point was attributable to growth in linked liabilities.
Premium income for the first three months of the year amounted to
EUR7,638.2 million, down 22.1% on a reported basis and 22.8% like-for-like
(based on a comparable scope of consolidation and at constant exchange
rates).
Premium income under French GAAP (which includes total premiums from
Italian products versus only the premium loading under IFRS) contracted
19.1% to EUR8,130.5 million. The decline related in full to operations in
France, where premiums were down 24.3% or 17.9% excluding Fourgous
transfers, and mirrored the experience of other bancassurers (excluding
Fourgous transfers). By contrast, international premiums rose 16%.
According to estimates published by the industry federation (FFSA), the
French savings and pensions market contracted by 10% in the first quarter
to EUR36.5 billion under French GAAP, including an 18% fall in the
bancassurance segment. This decline in the French market, observed over the
last six months, was due to the attractiveness of easy access savings
products offered by the banks. Nevertheless, technical reserves rose 5% on
an annualised basis (reflecting 6% growth in reserves for non-unit-linked
contracts and a 1% decline in linked liabilities) and net new money came to
EUR13.3 billion.
1.2 - Revenue by business segment
First-quarter revenue growth was held back by the savings business.
Sales of pure insurance products, which generate very high margins,
continued to expand rapidly, with loan insurance premiums up 12%, property
and casualty premiums up 9% and personal risk premiums up 2%.
In the savings and pensions segment, unit-linked sales contracted by
21.1% to EUR1,926.1 million. The decline was entirely attributable to the
46.4% drop in sales in France, which masked gains of 5.7% in Italy and 51.7%
in Brazil.
IFRS French GAAP
Premium income Q1 2008 Q1 2007 % change Q1 2008 % change
(in EURm)
Savings 5,682.6 8,047.2 - 29.4 6,174.7 - 24.6
Pensions 582.8 475.5 + 22.6 583.1 + 1.4
Personal risk 559.9 549.1 + 2.0 559.9 + 2.0
Loan insurance 635.8 568.5 + 11.8 635.8 + 11.8
Health insurance 86.7 86.7 - 0.1 86.7 - 0.1
Property & Casualty 90.4 83.1 + 8.8 90.4 + 8.8
TOTAL 7,638.2 9,810.2 - 22.1 8,130.5 - 19.1
Premium income in Spain includes CNP Vida only in the first quarter
of 2008.
1.3 - By country and partner network Apart from France, where the Group's performance was in line with that
of the other bancassurers (excluding Fourgous transfers), premium income
continued to grow at a healthy rate in other countries, particularly Brazil
which enjoyed an excellent first quarter.
IFRS French GAAP
Premium Q1 2008 % change Q1 2008 % change
income
(in EURm)
France 6,629.9 - 23.4 6,633.7 - 24.3
Italy(1) 541.2 - 34.7 951.4 + 5.1
Brazil 351.9 + 34.4 419.1 + 31.1
Spain(2) 58.1 + 979.9 58.1 + 979.9
Other 57.1 - 68.2 -
TOTAL 7,638.2 -22.1 8,130.5 -19.1
(1) Italian branches and Cofidis business in Italy since 2004 and CNP
UniCredit Vita.
(2) Spanish branches, Cofidis Spain and, since 5 April 2007, CNP Vida.
France
First quarter premium income in France amounted to EUR6,629.9 million,
compared with EUR8,657.1 million in the same period of 2007 which included
Fourgous transfers for EUR903 million.
Premiums recognised on these transfers from non-unit-linked contracts
to combined unit-linked/non-unit-linked contracts totalled EUR263.9
million, three times less than in first-quarter 2007. Excluding these
Fourgous transfers, premium income in France was down 17.9%, exactly
mirroring the 18% decline observed for the bancassurance segment (based on
FFSA estimates). Net new savings and pensions money amounted to EUR2.1
billion.
At EUR776.5 million, unit-linked sales were down 46% in a French market
that contracted by 37% due to the unfavourable stock market conditions.
This below-market performance was due to the decline in Fourgous transfers,
which have a unit-linked content of at least 20%. Unit-linked sales by the
three distribution networks represented 14.4% of total premium income for
the first quarter.
Premium income generated by La Banque Postale amounted to EUR2,541.7
million, compared with EUR3,655.8 million in the first quarter of 2007,
which saw 31% growth versus first-quarter 2006. The decline was mainly due
to the lower volume of Fourgous transfers, which amounted to EUR143 million
versus EUR665 million. Excluding Fourgous transfers, premium income was
down 19.8%, closely reflecting the decline observed for the French
bancassurance sector as a whole. Sales of all products other than savings
contracts (pension, personal risk and loan insurance products) continued to
grow. Marketing campaigns are underway the second quarter to promote
savings and personal risk products.
The Savings Banks generated premium income of EUR2,738.6 million in the
first quarter, compared with EUR3,676.4 million for the same period of
2007. The total included around EUR120 million in transfers from PEL
home-savings accounts versus EUR350 million in first-quarter 2007.
Excluding Fourgous and PEL transfers, the decline was nearly in line with
that of the bancassurance segment as a whole. Unit-linked sales were also
down on first-quarter 2007 but nonetheless represented 18% of total premium
income generated by the network. Promotional offers will run from April to
the end of July, offering special rates on all combined
non-unit-linked/unit-linked products with a minimum unit-linked weighting.
The CNP Tresor network reported first-quarter premium income of
EUR167.3 million compared with EUR220.6 million in the year-earlier period.
The fall was due to sharply lower Fourgous transfers, which amounted to
EUR5 million versus EUR48 million. Excluding Fourgous transfers, the
downturn was just 5.8% and was essentially due to the general market
environment, competition from easy access bank products and reduced saver
appetite for unit-linked products. In the second quarter, the network will
launch promotional offers with or without a minimum unit-linked weighting
requirement.
Premium income generated by the Companies & Local Authorities and
Financial Institutions partnership centres rose 8% and 10% respectively,
reflecting the strong 10% overall growth in sales of loan insurance in
France.
International operations
Operations outside France contributed EUR1,496.8 million to
first-quarter premium income under French GAAP, representing an increase of
16.3%. Premium income under IFRS was down 12.6%, due to the classification
of new Italian products.
Europe
Italy - CNP UniCredit Vita
The Italian life insurance market contracted by 30% in the first two
months of 2008, led by a 45% fall in the unit-linked segment. Like in
France, the sharp drop was essentially due to fallout from the subprime
crisis, which forced the banks to seek alternatives to their securitisation
programmes. The shift in their refinancing strategies drained funds away
from the life insurance market, towards bank-type savings products. The
market's poor performance also reflected the trough in index-linked product
maturities compared with the early-2007 peak.
In this environment, CNP UniCredit Vita reported premium income up 5.8%
at EUR937.5 million under French GAAP. By continuing to outperform its
competitors in the bancassurance segment, the Italian subsidiary
significantly improved its market share compared with first-quarter 2007.
Business growth combined with the favourable effect of contract maturities
(down 84% compared with first-quarter 2007), led to net new money of
EUR560.5 million, contrasting with a negative EUR23.2 million in the
year-earlier period. These figures attest to the resounding initial success
of the product range marketed since January 2008. However, as explained
above, the application of IAS 39 to account for certain products led to a
reduction in premium income under IFRS to EUR527.4 million from EUR809.9
million in first-quarter 2007.
The Italian loan insurance business continued to expand rapidly, with
premium income at double the first-quarter 2007 level.
CNP UniCredit Vita Premium Income for the First Quarter of 2008
EURm IFRS French GAAP
MARKET SEGMENT Q1 2008 Q1 2007 % change Q1 2008 Q1 2007 % change
Savings 496.6 789.6 - 37.1 906.8 866.2 + 4.7
Pensions 6.5 7.4 - 12.4 6.5 7.4 - 12.4
Personal risk 1.6 1.8 - 12.6 1.6 1.8 - 12.6
Loan insurance 22.7 11.0 + 105.5 22.7 11.0 + 105.5
TOTAL 527.4 809.9 - 34.9 937.5 886.5 + 5.8
Portugal - Global and Global Vida
In Portugal, the life insurance market confirmed its recovery,
expanding 25% compared with first-quarter 2007. The savings market grew
26%, led by the bancassurers, who recorded substantial transfers from
bank-type products to insurance products. The non-life market remained
stable.
In this environment, the Global group reported premium income up 23.5%.
Non-life premiums rose by a modest 1.2%, while life premiums surged
141% following the market launch of a new range of savings products.
In Spain, CNP Vida - which has been consolidated since 5 April 2007 -
had a market share of 0.7% at end-2007. The subsidiary's premium income
rose 7.6% in first-quarter 2008 to EUR49.2 million, reflecting 52.5% growth
in the pensions business and a 9.1% advance in unit-linked sales.
Latin America
Brazil - Caixa Seguros
Caixa Seguros reported first-quarter premium income of BRL 1,124.2
million, up 27% in local currency in a Brazilian market that grew 15%
(excluding health insurance) in the first two months of 2008. After
conversion into euros, the subsidiary's contribution to consolidated
premium income was 31% higher, reflecting the real's 3.2% average gain
against the euro compared with first-quarter 2007.
CAIXA SEGUROS (BRAZIL) PREMIUM INCOME
BRLm IFRS French GAAP
MARKET SEGMENT Q1 2008 Q1 2007 % change Q1 2008 Q1 2007 % change
Savings 16.6 19.0 - 12.6 197.0 179.1 + 10.0
Pensions 557.7 382.7 + 45.7 557.7 382.7 + 45.7
Personal risk 143.8 130.4 + 10.2 143.8 130.4 + 10.2
Loan insurance 78.2 59.6 + 31.3 78.2 59.6 + 31.3
Property & Casualty 147.5 133.1 + 10.8 147.5 133.1 + 10.8
TOTAL 943.8 724.8 + 30.2 1,124.2 884.9 + 27.0
Premiums increased across most business segments (growth rates are
shown in local currency):
- Savings premium income continued to grow rapidly, rising 10% under
local GAAP. The period-on-period fall in the IFRS amount - which
corresponds to the premium loading and not to total premiums - is due to
the heavy weighting of single premium products for which the loading rate
declines over time.
- The pensions business expanded by a very strong 45.7%.
- The personal risk business also performed well, as did the loan
insurance business which grew 31.3%.
2. General business environment
2.1 A persistently unfavourable financial environment in the first
quarter
The CAC 40 index lost 16.16% in the first quarter of 2008, falling to
4707.07 points. Equity markets were hit by several unfavourable
developments. The United States teetered on the brink of recession, with
GDP inching up a mere 0.6% in the fourth quarter of 2007 compared with 4.9%
in the third quarter when 232,000 jobs were lost, there was more bad news
in the financial sector, with the announcement of further asset writedowns
linked to the subprime crisis and continued fears of bankruptcies among
monoline insurers, and raw materials prices continued to climb. In the
fixed income markets, government bonds served as a hedge against inflation
at the peak of the financial crisis and credit spreads widened
considerably. In a very tight interbank market, Western central banks
attempted to stave off a credit crunch by injecting liquidity into the
financial system and in the United States, the Fed Funds rate was cut to
2.25% from 3% on 18 March. On the currency markets, the euro gained 7.4%
against the dollar, reaching $1.5812 on 31 March 2008.
Financial market indicators
31 March 30 June 31 Dec. 31 March
2007 2007 2007 2008
CAC 40 5,634.16 6,054.93 5,614.08 4,707.07
Eurostoxx 50 4,181.03 4,489.77 4,399.72 3,628.06
3-month Euribor 3.92% 4.17% 4.68% 4.73%
10-year OAT 4.10% 4.61% 4.46% 4.10%
EUR1 in $ (period-end 1.33 1.35 1.47 1.58
rate)
EUR1 in BRL (period-end 2.72 2.60 2.61 2.76
rate)
EUR1 in BRL (average 2.77 2.71 2.66 2.68
rate)
2.2 Regulatory and tax environment Under France's 2003 Pensions Reform Act ("Fillon Act"), pension
institutions are required to obtain a licence to operate as a provident
institution or to merge with an existing provident institution before the
end of 2008. Institutions that elect not to choose either of these options
must convert into pension plan managers and transfer their commitments to
an insurance company. This latter option should create new impetus in the
French life insurance market, with group contracts expected to contribute
two points of market growth in 2008 according to research published by the
FFSA in February.
3. Significant events since 1 January 2008
3.1 Significant events of the first quarter
- January: Board approval of the 2008-2012 Business Plan
At its meeting on 15 January, the Board of Directors unanimously
approved the 2008-2012 Business Plan, which sets ambitious growth targets
for the next five years, including a near doubling of Ebit and 100% growth
in the value of new business.
- January: framework agreed for the new partnership between CNP
Assurances and UniCredit
In January, the Boards of Directors of CNP Assurances and UniCredit
approved the terms of a Memorandum of Understanding concerning the
adjustments to be made to the agreements regarding their joint subsidiary,
CNP Capitalia Vita, which has since been renamed CNP UniCredit Vita.
Implementation of the agreement is based on the following principles:
- CNP UniCredit Vita has retained its overall sales potential in the
new UniCredit organisational structure, with exclusive distribution rights
through the Banca di Roma and Banco di Sicilia networks.
- A flexible range of products aligned with the rest of the UniCredit
group's life insurance offering and its overall marketing policy was
launched in January, with a promotional focus on unit-linked rather than
index-linked products. In addition, CNP UniCredit Vita will continue to
develop its loan insurance and personal insurance offerings.
March: publication of the 2007 results
On 4 March, CNP Assurances announced a very robust set of results for
2007, with attributable recurring profit after capital gains up 31% to
EUR1,178 million and the value of new business up 18% at EUR355 million.
The crisis in the securitisation market had only a limited impact, trimming
just EUR47 million from pre-tax profit. The press release included
estimates of the sensitivity of reported profit and equity to various
market parameters. The divided recommended at the Annual General Meeting on
22 April amounted to EUR2.85 per share. In its guidance, the Group stated
that, despite the unfavourable trading conditions in France, attributable
recurring net profit for the year should increase by at least 10% compared
with 2007 unless the crisis in the financial markets worsens.
In the first quarter of 2008, very few securities in the ABS
portfolio were affected by ratings downgrades and there was no
deterioration in cash flows from this portfolio. A currency hedge was set
up during the period to protect Caixa Seguros's contribution to
consolidated profit against a potential 10% fall in the real compared with
2007.
3.2 Significant events since the end of the quarter
Annual General Meeting
At the Annual General Meeting, held in Paris on 22 April 2008 under the
chairmanship of Edmond Alphandery, Chairman of the Board of Directors,
shareholders approved the financial statements of the Company and the Group
for the year ended 31 December 2007. Shareholders also approved the payment
of a dividend of EUR2.85 per share, payable from 29 April 2008. The meeting
included a review of conditions in the French life insurance market during
the first quarter and of CNP Assurances's performance. Gilles Benoist,
Chief Executive Officer, noted that the market contracted by an estimated
10%, with a roughly 18% fall in the bancassurance segment. He added that,
excluding Fourgous transfers, CNP Assurances's performance for the quarter
was expected to be in line with that of the bancassurers. Concerning the
full-year outlook, he reaffirmed the Group's target of reporting
double-digit growth in attributable recurring profit, barring any
significant worsening of the financial crisis. This information was
disclosed in a press release published after the Meeting on 22 April.
In this environment, recurring profit for the year before capital gains
is expected to primarily reflect strong growth both in sales of pure
insurance products and in technical reserves.
As stated at the Annual General Meeting on 22 April, "Unless the
financial crisis worsens considerably, the Group expects a rise in
technical reserves to power double-digit growth in the Group's recurring
profit in 2008, despite the unfavourable trading conditions in France."
This financial press release is available for consultation, in French
and English on the CNP Assurances web site, http://www.cnp.fr.
Disclaimer
Some of the statements contained in this press release may be
forward-looking statements referring to projections, future events, trends
or objectives which, 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 Autorite des Marches 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.
The English language version of this press release is a free
translation from the original, which was prepared in French. All possible
care has been taken to ensure that the translation is an accurate
representation of the original. However, in all matters of interpretation
of information, views or opinions expressed therein, the original language
version of the press release in French takes precedence over the
translation.
FIRST-QUARTER 2008 PREMIUM INCOME
FIRST-QUARTER CONSOLIDATED PREMIUM INCOME BY PARTNERSHIP CENTRE
IFRS French GAAP
Q1 2008 Q1 2007 Change Q1 2008 Q1 2007 Change
EURm EURm % EURm EURm %
La Banque Postale 2,541.7 3,655.8 - 30.5 2,544.0 3,658.5 - 30.5
Savings Banks 2,738.6 3,676.4 - 25.5 2,739.5 3,677.6 - 25.5
CNP Tresor 167.3 220.6 - 24.2 167.6 221.1 - 24.2
Financial Institutions 362.4 328.4 + 10.3 362.4 328.4 + 10.3
France(1)
Mutual Insurers 212.7 213.9 - 0.6 212.7 213.9 - 0.6
Companies and Local 579.9 537.0 + 8.0 580.2 636.8 - 8.9
Authorities
Other (France) 27.4 25.1 + 9.0 27.4 25.1 + 9.0
TOTAL France 6,629.9 8,657.1 - 23.4 6,633.7 8,761.4 - 24.3
Global (Portugal) 41.3 42.4 - 2.6 52.4 42.4 + 23.5
CNP Seguros de Vida 1.3 1.1 + 22.5 1.3 1.1 + 22.5
(Argentina)
CNP Vida (Spain)(2) 49.2 - - 49.2 - -
Caixa Seguros 351.9 261.9 + 34.4 419.1 319.7 + 31.1
(Brazil)
CNP UniCredit Vita 527.4 809.9 - 34.9 937.5 886.5 + 5.8
(Italy)
Financial Institutions 24.5 20.4 + 19.9 24.5 20.4 + 19.9
outside France
Branches 12.7 17.4 - 26.9 12.7 17.4 - 26.9
TOTAL International 1,008.3 1,153.1 - 12.6 1,496.8 1,287.5 + 16.3
TOTAL 7,638.2 9,810.2 - 22.1 8,130.5 10,048.9 - 19.1
(1) Excluding Cofidis outside France.
(2) CNP Vida has been consolidated as from 5 April 2007.
FIRST-QUARTER CONSOLIDATED PREMIUM INCOME BY BUSINESS SEGMENT
IFRS
Premium income Q1 2008 Q1 2007 % Q1 2008 %
(in EURm) change at change
constant
exchange
rates(1)
Savings 5,682.6 8,047.2 - 29.4 5,682.6 - 29.4
Pensions 582.8 475.5 + 22.6 576.4 + 21.2
Personal risk 559.9 549.1 + 2.0 558.3 + 1.7
Loan insurance 635.8 568.5 + 11.8 634.9 + 11.7
Health insurance 86.7 86.7 - 0.1 86.7 - 0.1
Property & Casualty 90.4 83.1 + 8.8 88.7 + 6.7
TOTAL 7,638.2 9,810.2 - 22.1 7,627.6 - 22.2
FIRST-QUARTER CONSOLIDATED PREMIUM INCOME BY BUSINESS SEGMENT (cont.)
IFRS
Premium income (in EURm) Q1 2008 % change excluding
excluding CNP Vida
CNP Vida
and at
constant
exchange
rates
Savings 5,636.3 - 30.0
Pensions 573.5 + 20.6
Personal risk 558.3 + 1.7
Loan insurance 634.8 + 11.7
Health insurance 86.7 - 0.1
Property & Casualty 88.7 + 6.7
TOTAL 7,578.3 - 22.8
Premium income in Spain includes CNP Vida only in the first
quarter of 2008.
(1) Based on exchange rates at 31 March 2007.
Average exchange rates for Brazil:
At 31 March 2008 EUR1 = BRL 2.68225
At 31 March 2007 EUR1 = BRL 2.76770
French GAAP
Premium income Q1 2008 Q1 2007 % change Q1 2008 % change
(in EURm) excluding excluding
CNP Vida CNP Vida
at at
constant constant
exchange exchange
rates(1) rates(1)
Savings 6,174.7 8,186.1 - 24.6 6,126.3 - 25.2
Pensions 583.1 575.3 + 1.4 573.8 - 0.3
Personal risk 559.9 549.1 + 2.0 558.3 + 1.7
Loan insurance 635.8 568.5 + 11.8 634.8 + 11.7
Health insurance 86.7 86.7 - 0.1 86.7 - 0.1
Property & Casualty 90.4 83.1 + 8.8 88.7 + 6.7
TOTAL 8,130.5 10,048.9 - 19.1 8,068.6 - 19.7
Premium income in Spain includes CNP Vida only in the first quarter
of 2008.
(1) Based on exchange rates at 31 March 2007.
Average exchange rates for Brazil:
At 31 March 2008: EUR1 = BRL 2.68225
At 31 March 2007: EUR1 = BRL 2.76770
FIRST-QUARTER UNIT-LINKED SALES
IFRS French GAAP
Q1 2008 Q1 2007 Change Q1 2008 Q1 2007 Change
EURm EURm % EURm EURm %
La Banque Postale 264.6 471.0 - 43.8 266.9 473.7 - 43.6
Savings Banks 473.0 814.5 - 41.9 473.9 815.7 - 41.9
CNP Tresor 20.3 46.8 - 56.7 20.6 47.3 - 56.5
Other 8.3 10.0 - 16.7 8.3 10.0 - 16.7
TOTAL individual 766.2 1,342.2 - 42.9 769.7 1,346.7 - 42.8
unit-linked France
Group unit-linked France 6.5 2.8 + 135.3 6.8 102.6 - 93.4
TOTAL France 772.7 1,345.0 - 42.6 776.5 1,449.3 - 46.4
CNP UniCredit Vita (Italy) 495.5 780.2 - 36.5 905.7 856.7 + 5.7
Caixa Seguros (Brazil) 204.9 135.1 + 51.7 204.9 135.1 + 51.7
CNP Vida (Spain) 27.8 - - 27.8 - -
TOTAL International 728.3 915.3 - 20.4 1,149.5 991.9 + 15.9
TOTAL UNIT-LINKED 1,501.0 2,260.3 - 33.6 1,926.1 2,441.2 - 21.1
FIRST-QUARTER PREMIUM INCOME BY INSURANCE CATEGORY
IFRS French GAAP
Q1 2008 Q1 2007 Change Q1 2008 Q1 2007 Change
EURm EURm % EURm EURm %
Individual insurance 6,188.9 8,474.9 - 27.0 6,680.9 8,613.8 - 22.4
Group insurance 1,449.3 1,335.2 + 8.5 1,449.6 1,435.1 + 1.0
TOTAL 7,638.2 9,810.2 - 22.1 8,130.5 10,048.9 - 19.1
Fourgous Transfers
Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1
2006 2006 2006 2006 2007 2007 2007 2007 2007 2008
Total Fourgous
transfers
- CNP Assurances 123 1,156 983 2,262 903 596 612 361 2,472 263.9
La Banque Postale 53 885 878 1,816 665 391 495 286 1,837 143.1
Savings Banks 12 89 79 181 190 143 106 57 496 116.1
CNP Tresor 58 182 26 265 48 61 11 19 139 4.7
FIRST QUARTER PREMIUM INCOME BY COUNTRY AND BY BUSINESS SEGMENT
IFRS
Savings Pensions Personal Loan
risk insurance
EURm Q1 % chg. Q1 % chg. Q1 % chg. Q1 % chg.
2008 2008 2008 2008
France 5,128.6 -29.2 365.5 10.8 502.8 0.8 47.0 9.8
Italy(1) 496.6 -37.1 6.5 -12.4 1.9 -3.7 36.3 21.2
Portugal(2) 4.4 -26.0 0.0 n.m. 0.8 7.0 10.7 42.9
Others (Europe)(3) 0.0 - 0.0 n.m. 0.0 n.m. 3.7 -37.0
Brazil 6.2 -9.8 207.9 50.4 53.6 13.8 29.2 35.5
Argentina 0.6 19.2 0.0 n.m. 0.7 23.9 0.0 105.4
Spain(4) 46.2 - 2.9 n.m. 0.1 n.m. 8.9 65.5
Sub-total
International 554.1 -31.0 217.3 49.2 57.1 13.2 88.8 26.4
TOTAL 5,682.6 -29.4 582.8 22.6 559.9 2.0 635.8 11.8
FIRST QUARTER PREMIUM INCOME BY COUNTRY AND BY BUSINESS SEGMENT (cont.)
IFRS
Health Property & Total
insurance Casualty
EURm Q1 % chg. Q1 % chg. Q1 2008 % chg.
2008 2008
France 86.0 -0.1 0.0 n.m. 6,629.9 -23.4
Italy(1) 0.0 n.m. 0.0 n.m. 541.2 -34.7
Portugal(2) 0.6 -0.5 35.4 1.2 52.0 4.2
Others (Europe)(3) 0.0 n.m. 0.0 n.m. 3.7 -37.0
Brazil 0.0 n.m. 55.0 14.3 351.9 34.4
Argentina 0.0 n.m. 0.0 n.m. 1.3 22.5
Spain(4) 0.0 n.m. 0.0 n.m. 58.1 979.9
Sub-total International 0.6 -0.5 90.4 8.8 1,008.3 -12.6
TOTAL 86.7 -0.1 90.4 8.8 7,638.2 -22.1
(1) Loan insurance in Italy comprises the Italian branches and Cofidis
business in Italy.
(2) Global, Global Vida and, under "Loan Insurance", Cofidis Portugal.
(3) Corresponds to Cofidis business in Europe, excluding Italy, Portugal
and Spain.
(4) Spanish branches, Cofidis Spain and, since 5 April 2007, CNP Vida
Press Relations
Sophie Messager
+33(0)1-42-18-86-51
E-mail: servicepresse@cnp.fr
Investor and Analyst Relations
Brigitte Molkhou
+33(0)1-42-18-77-27
E-mail: infofi@cnp.fr
SOURCE CNP Assurances
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CONTACT:
Press Relations: Sophie Messager,
+33(0)1-42-18-86-51, E-mail: servicepresse@cnp.fr; Investor and
Analyst Relations, Brigitte Molkhou, +33(0)1-42-18-77-27, E-mail:
infofi@cnp.fr
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