(3) CNP BVP Portugal
(4) CNP España branch, CNP Vida and CNP BVP Spain
(5) Including Greece since
In a French market down by €5.1 billion, CNP Assurances reported a €700 million net outflow of funds, representing considerably less than its market share. This outperformance was mainly attributable to La Banque Postale's resilience and to CNP Assurances's presence in the group insurance segment which stayed on an upward trajectory. In all, net new money was a negative €600 million across the Group.
, average technical reserves (excluding deferred participation)
continued to grow, rising by
versus the first nine months of 2011 to €291.6 billion
In France, revenue for the first nine months
, down 11.2% as reported
and 10.4% on a French GAAP basis. Despite the decline - mainly concerning the Savings business -
the Group significantly outperformed the French savings and pensions market
which contracted by 14.0% compared with the first nine months of 2011.
While the Savings and Pensions segments remained difficult, with unit-linked sales down by a steep 42.6%,
the Group continued to perform well in the
term creditor insurance
segment, reporting a 7.0% increase in revenue
A. La Banque Postale
La Banque Postale
and net new money was at break-even
This represented a particularly resilient performance in a market where new money was down 14% and net new money was a negative €5.1 billion. Sales of term creditor insurance remained strong. In the personal risk segment, La Banque Postale maintained its momentum with the number of contracts sold rising by 14%, lifted by strong demand for the
term life insurance offers.