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CNP Assurances: 2012 Results

1. 2012 Business Review [2]

New money for the year amounted to €27.4 billion, down 11.2% on 2011. On an IFRS basis and at current exchange rates, revenue was down 11.8% at €26.5 billion.

Revenue in France was down 10.0% on an IFRS basis (9.4% under French GAAP), reflecting a 12.9% decline in Savings and Pensions revenue to €17.0 billion, that was partly offset by 3.2% growth in Personal Risk and Protection (personal risk, health and term creditor insurance) business.

Life and Pensions net new money was a positive €145 million in 2012, representing a remarkable performance in a market that experienced a €3.4 billion net outflow of funds during the year (source: FFSA).

In Latin America, revenue continued to grow rapidly, led by Brazil where Caixa Seguros reported revenue up 4.1% despite a worse-than-expected economic environment, with GDP growth at just 0.9% and an unfavourable currency effect.  

In the Europe excluding France region, revenue fell 38.9% as a result of depressed economic conditions in Italy and Spain and active derisking.

------------------------------------------ 2. New money = French GAAP, revenue = IFRS

 
                               Group Revenue by Country (IFRS)
    (in EUR millions)

    Policyholders'
    country of                               % change           % change
    residence             2012      2011    (reported) (like-for-like(1))

    France            21,487.5  23,864.0       - 10.0             - 10.0
    Brazil             2,876.9   2,764.2        + 4.1             + 11.3
    Argentina             53.1      31.7       + 67.6             + 71.6
    Italy (2)          1,374.3   2,062.3       - 33.4             - 33.4
    Portugal (3)          60.2     224.0       - 73.1             - 73.1
    Spain (4)            367.9     397.6        - 7.5              - 7.5
    Cyprus (5)           176.9     210.4          n.m.               n.m.
    Ireland (5)            1.4     449.9          n.m.               n.m.
    Other (5)             61.9       1.0          n.m.               n.m.
    Total Outside
    France             4,972.6   6,141.0       - 19.0             - 15.8
    TOTAL             26,460.1  30,005.1       - 11.8             - 11.1

    (1) Average exchange rate for the Brazilian real
        2012: €1 = BRL 2.51
        2011: €1 = BRL 2.35
    (2) CNP Italia branch, CNP UniCredit Vita, CNP BVP Italia and CNP Europe Life
        business written under the EU freedom of services directive
    (3) CNP BVP Portugal
    (4) CNP España branch, CNP Vida, CNP BVP Spain
    (5) Including Greece since 2012 (€11.9 million) and CNP Europe Life (€50 million)
                             Revenue by Business Segment (IFRS)

                                             % change           % change
    (in EUR millions)     2012      2011    (reported) (like-for-like(1))

    Savings           17,170.4  20,420.0       - 15.9             - 15.9
    Pensions           3,357.1   3,720.3        - 9.8              - 6.5
    Personal Risk      1,904.8   1,917.5        - 0.7              + 0.9
    Term Creditor
    Insurance          3,149.0   3,140.9        + 0.3              + 1.0
    Health Insurance     514.0     465.7       + 10.4             + 10.5
    Property &
    Casualty             364.7     340.5        + 7.1             + 13.0
    TOTAL             26,460.1  30,005.1       - 11.8             - 11.1

    (1) Average exchange rate for the Brazilian real
        2012: €1 = BRL 2.51
        2011: €1 = BRL 2.35

Consolidated net new money for the year totalled €600 million.

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