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CNP Assurances: 2012 Results

These performances drove further growth in average technical reserves to €292 billion, an increase of 2.2%.


2. 2012 Results
                                                          % change
                                        2012      2011   (reported)
    (in EUR millions)
                     Revenue (IFRS)   26,460    30,005      - 11.8
    Average technical reserves
    excl. deferred participation     292,423   286,156        +2.2
              Net insurance revenue    3,167     3,129       + 1.2
    - Administrative expenses           (889)     (886)      + 0.4
                               EBIT    2,278     2,243       + 1.6
    - Finance costs                     (157)     (150)      + 4.9
    - Income tax expense                (744)     (720)      + 3.3
    - Minority interests                (310)     (264)     + 17.5
    Recurring profit before capital
                   gains and losses    1,067     1,109       - 3.8
    Net gains on equities, property
    and AFS, CNP UniCredit Vita
    goodwill impairment, fair value
    adjustments                          155     (236)         n.m.
    Non-recurring items                 (271)       (1)        n.m.
         Net profit attributable to
       equity holders of the parent      951       872       + 9.1

Net insurance revenue grew by 1.2% in 2012 to €3,167 million.

Total net insurance revenue generated in France was down 6.5% due to non-recurring technical factors, notably the impact of a reduction in regulatory valuation rates of interest. Excluding these non-recurring factors, the year-on-year change was an increase of 8.6%, reflecting higher average technical reserves, improved loss ratios and more favourable financial market conditions.

Net insurance revenue from International operations rose 8.9%, lifted by growth in Brazil where volumes and margins continued to trend upwards.    

Administrative expenses were broadly stable, rising by just 0.4%. The cost/income ratio was also flat at 36.7%.

Consolidated EBIT rose 1.6% to €2,278 million, with France contributing 57.1% of the total and Brazil 35.2%.

A dividend of €0.77 per share will be recommended at the Annual General Meeting, with a scrip option. The signatories of the shareholders' agreement have stated that they intend to exercise this option.

Firm financial markets led to a €156 million net positive contribution, taking into account a €170 million impairment loss recognised on CNP UniCredit Vita goodwill.

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