This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

CNP Assurances: 2012 Results

Non-recurring items represented a net expense of €271 million. This amount corresponds mainly to the €162 million net transfer for the year to the policyholders' surplus reserve and to the €102 million accrual booked for tax payable on the capitalisation reserve.

In all, the policyholders' surplus reserve was increased to €3,372 million from €2,886 million at 31 December 2011, representing 1.55% of technical reserves versus 1.34% at end-2011.

Net profit amounted to €951 million, an increase of 9.1% on 2011.

 

3. MCEV ®

2012 MCEV ® (before the 2012 dividend) amounted to €13.9 billion or €21.6 per share. The 17.5% increase compared with 2011 (after the 2011 dividend and dilution) reflects growth in ANAV (up 14.2%) and in-force business (up 30.1%).

 

4. Solvency capital

Solvency capital represented 298.2% of required capital under Solvency I at 31 December 2012, an increase of 167 points versus end-2011.

Solvency capital excluding unrealised capital gains (i.e. Tier 1 capital and subordinated debt) stood at 112.2% of Solvency I required capital versus 113.8% in 2011.

Under Solvency II, the estimated coverage ratio was approximately 170%, representing a 20-point improvement.

 

5. Investment policy

In an investing environment shaped by historically low interest rates and measures to resolve the euro zone crisis, CNP Assurances repositioned its asset portfolio while pursuing conservative investment strategies.

Action was taken to wind down euro zone sovereign debt portfolios considered as high risk, and by the end of the year, the sums invested in Irish, Portuguese, Italian and Spanish sovereign debt by CNP Assurances France had been reduced to €10.5 billion [3].

At the same time, corporate debt portfolios were increased, with €9.7 billion invested in this asset class at end 2012, and liquid assets were kept high at 9.2% of the total portfolio, including short-term securities and units in money market funds.

4 of 9

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,039.49 +60.36 0.36%
S&P 500 1,992.37 +5.86 0.30%
NASDAQ 4,532.1040 +5.6220 0.12%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs