3. Cost basis
s regulated information can be downloaded from the Group
s investor information website
6. Detailed business review
: revenue by distribution network
La Banque Postale delivered a resilient performance, with life insurance business generating positive net new money. The network's contribution to CNP Assurances's revenue amounted to €9,624 million, a decline of 5.5% in a market down 8.0%. Growth in term creditor insurance business remained strong despite the slowdown in new lending. The network maintained its momentum in personal risk insurance, selling 10% more contracts than in 2011. Growth drivers included
a high-end term life insurance contract, and
a personal accident insurance contract.
The revenue contribution of the Caisses d'Epargne network contracted by 20.4% to €7,012 million, due mainly to the network's focus on selling the bank's own products. In addition, unit-linked sales fell by 55.9%, reflecting a voluntarily reduced emphasis on selling unit-linked bond funds compared with 2011. However, the network nearly doubled its contribution to personal risk revenues, with over 240,000 policies sold during the year. Term creditor insurance business also continued to grow.
In 2012, the CNP Trésor network outperformed the market and successfully built up sales of PERP personal pension plans. In a market that saw a steep fall in new money, the network reported revenue down 9.8% at €604 million. The local organisation was changed during the year to better meet the needs of mass market and affluent customers and more effectively target these segments, giving priority to regional initiatives.
The wait-and-see attitude among home buyers in
led to an overall decline in home purchases during the year. Despite this challenging environment, the revenue contribution of the Financial Institutions partnership centre rose by 2.7% to €1,488 million. The year-on-year growth was mainly due to the fact that new business accounts for only a small proportion of total revenue. It also reflected the maturity of the partners' main portfolios.
- Companies and Local Authorities
Revenue generated with companies and local authorities amounted to €1,807 million, an increase of 6.5%. CNP Assurances held firm to its strategy of preserving margins by raising premium rates for all of its contracts.
At €885 million, revenue generated with mutual insurance partners was down 9.2% on 2011 which represented a high basis of comparison due to certain non-recurring items. In 2012, revenue was sustained by increased personal risk and long-term care insurance business.