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CNP Assurances: Financial Indicators For The First Three Months Of 2013

PARIS, May 16, 2013 /PRNewswire/ --

Net insurance revenue: €549m (up 13.3%)

EBIT: €523m (up 15.0%)

Attributable net profit: €230m (down 16.3%)

Revenue under IFRS: €7,124m (up 1.4%)

CNP Assurances, the leading personal insurer in France with operations in the rest of Europe and in Latin America, has announced its quarterly indicators for the first three months of 2013.These indicators were approved for publication by the Board of Directors at its meeting on 15 May 2013.

HIGHLIGHTS

  • Net insurance revenue up by a strong 13.3%, led by operations in both France and Latin America and reflecting a favourable basis of comparison.
  • EBIT up 15.0%, thanks in particular to tight control over administrative expenses (up 0.5%).
  • Attributable net profit down 16.3%, to €230 million, due to lower realised gains on equities and estimated impairment of goodwill in Cyprus.
  • Revenue under IFRS up 1.4% to €7,124 million.

Frédéric Lavenir, CNP Assurances's Chief Executive Officer, said:

"Our good operating performance attests to CNP Assurances's robust business model. We will pursue our initiatives to improve the product mix and continue to grow our Latin American operations."

  1. Quarterly indicators for the three months ended 31 March 2013

New money [1] for the period amounted to €7.5 billion, up 2.7% on first-quarter 2012.

Net new money was a positive €190 million.

On an IFRS basis and at current exchange rates, revenue was up 1.4% at €7.1 billion.

In France, revenue decreased by 7.8% under IFRS and 7.1% under French GAAP.

In Savings, virtually all of this decline was attributable to traditional savings products.

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