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 + 9.1Net 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.