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CNP Assurances: Third Quarter 2009 Quarterly Information
PR Newswire
Nov 06, 2009
- Premium Income for the First Nine Months up 17.6% to
- Advances in all Operating Regions
CNP Assurances, the leading personal insurer in
Highlights
- Gross new money up 17.6%.
- Strong momentum in France, up 13.7%.
- Sustained growth in international markets, up 39.3%.
- Net new money in France at EUR7.4 billion
- Further growth in technical reserves, up by around 6% vs. 30
September 2008.
"In a less morose economic and financial environment, CNP Assurances
reported growth in all its markets. In
1 - Business review for the first nine months of 2009
1.1 - Consolidated revenue
Premium income under French GAAP rose by 17.6% to
Revenue under IFRS amounted to
Technical reserves were around 6% higher at
1.2 - Revenue by business segment
French GAAP premium income rose significantly, led by:
- a 19.9% increase in the Savings segment, reflecting growth
of 14.7% in France and 64.6% in Italy; and
- a 29.8% increase in the Pensions segment. Pensions revenue in France
surged by 43.3% following a change in the law requiring companies that
had their own supplementary pension institution (IRS) to transfer
their commitments to an insurance company. A major transfer during the
period concerned the Shell IRS. Outside France, pensions revenue in
Brazil was up by a strong 14%.
The personal risk segment declined by a slight 5.5%, due primarily to the loss of a re-insurance treaty with mutual insurance companies, already mentioned in the first quarter report.
Unit-linked sales contracted by 54.4% over the first nine months to
IFRS French GAAP
Premium income 2009 % change 2009 % change
(EURm) (9 months) (9 months)
Savings 18,209.4 + 24.8 18,460.3 + 19.9
Pensions 2,291.9 + 29.2 2,304.0 + 29.8
Personal Risk 1,164.1 - 5.6 1,165.3 - 5.5
Loan Insurance 1,959.5 + 0.9 1,959.5 + 0.9
Health Insurance 363.7 + 39.4 363.7 + 39.4
Property & Casualty 298.4 + 11.9 298.4 + 11.9
TOTAL 24,286.9 + 21.0 24,551.1 + 17.6
1.3 - By country and partner network
IFRS French GAAP
Premium income 2009 % change 2009 % change
(EURm) (9 months) (9 months)
France 20,061.2 + 13.6 20,085.8 + 13.7
Italy (1) 2,292.2 + 154.6 2,331.2 + 57.7
Brazil (2) 1,357.8 + 14.4 1,554.8 + 11.7
Portugal (3) 175.7 + 11.7 175.6 + 4.3
Spain (4) 229.0 + 64.2 229.0 + 64.2
Cyprus/Greece 140.4 - 140.4 -
Ireland 0.6 - 4.2 -
Other (5) 29.9 - 29.9 -
TOTAL 24,286.9 + 21.0 24,551.1 + 17.6
(1) Italian branches, Cofidis business in Italy and CNP Vita.
(2) Based on exchange rates at 30 September 2009.
(3) Global, Global Vida and Cofidis business in Portugal.
(4) Spanish branches, Cofidis business in Spain and CNP Vida.
(5) Argentina and Cofidis business in Belgium, Czech Republic,
Greece and Hungary.
According to estimates published by the industry federation (FFSA), the
French savings and pensions market generated
CNP Assurances' premium income for the first nine months of 2009 rose by
13.7% to
Net new money in
Unit-linked sales fell 68% to
In
 La Banque Postale
After achieving strong growth in the first half, La Banque Postale
continued to perform well, reporting a 10.2% increase in premium income for
the first nine months of 2009 to
 Savings Banks
With sales growth accelerating in the third quarter, the Savings Banks
generated premium income of
 Companies & Local Authorities
Premium income from the Companies & Local Authorities partnership centre
surged 40.6% to
International operations
New money from international operations rose by 39.3% to
Â
The Italian life insurance market achieved record growth of 34% in the
first eight months of year, generating total revenue of
Benefiting from this trend, CNP Vita reported premium income of
CNP Vita Premium Income - First Nine Months of 2009
EURm IFRS French GAAP
Market segment 2009 2008 % change 2009 2008 % change
(9 (9 (9 (9
months) months) months) months)
Savings 2,207.8 787.5 + 180.4 2,246.9 1,364.9 + 64.6
Pensions 15.0 17.8 - 16.1 15.0 17.8 - 16.1
Personal Risk 4.9 4.0 + 21.1 4.9 4.0 + 21.1
Loan Insurance 38.9 46.5 - 16.3 38.9 46.5 - 16.3
TOTAL 2,266.6 855.9 + 164.8 2,305.7 1,433.3 + 60.9
Â
Premium income from CNP Vida increased by 86.2% to
Â
This subsidiary, acquired in late 2008, generated premium income of
Â
Caixa Seguros generated premium income of
Caixa Seguros Premium Income - First Nine Months of 2009
BRLm IFRS French GAAP
Market segment 2009 2008 % 2009 2008 %
(9 (9 change (9 (9 change
months) months) months) months)
Savings 96.7 52.4 + 84.6 671.1 598.7 + 12.1
Pensions 2,542.5 2,045.2 + 24.3 2,542.5 2,045.2 + 24.3
Personal Risk 551.9 389.4 + 41.7 551.9 389.4 + 41.7
Loan Insurance 316.0 244.2 + 29.4 316.0 244.2 + 29.4
Property & Casualty 440.5 429.5 + 2.6 440.5 429.5 + 2.6
TOTAL 3,947.6 3,160.6 + 24.9 4,522.0 3,707.0 + 22.0
2 - Financial position
At
3 - General business environment
3.1 Financial market environment in the first nine months
The French stock market gained 17.9% in the first nine months of the
year, with the CAC 40 index rising to 3795 points. Following uncertainty in
the first quarter regarding the situation of the banking sector and the
government's likely response to the financial crisis (driving the CAC 40 to a
low of 2465 on 9 March), the Paris Bourse recovered in the second and third
quarters (recording gains of 11.9% and 20.9%, respectively), to reach a high
of 3857 on 22 September. The rebound was fuelled mainly by signs of a global
economic recovery (with a return to positive GDP growth in
Between January and May, the European Central Bank lowered its key interest rate from 2.50% to 1%, where it has remained ever since. Since early 2009, the 10-year OAT rate has risen by 13 basis points to 3.54%, with a low of 3.39% on 15 January and a high of 4.05% on 5 June. The three-month Euribor fell by 214 basis points over the nine months to 0.75%.
Since the start of the year, the euro has gained 5.22% against the
dollar, at
Financial market indicators at 30 September 2009
30 September 31 December 30 June 30 September
2008 2008 2009 2009
CAC 40 4.032 3.217 3.140 3.795
Eurostoxx50 3.038 2.451 2.402 2.873
3-month Euribor 5.28% 2.89% 1.10% 0.75%
10-year OAT 4.26% 3.41% 3.72% 3.54%
EUR1 in $ 1.43 1.39 1.41 1.46
EUR1 in BRL 2.81 3.25 2.76 2.62
3.2 Regulatory and tax environment
3.3 - Significant events of the third quarter
- CNP Assurances and Barclays announced on 25 June the creation of a
long-term bancassurance partnership in southern Europe. The
agreement includes:
- The acquisition by CNP of a 50% stake in Barclays' life
insurance subsidiary Barclays Vida y Pensiones (BVP).
- Exclusive rights to distribute a comprehensive range of life
insurance and pension products via Barclay's sales network in Spain,
Portugal and Italy.
The transaction was completed on 10 September.
- CNP Assurances released its first-half results on 31 July 2009. Net
profit amounted to EUR502 million, market consistent embedded value[3]
came to EUR70.9 a share and the solvency ratio[4] was stable at 11.4
times the regulatory minimum based on tier one capital (and 13.7 times
including unrealised gains).
This financial press release is available for consultation, in French and English, on the CNP Assurances web site www.cnp-finances.fr.
Disclaimer
Some of the statements contained in this press release may be forward-looking statements referring to projections, future events, trends or objectives which, by their very nature, involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated in such statements by reason of factors such as changes in general economic conditions and conditions in the financial markets, legal or regulatory decisions or changes, changes in the frequency and amount of insured claims, particularly as a result of changes in mortality and morbidity rates, changes in surrender rates, interest rates, foreign exchange rates, the competitive environment, the policies of foreign central banks or governments, legal proceedings, the effects of acquisitions and the integration of newly-acquired businesses, and general factors affecting competition.
Further information regarding factors which may cause results to differ materially from those projected in forward looking statements is included in CNP Assurances' filings with the Autorite des Marches Financiers. CNP Assurances does not undertake to update any forward-looking statements presented herein to take into account any new information, future event or other factors.
---------------------------------
[1] The difference between the 60.9% growth under French GAAP and the
164.8% growth under IFRS is due to a strong distortion that appeared
in the 2008 accounts as a result of a shift in CNP Vita's product
mix. While a large part of the product mix came under IAS 39 in 2008,
the Unigarantito product, sold widely in 2009, is accounted for in
accordance with IFRS 4.
[2] Based on unaudited data
[3] Unaudited
[4] Unaudited
APPENDICES:
PREMIUM INCOME FOR THE FIRST NINE MONTHS OF 2009
CONSOLIDATED PREMIUM INCOME BY PARTNERSHIP CENTRE
IFRS French GAAP
2009 2008 % 2009 2008 %
(9 months) (9 months) change (9 months) (9 months) Change
EURm EURm EURm EURm
French Post
Office 8,033.1 7,286.4 + 10.2 8,037.1 7,291.5 + 10.2
Savings Banks 7,997.3 6,828.6 + 17.1 7,998.9 6,830.7 + 17.1
CNP Tresor 497.6 523.8 - 5.0 504.5 524.1 - 3.8
Financial
institutions
France(1) 1,104.5 1,088.9 + 1.4 1,104.5 1,088.9 + 1.4
Mutual
insurers 598.3 667.9 - 10.4 598.3 667.9 - 10.4
Companies
and local
authorities 1,673.2 1,197.7 + 39.7 1,685.3 1,198.3 + 40.6
Other (France) 157.3 66.2 + 137.8 157.3 66.2 + 137.8
TOTAL France 20,061.2 17,659.5 + 13.6 20,085.8 17,667.6 + 13.7
Global
(Portugal) 143.2 123.4 + 16.0 143.2 134.5 + 6.5
CNP Seguros
de Vida
(Argentina)(2) 5.5 4.4 + 25.8 5.5 4.4 + 25.8
CNP Vida
(Spain) 199.8 107.3 + 86.2 199.8 107.3 + 86.2
Caixa Seguros
(Brazil)(2) 1,357.8 1,186.5 + 14.4 1,554.8 1,391.6 + 11.7
CNP Vita
(Italy) 2,266.6 855.9 + 164.8 2,305.7 1,433.3 + 60.9
Marfin
Insurance
Holdings
(Cyprus) 140.4 - - 140.4 - -
CNP Europe
(Ireland) 0.6 - - 4.2 - -
International
financial
institutions 88.7 89.8 - 1.2 88.7 89.8 - 1.2
International
branches 23.0 44.3 - 48.2 23.0 44.3 - 48.2
TOTAL
International 4,225.7 2,411.7 + 75.2 4,465.3 3,205.2 + 39.3
TOTAL 24,286.9 20,071.2 + 21.0 24,551.1 20,872.8 + 17.6
(1) Excluding Cofidis outside France
(2) Average exchange rate
Argentina: EUR1 = ARS 5.27741
Brazil: EUR1 = BRL 2.90729
PREMIUM INCOME BY BUSINESS SEGMENT
IFRS
Premium 2009 % change
income (EURm) (9 months) pro
2009 2008 % pro forma forma at
(9 months) (9 months) change at constant constant
exchange exchange
rates(1) rates
Savings 18,209.4 14,593.6 + 24.8 18,152.7 + 24.4
Pensions 2,291.9 1,774.3 + 29.2 2,371.0 + 33.6
Personal Risk 1,164.1 1,233.7 - 5.6 1,159.8 - 6.0
Loan Insurance 1,959.5 1,941.9 + 0.9 1,968.1 + 1.4
Health Insurance 363.7 261.0 + 39.4 351.1 + 34.5
Property & Casualty 298.4 266.7 + 11.9 267.5 + 0.3
TOTAL 24,286.9 20,071.2 + 21.0 24,270.2 + 20.9
French GAAP
Premium 2009 % change
income (EURm) (9 months) pro
2009 2008 % pro forma forma at
(9 months) (9 months) change at constant constant
exchange exchange
rates(1) rates
Savings 18,460.3 15,394.6 + 19.9 18,418.5 + 19.6
Pensions 2,304.0 1,774.9 + 29.8 2,383.1 + 34.3
Personal Risk 1,165.3 1,233.7 - 5.5 1,161.1 - 5.9
Loan Insurance 1,959.5 1,941.9 + 0.9 1,968.1 + 1.4
Health Insurance 363.7 261.0 + 39.4 318.4 + 22.0
Property & Casualty 298.4 266.7 + 11.9 300.2 + 12.6
TOTAL 24,551.1 20,872.8 + 17.6 24,549.4 + 17.6
Premium income in Cyprus only included as of first quarter 2009
(1) Exchange rate on 30 September 2008
Average exchange rates for Brazil:
30 September 2009 EUR1 = BRL 2.90729
30 September 2008 EUR1 = BRL 2.66391
UNIT-LINKED SALES
IFRS French GAAP
2009 2008 2009 2008
(9 months) (9 months) % (9 months) (9 months) %
EURm EURm change EURm EURm change
French Post 236.5 628.1 - 62.3 239.2 633.1 - 62.2
Office
Savings Banks 276.1 1,118.5 - 75.3 277.8 1,120.6 - 75.2
CNP Tresor 14.5 49.3 - 70.6 21.4 49.6 - 56.9
Other 7.6 14.0 - 45.2 7.6 14.0 - 45.2
TOTAL individual
products France 534.8 1,809.8 - 70.5 546.0 1,817.3 - 70.0
Group products
France 18.4 11.3 + 61.8 30.5 11.3 + 168.6
TOTAL France 553.1 1,821.2 - 69.6 576.4 1,828.7 - 68.5
CNP Vita 179.9 784.7 - 77.1 218.9 1,362.2 - 83.9
Caixa Seguros 867.4 759.1 + 14.3 867.4 759.1 + 14.3
CNP Vida 104.8 47.1 + 122.3 104.8 47.1 + 122.3
Global Vida 0.0 0.0 - - 11.1 - 100.0
Marfin Insurance 57.6 - - 57.6 - -
Holdings (Cyprus)
CNP Europe 0.6 - - 4.2 - -
TOTAL
International 1,210.3 1,591.0 - 23.9 1,253.0 2,179.5 - 42.5
TOTAL
unit-linked 1,763.4 3,412.2 - 48.3 1,829.4 4,008.1 - 54.4
PREMIUM INCOME BY INSURANCE CATEGORY
IFRS French GAAP
2009 2008 2009 2008
(9 months) (9 months) % (9 months) (9 months) %
EURm EURm change EURm EURm change
Individual
Insurance 19,902.4 16,188.9 + 22.9 20,154.4 16,990.0 + 18.6
Group Insurance 4,384.5 3,882.2 + 12.9 4,396.7 3,882.8 + 13.2
TOTAL 24,286.9 20,071.2 + 21.0 24,551.1 20,872.8 + 17.6
PREMIUM INCOME BY COUNTRY AND BY BUSINESS SEGMENT
IFRS
Savings Pensions Personal Risk
EURm 9 mos. % 9 mos. % 9 mos. %
2009 change 2009 change 2009 change
France 15,677.5 14.7 1,397.4 42.2 942.7 -12.6
Italy(1) 2,207.8 180.4 15.0 -16.1 4.9 2.9
Portugal(2) 37.1 164.7 0.0 - 1.9 -1.2
Spain(3) 191.8 89.3 4.4 -21.2 0.0 -
Cyprus 59.3 - 0.0 - 21.7 -
Ireland 0.6 - 0.0 - 0.0 -
Other
(Europe)(4) 0.0 - 0.0 - 0.0 -
Brazil 33.4 69.9 875.2 14.0 189.9 30.0
Argentina 1.9 1.7 0.0 - 3.0 25.6
Subtotal
International 2,531.9 173.9 894.5 13.0 221.4 42.7
TOTAL 18,209.4 24.8 2,291.9 29.2 1,164.1 -5.6
Table Continued Below
IFRS
Loan Health Property & Total
Insurance Insurance Casualty
EURm 9 mos. % 9 mos. % 9 mos. % 9 mos. %
2009 change 2009 change 2009 change 2009 change
France 1,694.6 1.5 349.0 34.8 0.0 - 20,061.2 13.6
Italy(1) 64.5 -28.6 0.0 - 0.0 - 2,292.2 154.6
Portugal(2) 32.5 -4.1 2.1 6.0 102.1 -3.2 175.7 11.7
Spain(3) 32.9 1.2 0.0 - 0.0 - 229.0 64.2
Cyprus 1.6 - 12.5 - 45.3 - 140.4 -
Ireland 0.0 - 0.0 - 0.0 - 0.6 -
Other
(Europe)(4) 24.4 3.4 0.0 - 0.0 - 24.4 3.4
Brazil 108.4 18.3 0.0 - 150.9 -6.4 1,357.8 14.4
Argentina 0.5 707.1 0.0 - 0.0 - 5.5 25.8
Subtotal
International 264.9 -2.6 14.6 646.6 298.4 11.9 4,225.7 75.2
TOTAL 1,959.5 0.9 363.7 39.4 298.4 11.9 24,286.9 21.0
(1) Loan insurance in Italy comprises the Italian branches and Cofidis
business in Italy.
(2) Global, Global Vida and, under "Loan Insurance", Cofidis business in
Portugal.
(3) Spanish branches, Cofidis business in Spain and CNP Vida.
(4) Corresponds to Cofidis business in Europe, excluding Italy, Portugal
and Spain.
SOURCE CNP Assurances
Copyright (2009) PR Newswire. All Rights Reserved.
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