PARIS, August 10 /PRNewswire-FirstCall/ -- - CNP Assurances Announces Consolidated Premium Income Under IFRS of EUR5,861.9 Million for the Second Quarter of 2005, up 27.5% (13.2% Like-for-Like) - On an IFRS Basis, Second Quarter 2005 Premium Income Totalled EUR5,861.9 Million, Compared With EUR4,597.5 Million for the Same Period of 2004, Representing an Increase of 27.5%. Like-for-Like Premium Income (Excluding Changes in Consolidation Scope and at Constant Exchange Rates) Came to EUR5,205.5 Million, up 13.2% - First-half IFRS Premium Income Came to EUR13,531.8 Million, up 22.4% on a Reported Basis and 12.2% Like-for-Like - On a French Gaap Basis, Second Quarter Premium Income Amounted to EUR5,953 Million, an Increase of 28.4% (13.2% Like-for-Like), Bringing First-Half Premium Income to EUR13,773.9 Million, up 22.5% (12% Like-for-Like) - Assets Under Management Were up by Roughly 16% on an Annualised Basis, Including at Least 9% growth before taking into account Fineco Vita - CNP Assurances (OTC:CNPAF) is Standing by its 2005 Target of Performing in Line With the French Market, Which is Expected to Grow by 6 to 10% According to Current FFSA Estimates. This Target is Based on the French Gaap Accounts and Does not Take Into Account the Contribution of Fineco Vita. The Group Also Expects to Maintain its Steady Pace of Earnings Growth Notes: Premium income is now determined in accordance with IFRS. The main changes compared to French Gaap concern products qualified as investment contracts under IAS 39, for which only the premium loading is recognised in revenue and not the total premium as was the case under French Gaap, and revenues derived from the supply of services outside France, which are accounted for in accordance with IAS 18. To facilitate period-on-period comparisons, this press release also includes details of pro forma IFRS premium income for the second quarter of 2004 and French Gaap premium income for both periods. Like-for-like comparisons are also presented, based on first-half 2004 exchange rates for the Brazilian real and Argentine pesos, and excluding Fineco Vita, which has been consolidated as of 18 February 2005 following completion of the acquisition on 17 February. An analysis of Fineco Vita's first-half 2005 and 2004 premium income is provided at the end of this press release. Effective from 1 January 2005, the presentation of premium income by partnership centre has also been changed. Local authorities have been grouped together with companies to form a new group insurance unit, while loan insurance written outside France through the Italian and Spanish branches and to partner French clients in their international markets is now included in premium income from international operations. Note: the classifications used in the first quarter have been improved and are now audited. I - CNP Assurances Group Premium Income Consolidated premium income under IFRS for second quarter 2005 totalled EUR5,861.9 million, representing a very strong 27.5% increase compared with EUR4,597 million for the year-earlier period. Like-for-like premium income - calculated at second quarter 2005 exchange rates and excluding the contribution of Fineco Vita, which has been consolidated as from 18 February 2005 - amounted to EUR5,205.5 million, an increase of 13.3% over the year-earlier period. First-half premium income under IFRS rose by a very strong 22.4% to EUR13,531.8 million. Like-for-like premium income for the period was up 12.2% to EUR12,404.4 million. First-half premium income under French Gaap came to EUR13,773.9 million (an increase of 22.5% on a reported basis and 12% like-for-like). The difference can be explained by the following IFRS adjustments: - For certain products qualified as investment contracts under IAS 39, only the premium loading is recognised in revenue and not the total premium, as was the case under French Gaap. The effect of this adjustment was a EUR181.3 million reduction in premium income for first-half 2005 (first-half 2004: EUR149.7 million). - Certain products accounted for in accordance with IAS have also been excluded from premium income, in the amount of EUR60.9 million in first-half 2005 (first-half 2004: EUR36.1 million). The total effect of these adjustments was a EUR242.1 million reduction in first-half 2005 premium income (first-half 2004: EUR185.7 million). The breakdown by country is provided at the end of this press release. In France, second quarter premium income under IFRS rose 12.7% to EUR4,992.2 million from EUR4,429 million in the same period of 2004, lifting first-half premiums to EUR11,995.2 million, up 12.1%. Under French Gaap, premiums rose 13.1% in the second quarter to EUR4,996.9 million and 12.1% in the first-half to EUR12,098.8 million. Savings premium income rose 13% in the first half, with net new money up 19%. This was slightly better than the performance of the French savings market as a whole on a French Gaap basis. According to estimates published by the industry federation (FFSA), the savings market grew by 13% over the period, with net new money up 17%. The French unit-linked market grew by a strong 36% in the first half, significantly outstripping the 8% increase in new money invested in non-unit-linked products. CNP Assurances' unit-linked sales surged 73.8% to EUR2,381.2 million under IFRS (EUR2,483.9 million under French Gaap), reflecting the contribution of Fineco Vita in Italy, which derives 97.8% (EUR1,099 million) of its revenues from this market. In France, unit-linked sales under IFRS amounted to EUR1,282.2 million in first-half 2005, compared with EUR1,370.1 million in the year-earlier period. Under French Gaap, the figures were EUR1,384.9 million and EUR1,465.3 million respectively (see tables at the end of this press release). Action will be taken in the second half with the main partner networks to boost unit-linked sales. Total assets under management, which account for over 60% of CNP Assurances Group revenue, increased by roughly 16% on an annualised basis, including at least 9% growth before taking into account Fineco Vita. This compares with the estimated 10% growth rate for managed assets in the French savings market (source: FFSA). II - By Business Segment 2.1 IFRS Adjustments by Business Segment IFRS adjustments, leading to a EUR242.1 million reduction in first-half 2005 premium income, mainly concerned the pensions and savings businesses. They can be analysed as follows: IFRS Adjustments by Business Segment Savings Pensions Personal Loan Health Property Total risk insurance insurance & Casualty First-half 130.9 90.0 0 17.2 0 3.9 242.1 2005 First-half 63.2 86.4 1.4 27.6 0 7.1 185.7 2004 2.2 Period-on-Period Changes The following table analyses the growth in premium income under IFRS in first-half 2005 compared with the year-earlier period: IFRS Premium First-half First-half % change Like-for-like(1) % change income 2005 2004 (EURm) Savings 10,930.7 8,747.3 + 25.0 9,860.1 + 12.7 Pensions 815.8 702.2 + 16.1 777.7 + 10.7 Personal risk 644.1 577.4 + 11.6 635.6 + 10.1 Loan 904.4 820.2 + 10.3 901.0 + 9.8 insurance Health 116.1 111.0 + 4.6 116.1 + 4.6 insurance Property & 120.8 98.8 + 22.2 113.8 + 15.1 Casualty Total 13,531.8 11,057.5 + 22.4 12,404.4 + 12.2 (1) Excluding Fineco Vita and at first-half 2004 exchange rates Average exchange rate: first-half 2005 EUR1 = BRL 3.231 first-half 2004 EUR1 = BRL 3.717 Period-on-period changes under French Gaap are as follows : French Gaap Premium First-half First-half % change Like-for-like(2) % change income 2005 2004 (EURm) Savings 11,061.6 8,810.5 + 25.6 9,941.2 + 12.8 Pensions 905.8 789.2 + 14.8 867.8 + 10.0 Personal risk 644.1 578.8 + 11.3 635.6 + 9.8 Loan 921.6 847.8 + 8.7 916.0 + 8.0 insurance Health 116.1 111.0 + 4.6 116.1 + 4.6 insurance Property & 124.7 106.0 + 17.7 117.2 + 10.6 Casualty Total 13,773.9 11,243.3 + 22.5 12,593.9 + 12.0 Average exchange rate: first-half 2005 EUR1 = BRL 3.231 first-half 2004 EUR1 = BRL 3.717 All business segments enjoyed strong growth. Consolidation of Fineco Vita, from mid-February 2005, mainly benefited the Savings business. Changes in exchange rates had a small positive effect, with the average exchange rate for the Brazilian real 15% higher in first-half 2005 compared with the year-earlier period. 2.3 Savings Savings revenue under IFRS for first-half 2005 rose 25% on a reported basis and 12.7% like-for-like. Fineco Vita's contribution amounted to EUR1,069.3 million (EUR1,109 million under French Gaap). On a French Gaap basis, the growth rate was 25.6% or 12.8% like-for-like. IFRS adjustments mainly concerned revenue from Brazilian savings products (EUR77.7 million adjustment) accounted for as investment contracts in accordance with IAS 39, and certain unit-linked products in France (EUR13.6 million adjustment) and Italy (EUR39.7 million adjustment). In France, savings revenue under French Gaap rose by 13.1% compared with first-half 2004, and net new money was 19% higher. This excellent performance - slightly better than for the market as a whole - reflects the strong marketing efforts of the networks in the second quarter and the excellent performance by the CNP Tresor sales force. 2.4 Pensions Pensions revenue for first-half 2005 totalled EUR815.8 million under IFRS, an increase of 16.1% or 10% like-for-like. Fineco Vita's contribution over the last four and a half months of the period came to EUR12.1 million. IFRS adjustments, in the amount of EUR90 million, concerned the Companies and Local Authorities sector in France. On a French Gaap basis, the growth rate was 14.8% or 10% like-for-like (versus 16.1% on a reported basis and 10.7% like-for-like under IFRS). In France, the pensions business remained buoyant but the growth rate slowed due to the launch more than a year ago of the Perp contract and the Solesio range distributed by the French Post Office. First-half 2005 growth was driven by: - An 18.8% increase in sales of individual pension products by the networks, to EUR271.6 million under IFRS. - 4.9% growth in sales of group pension products, to EUR329 million under IFRS. A total of 124,000 new pension contracts were sold during the period, representing EUR162 million in revenue. They included 45,000 Perp contracts sold by the networks and Solesio Prefon contracts sold by the French Post Office, for EUR78 million. 2.5 Personal Risk Personal Risk premiums amounted to EUR644.1 million under both IFRS and French Gaap, representing an increase of 11.6% on a reported basis and 9.8% like-for-like. Fineco Vita's contribution was just EUR2.8 million. The strong growth in Personal Risk sales, particularly in the first quarter, was mainly attributable to higher premiums on group products sold to companies and local authorities in France. Premiums from individual personal risk products sold by the networks remained flat at EUR72 million. 2.6 Loan Insurance Loan Insurance premiums under IFRS totalled EUR904.4 million in first-half 2005, an increase of 10.3% on a reported basis and 9.8% like-for-like. Fineco Vita does not write loan insurance. IFRS adjustments, in the amount of EUR17.2 million, concerned Brazil where certain products are excluded from premium income and reported on a separate line of the profit and loss account in accordance with IAS 18. The period-on-period increase under French Gaap was 8.7%. In France, loan insurance premiums rose 7.3%, with growth driven by continued strong demand in the personal loan and home loan markets fuelled by low interest rates. Loan insurance business written on behalf of Cofidis in Portugal since 2003 and in Belgium, Spain and Italy since 2004 is now included in International premium income. Revenue from this business increased 43.9% in first-half 2005, to EUR25.7 million. Greece and the Czech Republic are expected to be added to the list of countries served in 2005. The newly-created branches in Italy and Spain contributed EUR5.7 million in loan insurance premiums for the period. 2.7 Health Insurance Health Insurance premium income rose by 4.6% to EUR116.1 million under both IFRS and French Gaap. The Italian and Brazilian subsidiaries are not present in this market. Completys Sante, a new health insurance product distributed by 50%-owned Assurposte, contributed EUR3.6 million to premium income for the period. 2.8 Property & Casualty Property & Casualty premiums totalled EUR120.8 million under IFRS. The total breaks down as EUR67.7 million in premiums written in Portugal and EUR53.1 million in Brazil, representing like-for-like increases of 22.2% and 15.2% respectively. The EUR3.9 million IFRS adjustment concerns a product sold in Brazil that is excluded from premium income and reported on a separate line of the profit and loss account in accordance with IAS 18. On a French Gaap basis, the growth rate was 17.7% on a reported basis and 10.6% like-for-like. III - By Country and Partner Network 3.1 France Premium income in France rose by 12.1% in first-half 2005 to EUR11,995.2 million under IFRS (EUR12,098.8 million under French Gaap). The EUR103.6 million IFRS adjustment mainly concerns pension products sold to companies (EUR90 million) and certain savings products sold by the French Post Office (EUR4.4 million), the Savings Banks (EUR2.4 million) and CNP Tresor (EUR6.8 million). Premium income generated by the French Post Office totalled EUR4,481.7 million under IFRS (EUR4,486.1 million under French Gaap), an increase of 17.6% over the year-earlier period. This excellent performance reflects strong gains in the Savings and Pensions segments. A total of 84,000 new pension contracts were sold, representing over EUR124 million in revenue. They included 71,000 Solesio contracts taxed as life insurance for EUR105 million) and more than 13,000 Perp and Prefon contracts for EUR19 million. Unit-linked sales amounted to EUR300.4 million in first-half 2005 versus EUR325.9 million in the year-earlier period, representing 6.8% of total Pensions and Savings revenue. The promotional campaign carried out in April and May to promote sales of personal risk products led to 150,000 new contracts being written. Premium income generated by the Savings Banks in first-half 2005 amounted to EUR5,399.9 million under IFRS, an increase of 7.5% over the year-earlier period. On a French Gaap basis, the figures were roughly the same, with premiums up 7.5% to EUR5,402.2 million. Sales rose by a very strong 14.5% in the second quarter, offsetting the effects of below-market growth in the first quarter. Initiatives Transmission, a non-unit-linked product, and Nuances 3D, a combined unit-linked/non-unit-linked product, continued to represent the cornerstones of the business, accounting for 71% of total premiums generated by the network. Revenues from these products in first-half 2005 amounted to EUR2 million and EUR1.6 million respectively. The high-end Nuances Plus offer went from strength to strength, with sales up 54% to EUR860 million. Nuances Privilege, the new product for private banking customers launched in February has got off to a very good start, attracting EUR150 million in new money in the first five months, of which around 30% has been invested in unit-linked portfolios. In the Pensions segment, some 40,000 new Perp contracts were sold without any particular advertising effort, generating revenue of EUR38 million. Unit-linked sales for first-half 2005 represented EUR906.6 million versus EUR981.3 million in the same period of 2004, representing 17.3% of total Pensions and Savings revenue. The CNP Tresor network generated first-half 2005 premium income of EUR420.5 million on an IFRS basis, 36.2% more than in the first six months of 2004 which represented the start-up period for this new sales force. French Gaap premiums amounted to EUR427.3 million, up 38.2%. These excellent results obtained by the network of 266 insurance advisors, were attributable to strong sales of savings products, helped by promotional offers on unit-linked portfolios. Unit-linked sales more than doubled, representing EUR32 million - or 7.9% of total Savings and Pensions revenue - compared with EUR12.8 million in first-half 2004. A new promotional offer was launched in the middle of the second quarter, to further boost unit-linked sales as a proportion of total revenues. Financial institutions contributed premium income of EUR557.5 million under both IFRS and French Gaap, an increase of 6.3% over first-half 2004. Premium income generated by mutual insurance companies was 3.1% higher under IFRS (2.8% under French Gaap) at EUR267.5 million. Lastly, premium income from sales to companies and local authorities increased by 11% to EUR799.9 million under IFRS. This sharp rise was due to the significantly higher premium rates charged to local authorities as from the first quarter of 2005. The IFRS adjustment of EUR90 million concerns unit-linked pension products accounted for as investment contracts in accordance with IAS 39. Premium income from Other Development Initiatives in France, including direct sales and sales by other networks, totalled EUR68.2 million under IFRS and French Gaap, an increase of 27.6%. 3.2 International Operations Operations outside France contributed EUR1,536.6 million to first-half 2005 premium income on an IFRS basis, over three times more than the EUR355.5 million generated in first-half 2004. On a like-for-like basis, their contribution rose 15% to EUR409.2 million. French Gaap premiums amounted to EUR1,675.1 million on a reported basis and EUR495.1 million like-for-like, up 11.1%. Revenues from international operations now include premiums written by loan insurance branches outside France and loan insurance written in order to partner French clients (currently Cofidis) in international markets. These premiums increased by 44% in first-half 2005, to EUR25.7 million In Portugal, premium income generated by Global and Global Vida totalled EUR88.8 million under both IFRS and French Gaap. This represented an increase of 4.3%. The highest growth was in the property and casualty business, led by fire insurance (up 11.9%) and motor insurance (up 9.9%). In Argentina, premium income amounted to EUR1.5 million under both IFRS and French Gaap, representing a 25% increase over first-half 2004 on a reported basis and 31.5% like-for-like. In Brazil, Caixa Seguros had premium income of EUR330.6 million (BRL 1,068.1 million) under IFRS, up 31.7% on a reported basis and 14.4% excluding the currency effect. French Gaap premium income came to EUR429.4 million. Reported premium income was significantly boosted by the 30% gain in the real against the euro between the beginning and the end of the first half. Strong gains were recorded in Savings (up 49.9% in local currency), primarily reflecting sustained demand for single premium products, as well as in Personal Risk (up 21.8%) and Property & Casualty (up 26.2%). Pensions revenue declined in the first quarter, due to the uncertain situation in the market: while the new tax incentives for pension products were voted by Parliament at the end of 2004, the related tax guidelines were not published until March of this year. With the tax situation clarified, the market started to recover at the end of the quarter and premium growth for the first six months of the year reached 10.3%. The Brazilian loan insurance market continued to be held back by the country's very high interest rates, with the Selic at 19.75%. Fineco Vita, the Italian subsidiary acquired in mid-February 2005 has been consolidated as from 18 February. Its contribution to premium income for the last four and a half months of the period was EUR1,084.2 million under IFRS and EUR1,123.9 million under French Gaap. Fineco Vita's total premium income for first-half 2005 came to EUR1,264.5 million under IFRS (EUR1,316.3 million under French Gaap), compared with EUR282.7 million in first-half 2004 (EUR864.5 million under French Gaap). Unit-linked products accounted for 97.8% of total revenue. The very strong period-on-period growth (with premiums four times higher under IFRS and 1.5 times higher under French Gaap) can be explained as follows: - Index-linked products sold since the start of 2005 include death cover and revenues from these products are therefore included in premium income in accordance with IFRS 4. Products sold prior to 2005 did not offer any death cover and are accounted for as investment contracts in accordance with IAS 39. - The networks - particularly Banco di Sicilia - made a sustained effort to increase sales during the period which saw Fineco Vita change shareholders. This excellent first-half performance - which follows a very good set of results in the first quarter - generally supports the ambitious 2005 target of generating premium income of EUR2.8 billion on a French Gaap basis, versus EUR1.9 billion in 2004 CNP Assurances is standing by its 2005 target of performing in line with the French market, which is expected to grow by 6 to 10% according to current FFSA estimates. This target is based on the French Gaap accounts and does not take into account the contribution of Fineco Vita or the effect of changes in exchange rates. The Group also expects to maintain its steady pace of earnings growth This financial press release is available for consultation in French and English on the CNP Assurances web site, http://www.cnp.fr/. Cautionary Note Regarding Forward-Looking Statements 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. The English language version of this press release is a free translation from the original, which was prepared in French. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions expressed therein, the original language version of the press release in French takes precedence over the translation Second Quarter 2005 Premium Income Second Quarter 2005 Premium Income by Partnership Centre IFRS French Gaap Q2 2005 Q2 2004 % Q2 2005 Q2 2004 % change change EURm EURm EURm EURm French Post Office 1,954.1 1,698.1 +15.1 1,956.0 1,700.9 +15.0 Savings Banks 2,104.3 1,838.4 +14.5 2,105.6 1,839.7 +14.5 CNP Tresor 222.8 153.4 +45.2 224.5 153.9 +45.9 Financial Institutions 283.1 260.2 +8.8 283.1 260.2 +8.8 France (1) Mutual Insurers (2) 97.7 113.8 -14.1 97.2 113.9 -14.7 Companies and Local 292.2 337.0 -13.4 292.6 326.7 -10.5 Authorities (2) Other (France) 38.0 27.6 +37.4 38.0 27.5 +37.9 Total France 4,992.2 4,429.0 +12.7 4,996.9 4,422.9 +13.0 Global (Portugal) 44.9 45.6 -1.4 44.9 45.6 -1.4 CNP Seguros de Vida 0.8 0.6 +28.3 0.8 0.6 +28.3 (Argentina) Caixa Seguros (Brazil) 190.4 113.2 +68.3 241.0 158.3 +52.2 Fineco Vita (Italy)(3) 615.7 - N.M. 651.5 - N.M. Financial Institutions 13.5 8.4 +60.7 13.5 8.4 +60.3 - Outside France Branches 4.4 - N.M. 4.4 - N.M. Other (outside France) - 0.3 N.M. - 0.3 N.M. Total International 869.7 168.0 417.6 956.1 213.2 +348.5 Total 5,861.9 4,597.0 +27.5 5,953.0 4,636.1 +28.4 (1) Excluding Cofidis and international (2) Local authorities are now included in the Companies partnership centre (3) Fineco Vita has been consolidated as from 18 February 2005 Second Quarter 2005 Premium Income by Business Segment IFRS Premium income Q2 2005 Q2 2004 % change Like-for-like(1) % change (EURm) Savings 4,670.9 3,465.6 + 34.8 4,065.0 + 17.3 Pensions 456.6 408.5 + 11.8 423.8 + 3.7 Personal risk 154.9 205.3 - 26.4 146.9 - 28.4 Loan insurance 469.3 414.8 + 13.2 466.2 + 12.4 Health insurance 46.8 53.8 - 13.0 46.8 - 13.0 Property & Casualty 63.4 49.1 + 29.1 56.8 + 15.8 Total 5,861.9 4,597.0 + 27.5 5,205.5 + 13.2 (1) Excluding Fineco Vita and at first-half 2004 exchange rates Average exchange rate: first-half 2005 EUR1 = BRL 3.231 first-half 2004 EUR1 = BRL 3.717 French Gaap Premium income Q2 2005 Q2 2004 % change Like-for-like(2) % change (EURm) Savings 4,757.9 3,495.9 + 36.1 4,106.6 + 17.5 Pensions 456.5 399.7 + 14.2 423.7 + 6.0 Personal risk 154.9 206.1 - 24.9 146.9 - 28.7 Loan insurance 473.0 428.2 + 10.5 467.8 + 9.3 Health insurance 46.8 53.8 - 13.0 46.8 - 13.0 Property & 63.9 52.4 + 22.1 56.9 + 8.7 Casualty Total 5,953.0 4,636.1 + 28.4 5,248.7 + 13.2 Average exchange rate: first-half 2005 EUR1 = BRL 3.231 first-half 2004 EUR1 = BRL 3.717 First-Half 2005 Premium Income Reconciliation of Premium Income Between French Gaap and IFRS (EUR millions) First-half 2005 First-half 2004 Premium income - French 13,773.9 11,243.3 Gaap o/w France 12,098.8 10,797.6 o/w Brazil 429.4 341.1 o/w Italy 1,123.9 - IFRS adjustments - 242.1 - 185.7 o/w France 103.6 95.6 o/w Brazil 98.8 90.2 o/w Italy 39.7 - Premium income - IFRS 13,531.8 11,057.5 First-Half 2005 Premium Income by Partnership Centre IFRS French Gaap First-half First-half % First-half First-half % 2005 2004 change 2005 2004 change EURm EURm EURm EURm French Post 4,481.7 3,812.1 +17.6 4,486.1 3,817.9 +17.5 Office Savings Banks 5,399.9 5,023.5 +7.5 5,402.3 5,026.4 +7.5 CNP Tresor 420.5 308.7 +36.2 427.3 309.2 +38.2 Financial 557.5 524.4 +6.3 557.5 524.4 +6.3 Institutions France (1) Mutual 267.5 259.5 +3.1 267.5 260.3 +2.8 Insurers (2) Companies and 799.9 720.3 +11.0 889.9 806.0 +10.4 Local Authorities (2) Other (France) 68.2 53.4 +27.6 68.2 53.4 +27.6 TOTAL France 11,995.2 10,702.0 +12.1 12,098.8 10,797.6 +12.1 Global 88.8 85.2 +4.3 88.8 85.2 +4.3 (Portugal) CNP Seguros de 1.5 1.2 +25.0 1.5 1.2 +25.0 Vida (Argentina) (3) Caixa Seguros 330.6 250.9 +31.7 429.4 341.1 +25.9 (Brazil) (3) Fineco Vita 1,084.2 - N.M. 1,123.9 - N.M. (Italy) (4) Financial 25.7 17.8 +44.4 25.7 17.8 +44.4 Institutions - Outside France Branches 5.7 - N.M. 5.7 - N.M. Other (outside 0.1 0.4 -75.0 0.1 0.4 -75.0 France) Total 1,536.6 355.5 +332.3 1,675.1 445.7 +275.9 International Total 13,531.8 11,057.5 +22.4 13,773.9 11,243.3 +22.5 (1) Excluding Cofidis and international (2) Local authorities are now included in the Companies partnership centre (3) Average exchange rates: Argentina EUR1 = ARS 3.768 Brazil EUR1 = BRL 3.231 (4) Fineco Vita has been consolidated as from 18 February 2005 Unit-Linked Sales IFRS French Gaap First-half First-half % First-half First-half % 2005 2004 change 2005 2004 change EURm EURm EURm EURm French Post 300.4 325.9 - 7.8 304.8 331.7 - 8.1 Office Savings 906.6 981.3 - 7.6 909.0 984.1 - 7.6 Banks CNP Tresor 32.0 12.8 + 150.0 38.8 13.3 + 192.0 Other 37.1 28.5 + 30.0 37.1 28.5 + 30.0 Total 1,276.0 1,348.5 - 5.4 1,289.7 1,357.6 - 5.0 individual unit-linked France Group 6.1 21.6 - 71.5 95.2 107.7 - 11.5 unit-linked France Total 1,282.2 1,370.1 - 6.4 1,384.9 1,465.3 - 5.5 France Individual 1,099.0 - - 1,099.0 - - unit-linked outside France (Fineco Vita) Group 0 0 - 0 0 - unit-linked outside France Total 2,381.2 1,370.1 + 73.8 2,483.9 1,465.3 + 69.5 Unit-linked Premium Income by Country IFRS First-half First-half % change % change at 2005 2004 constant exchange rates France 11,995.2 10,702.0 + 12.1 + 12.1 Italy (1) 1,092.1 1.6 N.M. N.M. Portugal (2) 96.4 89.4 + 7.9 + 7.9 Brazil 330.6 250.9 + 31.7 + 14.5 Argentina 1.5 1.2 + 25.0 + 32.1 Other Europe (3) 16.0 12.4 + 29.0 + 29.0 Total 13,531.8 11,057.5 + 22.4 + 22.0 (1) Italian branches, Cofidis in Italy since 2004 and Fineco Vita since 18 February 2005 (2) Global and Cofidis Portugal since 2004 (3) Italian and Spanish branches and Cofidis in Spain and Belgium French Gaap First-half 2005 First-half 2004 % change % change at constant exchange rates France 12,098.8 10,797.6 + 12.1 + 12.1 Italy 1,131.7 1.6 N.M. N.M. Portugal 96.4 89.4 + 7.9 + 7.9 Brazil 429.4 341.1 + 25.9 + 9.4 Argentina 1.5 1.2 + 25.0 + 32.1 Other 16.0 12.4 + 29.0 + 29.0 TOTAL 13,773.9 11,243.3 + 22.5 + 22.0 Breakdown By Insurance Category in First-Half 2005 Premium IFRS French Gaap income First-half First-half % change First-half First-half % change 2005 2004 2005 2004 EURm EURm EURm EURm Individual 11,565.6 9,289.7 + 24.5 11,696.5 9,362.3 + 24.9 insurance Group 1,966.2 1,767.8 + 11.2 2,077.4 1,881.0 + 10.4 insurance Total 13,531.8 11,057.5 + 22.4 13,773.9 11,243.3 + 22.5 First-Half 2005 Premium Income by Country and by Business Segment IFRS (French Gaap) EURm Savings Pensions Personal Loan Health Property Total risk insurance insurance & Casualty France 8,720.4 546.8 543.8 781.1 109.9 0 10,702.0 (8,729.6) (633.2) (543.8) (781.1) (109.9) (0) 10,797.6) Portugal(1) 20.6 0 1.1 4.2 1.1 62.4 89.4 (20.6) (0) (1.1) (4.2) (1.1) (62.4) (89.4) Other 0 0 0.4 13.6 0 0 14.0 (Europe)(2) (0) (0) (0.4) (13.6) (0) (0) (14.0) Brazil 5.5 156.0 31.6 21.3 0 36.5 250.9 (59.6) (156.0) (33.0) (48.9) (0) (43.6) (341.1) Argentina 0.7 0 0.5 0 0 0 1.2 (0.7) (0) (0.5) (0) (0) (0) (1.2) Total 8,747.3 702.8 577.4 820.2 111.0 98.8 11,057.5 (8,810.5 (789.2) (578.8) (847.8) (111.0) (106.0)(11,243.3) (1) Global and Cofidis Portugal (2) Branches and Cofidis Europe (excluding Portugal) First-Half 2005 Premium Income by Country and by Business Segment IFRS (French Gaap) EURm Savings Pensions Personal Loan Health Property Total risk insurance insurance & Casualty France 9,832.1 605.4 595.2 847.4 115.1 0 11,995.2 (9,845.7) (695.4) (595.2) (847.4) (115.1) (0) (12,098.8) Italy(1)1,069.3 12.1 2.9 7.7 (1) 0 0 1,092.1 (1,109.0) (12.1) (2.9) (7.7) (1) (0) (0) (1,131.7) Portugal(2) 19 0 1.1 7.6 (2) 1.0 67.7 96.4 (19) (0) (1.1) (7.6) (2) (1.0) (67.7) (96.4) Other (-) (-) (-) 16.0 (-) (-) 16.0 (Europe)(3) (-) (-) (-) (16.0) (-) (-) (16.0) Brazil 9.5 198.3 44.1 25.6 (-) 53.1 330.6 (87.2) (198.3) (44.1) (42.8) (-) (57.0) (429.4) Argentina 0.7 (-) 0.8 (-) (-) (-) 1.5 (0.7) (-) (0.8) (-) (-) (-) (1.5) Total 10,930.7 815.8 644.1 904.3 116.1 120.8 13,531.8 (11,061.6) (905.8) (644.1) (921.6) (124.7) (116.1) (13,773.9) (1) Italian branch + Cofidis Italy (2) Global and Cofidis Portugal (3) Spanish branches and Cofidis Europe (excluding Italy and Portugal) Caixa Seguros (Brazil) Premium Income BRLm IFRS French Gaap Business First-half First-half % change First-half First-half %change Segment 2005 2004 2005 2004 Savings 30.8 20.6 + 49.9 281.7 221.5 + 27.0 Pensions 640.8 580.8 + 10.3 640.8 580.1 + 10.0 Personal risk 142.7 117.2 + 21.8 142.7 122.5 + 16.0 Loan insurance 82.5 79.2 + 4.2 138.2 181.6 - 24.0 Property & 171.4 135.8 + 26.2 184.1 162.2 + 13.0 Casualty TOTAL 1,068.1 933.5 + 14.4 1,387.4 1,268.0 + 9.4 Fineco Vita Premium Income EURm IFRS French Gaap Business First-half First-half %change First-half First-half %change Segment 2005 2004 2005 2004 Savings 1,245.5 262.4 + 375 1,297.3 844.1 + 53.7 Pensions 15.5 16.1 - 4 15.5 16.1 - 3.8 Personal 3.5 3.9 - 11 3.5 4.2 - 16.7 risk Total 1,264.5 282.7 + 347 1,316.3 864.5 + 52.3 Fineco Vita Contribution to Consolidated Premium Income (18 February to 30 June 2005) Business Segment IFRS French Gaap (EURm) Savings 1,069.3 1,109.0 Pensions 12.1 12.1 Personal risk 2.8 2.8 TOTAL 1,084.2 1,123.9 Contact: Sophie Messager +33-1-42-18-86-51 E-mail: Investor and Analyst Relations: Brigitte Molkhou +33-1-42-18-77-27 E-mail: DATASOURCE: CNP Assurances CONTACT: Sophie Messager, +33-1-42-18-86-51, E-mail: . Investor and Analyst Relations: Brigitte Molkhou, +33-1-42-18-77-27, E-mail:

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