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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