France's CNP Sees Net Profit Fall on Lower Sales, Returns

Mon. August 03, 2009; Posted: 12:33 PM

PARIS, Aug 03, 2009 (A. M. Best via COMTEX) -- CNPAF | Quote | Chart | News | PowerRating -- CNP Assurances said a fall in unit-linked sales and a lower return on equities led to a 12.5% drop in first-half net income.

The French insurer's first-half net profit came to 502 million euros (427.6 million pounds), down from the 574 million euros it posted for the same period a year earlier.

The company said premium income for the period rose 24.8% to 17.5 billion euros.

CNP attributed this rise to increases in its savings and pensions segments. Premium income in savings came to 13.5 billion euros for the half, a rise of 29.7%. Pensions totalled 1.5 billion euros, an increase of 30.7%. Health insurance premiums rose 37.5% to 233.8 million euros.

The insurer also recorded some changes in income from international operations. Premium income from Spain rose by 65.6% to 157.7 million euros for the period, while Italy saw premiums rise 136.5% to 1.8 billion euros.

"In an environment shaped by margin compression, attributable especially to lower unit-linked sales, as well as to lower asset yields, CNP Assurances reported strong growth in business in the first half, both in France and abroad," said Chief Executive Gilles Benoist in a statement." The group increased market share in its core operating regions, thanks to the vitality of its partner networks and the loyalty of its customers."

(By Marc Jones, London news editor: marc.jones@ambest.com)

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