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property for sale in turks and caicos islands
News and Information Article
PARIS, August 4 /-FirstCall/ --
- On an IFRS basis, second-quarter 2006 premium income totalled
EUR7,158.7 million, up 22.1% from the same period of 2005. Like-for-like
premium income came to EUR7,150.5 million, also representing an increase of
22.1% over pro forma second-quarter 2005 at constant exchange rates.
- Over the first six months of 2006, premium income totalled
EUR16,311.9 million, up 20.5% from the prior-year period, and 18.5% over
pro forma 2005 at constant exchange rates.
- Assets under management were up by around 11% on an annualised basis.
- The Group is standing by its full-year target of revenue growth far
exceeding 10%.
Preliminary comment:
The acquisition of Fineco Vita (renamed CNP Capitalia Vita) was
completed on 17 February 2005 and this company has therefore been
consolidated from 18 February. Pro forma comparisons are also presented,
based on exchange rates for the Brazilian real and Argentine peso for the
first half of 2005 and including CNP Capitalia Vita from 1 January 2005.
As a result of the reclassification of euro/unit-linked products in
early 2006 for the purpose of calculating 2005 embedded value, certain
Brazilian products are treated as unit-linked, based on pro forma 2005
data.
I - CNP ASSURANCES GROUP PREMIUM INCOME
Consolidated premium income under IFRS for second-quarter 2006 totalled
EUR7,158.7 million, representing a significant 22.1% increase compared with
the year-earlier period. Like-for-like premium income-calculated at
second-quarter 2005 exchange rates-showed a similar gain of 22%, to
EUR7,150.5 million, and rose 22.1% compared to pro forma second-quarter
2005, including CNP Capitalia Vita premiums for the period from 1 January
to 17 February.
Over the first six months of 2006, premium income totalled EUR16,331.9
million, up 20.5% from the prior-year period, and 18.5% on a pro forma and
constant exchange rate basis.
In France, premium income under IFRS came to EUR5,991 million for
second-quarter 2006, an increase of 20% over the year-earlier period. On a
French GAAP basis, premium income rose 20.2% to EUR6,007.1 million in the
second quarter and 18.3% to EUR14,313.9 million over the first six months.
Savings premium income in France was 18.5% higher, with net new money up
29%.
This extremely positive performance slightly lagged that of the French
savings market as a whole, which according to estimates published by the
industry federation (FFSA), grew by 22% from first-half 2005 to EUR76.1
billion under French GAAP, including a 44% rise in net new money.
This very strong growth in the French market was primarily attributable
to substantial transfers from PEL home-savings plans, following a change in
tax rules applicable to plans held for over 10 and 12 years. It is
estimated that 44% of the funds transferred out of these plans-representing
some EUR7.5 billion-were reinvested in life insurance in the first six
months of the year, triggering an increase in new money of nearly 12%. The
underlying market growth of 10% (excluding PEL transfers, which declined in
the second quarter) confirmed the popularity of life insurance products
among French savers in recent years. Despite a slowdown in June, the
buoyant stock market also acted as a strong growth driver, contributing to
a sharp 75% increase in new money invested in unit-linked products in the
first half.
The Group outperformed the insurance networks in France, which reported
10% average growth in savings revenue, but underperformed the bancassurance
sectors 30% average growth, due to the fact that only the Savings Bank
network attracted PEL funds. That said, the differential with the French
market narrowed in the second quarter.
In the first half of 2006, the Group enjoyed a strong uptrend in
unit-linked sales in France, which grew 71.4% to EUR2,197.1 million under
IFRS (EUR2,313,5 million under French GAAP). This solid growth, combined
with the contribution of CNP Capitalia Vita in Italy and the
reclassification of certain products in Brazil, helped to drive a 54.4%
increase in total unit-linked sales to EUR3,906.1 million.
Total assets under management were up by around 11% on an annualised
basis at 30 June 2006, matching FFSAs estimated 11% growth rate for
managed assets in the French savings market.
II - BY BUSINESS SEGMENT
2.1 PERIOD-ON-PERIOD CHANGE
The table below shows the change in first-half premium income by
business segment, under IFRS:
Premium income (in EUR millions) H1 2006 H1 2005 %
change
Savings 13,216.6 10,930.7 + 20.9
Pensions 1,040.6 812.8 + 28.0
Personal Risk 724.7 647.2 + 12.0
Loan Insurance 1,026.8 904.3 + 13.5
Health Insurance 148.7 116.1 + 28.1
Property & Casualty 154.5 120.8 + 27.9
Total 16,311.9 13,531.9 + 20.5
Like-for-like changes by business segment, based on pro forma premiums
for 2005, were as follows:
Premium income (in EUR millions) H1 2006 H1 2005 %
At Pro change
constant forma
exchange (2)
rates
(1)
Savings 13,214.8 11,106.8 + 19.0
Pensions 1,002.6 816.2 + 22.8
Personal Risk 714.2 647.9 + 10.2
Loan Insurance 1,021.3 904.3 + 12.9
Health Insurance 148.7 116.1 + 28.1
Property & Casualty 142.4 120.8 + 17.9
16,244.0 13,712.1 + 18.5
Total
(1) Based on exchange rates at 30 June 2005
(2) Including CNP Capitalia as from 1 January 2005
Average exchange rates: 30 June 2006 EUR1 = BRL 2.76485
30 June 2006 EUR1 = BRL 3.23085
Growth was very strong across all business segments.
2.3 Savings
Savings revenue rose by 20.5% to EUR5,627 million in second-quarter
2006 and 20.9% to EUR13,216.6 million in the first half, including pro
forma growth of 19% at constant exchange rates.
In France, under French GAAP, savings revenue rose by 18.5% from
first-half 2005 and net new money was 29% higher. This very good
performance includes around EUR600 million in PEL funds transferred to
savings products sold by the Savings Banks network, a trend that slowed in
the second quarter.
2.4 Pensions
Pensions revenue for second-quarter 2006 surged 30.9% to EUR593.7
million. First-half pensions revenue totalled EUR1,040.6 million,
representing an increase of 27.9% or 22.7% on a pro forma basis excluding
the currency effect.
In France, growth in first-half pensions revenue came to 25.9%,
reflecting:
- A 9.1% increase in sales of individual pension products by the
networks, to EUR296.3 million.
- A hefty 41% gain in sales of group products to EUR465.3 million,
thanks in particular to two new contracts.
Revenues from pensions products launched since 2004 amounted to EUR183
million, including EUR49 million from Perp contracts and Solesio Prefon. A
total of 56,000 new contracts were signed during first-half 2006, including
17,000 Perp and Solesio Prefon contracts sold by the French Post Office.
2.5 Personal Risk
Personal Risk premiums under IFRS rose by 12% to EUR724.7 million in
first-half 2006. The pro forma change, excluding the currency effect, was
10.2%.
Group business drove a turnaround in the second quarter, with growth of
65%.
2.6 Loan Insurance
Loan Insurance premiums under IFRS totalled EUR1,026.8 million in
first-half 2006, an increase of 13.5% on a reported basis. Pro forma growth
at constant exchange rates came to 12.9%.
In France, loan insurance premiums rose 9.8%, with growth driven by
sustained demand in the personal loan and home loan markets, fuelled by low
interest rates.
Loan insurance written outside France on behalf of Cofidis under a
partnership set up in 2003 amounted to EUR32.8 million in first-half 2006,
up 27.8% on the year-earlier figure. The partnership operates in seven
countries.
The Italian and Spanish branches, opened in 2005, have quadrupled their
business, contributing EUR25.7 million in loan insurance premiums in
first-half 2006.
2.7 Health Insurance
Health Insurance premium income rose 28.1% to EUR148.7 million.
2.8 Property & Casualty
Property & Casualty premiums totalled EUR154.4 million under IFRS. The
total breaks down as EUR70.6 million in premiums written in Portugal and
EUR83.8 million in Brazil, representing increases of 27.9% and 17.9%
respectively at constant exchange rates.
III - BY COUNTRY AND PARTNER NETWORK
3.1 IN FRANCE
Premium income in France increased by 20% in the second quarter to
EUR5,991 million. Premiums for the first half totalled EUR14,197.5 million
under IFRS (compared with EUR14,313.9 million under French GAAP), an
increase of 18.4% over first-half 2005. Savings revenue was up 18.5%.
Conversions of non-unit-linked contracts into combined contracts, as
authorized by the Fourgous amendment, began late in the second quarter and
accounted for roughly EUR123 million of second-quarter premium income
(EUR53 million for the French Post Office, EUR58 million for CNP Tresor and
EUR12 million for the Savings Banks), of which EUR30 million in unit-linked
products.
Unit-linked sales stood at EUR2,197.1 million for the first half, a
rapid 71.4% increase that was in line with the 75% rise in the French
market as a whole. The three networks combined unit-linked sales
represented 18% of total savings and pensions revenue for the first six
months, compared with 12.3% in first-half 2005.
Premium income generated by La Banque Postale rose 22.7% to EUR2,397.9
million under IFRS in the second quarter and 16.2% to EUR5,208.5 million in
the first half. This very good performance, especially in the second
quarter, was achieved without the benefit of any PEL transfers, reflecting
strong sales of the new Vivaccio range launched early in the year. With
250,000 contracts sold, this highly successful rollout has lowered the
average age of policyholders from 57 to 48 years, while increasing the
volume of recurring premiums and the weighting of unit-linked contracts.
Ascendo, the networks high-end product, saw a sharp 40% rise, with a
substantial percentage of unit-linked sales. Overall, new money invested in
unit-linked products doubled in the first half, totalling EUR624.5 million,
and represented 12.2% of savings and pensions new money. Moreover, sales of
personal risk contracts rose by 14% to EUR49 million, led by an upgraded
product range (with Futurys and Forfaitys) for Vivaccio clients. Pensions
revenue was 10.7% higher in the first half, at EUR165 million.
In the second half, the GMO contract will be extended to boost top-up
premiums and the campaign to encourage contract conversions, as authorized
under the Fourgous amendment, will be developed. In the second quarter,
EUR53 million was converted through the campaign, following its
introduction in late June.
Premium income generated by the Savings Banks amounted to EUR2,328
million under IFRS in the second quarter and EUR6,510.7 million in the
first half, a 20.6% increase over the prior-year period. This very good
performance, virtually in line with the French market as a whole, was led
by transfers from PEL home savings accounts (estimated at approximately
EUR600 million), despite a second-quarter slowdown.
Sales of combined unit-linked/non-unit-linked contracts rose sharply,
especially for the high-end Nuances Plus and Nuance Privilege products,
which pursued their development with a high percentage of unit-linked
contracts (EUR500 million for Nuance Privilege, of which more than 40%
invested in unit-linked portfolios).
As a result, unit-linked sales by the Savings Banks rose by a very
substantial 57.9% to EUR1,431.9 million, or 22.7% of total first-half
savings and pensions revenue.
Promotional campaigns to encourage transfers to unit-linked contracts
under the Fourgous amendment, notably by holders of Initiatives
Transmission contracts, began in late June and thus had a very minor impact
on premium income, accounting for just EUR12 million in the second quarter.
The campaigns will be developed in the second half.
Lastly, in the personal risk business, the Garantie Urgence and
Garanties Famille range delivered a very solid performance with 55,000
contracts signed, a 160% increase over first-half 2005. Training and
marketing initiatives helped drive a 10% rise in sales of loan insurance.
The CNP Tresor network generated premium income of EUR274.6 million in
the second quarter, a 23.3% increase over the prior-year period. First-half
premium income increased 16.5% to EUR490 million. The second quarters
excellent performance included the initial, highly satisfying results of
the Fourgous transfer campaign (EUR58 million). Half of the campaigns
target population-clients under 70-made an appointment to meet with an
advisor and one out of four transferred their contracts. Unit-linked new
money nearly tripled in one year, totalling EUR93.7 million in the first
half and representing 19.7% of savings and pensions revenue. This
substantial increase was driven by the Excellence Plus promotional offer,
the launch of Horizon Performance, a new high-end, combined
unit-linked/non-unit-linked product with a unit-linked weighting of more
than 50%, a promotional offer, and the Fourgous transfer campaign.
Initiatives to continue increasing unit-linked sales as a percentage of
total revenue are planned for the second half, including a campaign to
promote top-up premiums.
Financial institutions contributed first-half premium income of
EUR613.7 million, a 10.1% rise over the prior-year period. Since 1 January,
CNP has been partnering Caisse Regionale de Credit Agricole du Finistere.
Premium income generated by mutual insurance companies centre came to
EUR443.7 million under IFRS, up 27.6% from the EUR347.8 million recorded in
the first six months of 2005. The increase was led by the signature of a
new contract.
Lastly, premium income from sales to companies and local authorities
increased by 16.3% to EUR863.9 million from EUR719.6 million in first-half
2005, thanks in particular to a new contract signed with a large company.
First-half premium income from other development initiatives in France,
including direct sales and sales by other networks, totalled EUR93.9
million under IFRS, an increase of 37.6%.
3.2 INTERNATIONAL OPERATIONS
Operations outside France contributed EUR1,167.7 million to
second-quarter premium income under IFRS, representing a very strong
year-on-year increase of 34.3%. Premium income for the first half as whole
was up 37.6% to EUR2,114.4 million. At constant exchange rates, the
contribution came to EUR2,046.6 million, still a very high 23.1% compared
to the pro forma 2005 figures.
3.2.1 Europe
In Portugal, premium income generated by Global and Global Vida in the
first half rose 1.8% to EUR90.4 million. Premiums in the non-life business
increased by 3.9%, led by sales of fire and health insurance. The market as
a whole was up only 0.8%.
In Italy, in a life insurance market that contracted slightly in the
first half (down 8% based on initial estimates) because of a decline in the
issue of index-linked policies by major operators, CNP Capitalia Vitas
consolidated premium income rose by 37.7% to EUR1,493.3 million, from
EUR1,084.2 million in first-half 2005. Even compared to the pro forma 2005
figure (EUR1,264.5 million), first-half premium income was up a strong 18%.
The sharp upswing in the second quarter was driven by sales force incentive
programs, as well as marketing initiatives for unit-linked products
(excluding index-linked policies) sold by Banco di Roma and promotori
financial advisors. Also, unlike in the first quarter, all new money
invested in index-linked contracts was recognized during the period because
signing deadlines did not go past 30 June.
The increase in business through the Banco di Roma network was
especially strong (up 38% with CNP Capitalia Vita). Lastly, a whole
life/loan insurance offer was introduced.
Premiums written by loan insurance branches outside France and loan
insurance written in order to partner French clients (Cofidis) in
international markets increase 86% to EUR58.5 million.
3.2.2 Latin America
In Brazil, Caixa Seguros had premium income of EUR470 million (BRL
1,300 million) under IFRS, up 42.2% on a reported basis and 21.7% at
constant exchange rates.
Premiums were up across all business segments, with growth of 15.5% in
pensions revenue, 10.2% in savings revenue, 31.3% in personal risk premiums
and 35.3% in property & casualty premiums, led by auto insurance and
comprehensive homeowners insurance.
New money invested in monthly-premium savings products rose by a strong
34%.
Loan insurance premiums continued to rise sharply (up 27.7%), driven by
strong home loan sales by the Caixa Economica Federal banking network.
The increase in personal risk premiums reflects a 70% increase in sales
of compulsory civil liability insurance to cover automobile accidents.
Lastly, as a result of the reclassification of euro/unit-linked
products in early 2006 for the purpose of calculating embedded value,
certain Brazilian products are treated as unit-linked. New money invested
in unit-linked contracts totalled EUR256 million in the first half, up
36.5% over the prior-year period.
In Argentina, premium income amounted to EUR1.8 million under IFRS,
representing an increase of 18.7% on a reported basis and 18.9% excluding
the currency effect.
In this highly favourable environment for all sectors and regions, CNP
Assurances is standing by its full-year target of revenue growth far
exceeding 10%.
This financial press release, as well as information about the Annual
General Meeting and online voting, are 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 2006 PREMIUM INCOME
SECOND QUARTER 2006 PREMIUM INCOME BY PARTNERSHIP CENTRE
IFRS French GAAP
Q2 2006 Q2 2005 % change Q2 2006 Q2 2005 %
change
EURm EURm EURm EURm
French Post Office 2,397.9 1,954.1 + 22.7 2,400.1 1,956.1 + 22.7
Savings Banks 2,328.0 2,104.3 + 10.6 2,329.5 2,105.5 + 10.6
CNP Tresor 274.6 222.8 + 23.3 287.4 224.5 + 28.0
Financial 307.7 283.1 + 8.7 307.7 283.1 + 8.7
Institutions
France (1)
Mutual Insurers 278.8 168.8 + 65.1 278.8 168.3 + 65.7
Companies and 364.6 221.1 + 64.9 364.4 221.5 + 64.5
Local Authorities
Others (France) 39.3 38.0 + 3.4 39.3 38.0 + 3.4
TOTAL France 5,991.0 4,992.2 + 20.0 6,007.1 4,997.0 + 20.2
Global (Portugal) 47.3 44.9 + 5.4 47.3 44.9 + 5.4
CNP Seguros de 0.9 0.8 + 13.1 0.9 0.8 + 13.1
Vida (Argentina)
Caixa Seguros 219.3 190.5 + 15.1 266.3 236.8 + 12.4
(Brazil)
CNP Capitalia 863.5 615.6 + 40.3 891.6 651.5 + 36.8
(Italy) (2)
Financial 16.8 13.5 + 24.6 16.8 13.5 + 24.6
Institutions
outside France
Branches 19.8 4.4 + 351.0 19.8 4.4 + 351.0
Others (outside 0.0 - - 0.0 - -
France)
TOTAL 1,167.7 869.7 + 34.3 1,242.7 951.9 + 30.6
International
TOTAL 7,158.7 5,861.9 + 22.1 7,249.8 5,948.9 + 21.9
(1) Excluding Cofidis international
(2) Including CNP Capitalia (formerly Fineco Vita) as from 18 February
2005
SECOND QUARTER 2006 PREMIUM INCOME BY BUSINESS SEGMENT
IFRS
Premium income (EURm) Q2 2006 Q2 2005 % change Q2 2006 at % change
constant
exchange
rates (1)
Savings 5,627.0 4,670.7 + 20.5 5,626.6 + 20.5
Pensions 593.7 453.7 + 30.9 589.8 + 30.0
Personal Risk 260.2 158.0 + 64.8 259.4 + 64.2
Loan Insurance 527.4 469.3 + 12.4 526.3 + 12.1
Health Insurance 73.6 46.8 + 57.3 73.6 + 57.3
Property & Casualty 76.8 63.4 + 21.2 74.8 + 17.9
TOTAL 7,158.7 5,861.9 + 22.1 7,150.5 + 22.0
French GAAP
Premium income (EURm) Q2 2006 Q2 2005 % change Q2 2006 %
at change
constant
exchange
rates
(1)
Savings 5,718.3 4,757.9 + 20.2 5,715.6 + 20.1
Pensions 593.5 453.5 + 30.9 589.5 + 30.0
Personal Risk 260.2 158.0 + 64.7 259.4 + 64.2
Loan Insurance 527.4 469.3 + 12.4 526.3 + 12.1
Health Insurance 73.6 46.8 + 57.3 73.6 + 57.3
Property & Casualty 76.8 63.4 + 21.2 74.8 + 17.9
TOTAL 7,249.8 5,948.9 + 21.9 7,239.2 + 21.7
(1) Exchange rates at 30 June 2005
Average exchange rates: 30 June 2006 EUR1 = BRL 2.76485
30 June 2005 EUR1 = BRL 3.23085
UNIT-LINKED SALES
IFRS French GAAP
Q2 2006 Q2 2005 % change Q2 2006 Q2 2005 % change
EURm EURm EURm EURm
French Post Office 280.0 145.1 + 93.0 282.2 147.1 + 91.8
Savings Banks 532.7 347.4 + 53.3 534.2 348.7 + 53.2
CNP Tresor 44.7 19.0 + 134.9 57.5 20.8 + 176.9
Other 28.7 21.7 + 32.3 28.7 21.7 + 32.3
TOTAL individual 886.1 533.2 + 66.2 902.5 538.2 + 67.7
unit-linked France
Group unit-linked France 0.2 4.2 - 95.2 0.3 4.2 - 93.6
TOTAL France 886.3 537.5 + 64.9 902.8 542.5 + 66.4
CNP Capitalia 841.2 600.7 + 40.0 869.2 632.6 + 37.4
CAIXA Seguros 117.0 112.7 + 3.9 117.0 112.7 + 3.9
TOTAL outside France 958.3 713.4 + 34.3 986.2 745.3 + 32.3
TOTAL unit-linked 1,844.6 1,250.9 + 47.5 1,889.0 1,287.7 + 46.7
FIRST-HALF 2006 PREMIUM INCOME
FIRST-HALF PREMIUM INCOME BY PARTNERSHIP CENTRE
IFRS FRENCH GAAP
First-half First-half % First-half First-half %
2006 2005 2006 2005
EURm EURm change EURm EURm change
French Post Office 5,208.5 4,481.7 + 16.2 5,214.5 4,486.1 + 16.2
Savings Banks 6,510.7 5,399.9 + 20.6 6,513.8 5,402.3 + 20.6
CNP Tresor 490.0 420.5 + 16.5 506.0 427.3 + 18.4
Financial
Institutions
France (1) 613.7 557.5 + 10.1 613.7 557.5 + 10.1
Mutual Insurers 443.7 347.8 + 27.6 443.7 347.8 + 27.6
Companies and
Local Authorities 836.9 719.6 + 16.3 928.4 809.6 + 14.7
Other (France) 93.9 68.2 + 37.6 93.9 68.2 + 37.6
TOTAL France 14,197.5 11,995.2 + 18.4 14,313.9 12,098.8 + 18.3
Global (Portugal) 90.4 88.8 + 1.8 90.4 88.8 + 1.8
CNP Seguros de Vida
(Argentina) (2) 1.8 1.5 + 18.7 1.8 1.5 + 18.7
Caixa Seguros
(Brazil) (2) 470.3 330.6 + 42.2 564.2 408.3 + 38.2
CNP Capitalia
(Italy) (3) 1,493.3 1,084.2 + 37.7 1,539.9 1,123.9 + 37.0
Financial
Institutions outside
France 32.8 25.7 + 27.8 32.8 25.7 + 27.8
Branches 25.7 5.7 + 350.8 25.7 5.7+ 350.8
Other (outside France) 0.1 0.1 + 0.0 0.1 0.1 + 0.0
TOTAL International 2,114.4 1,536.7 + 37.6 2,254.9 1,654.0 + 36.3
TOTAL 16,311.9 13,531.9 + 20.5 16,568.8 13,752.8 + 20.5
(1) Excluding Cofidis international
(2) Average exchange rates Argentina: EUR1 = 3.77320 peso
Brazil: EUR1 = BRL 2.76485
(3) Including CNP Capitalia as from 18 February 2005
UNIT-LINKED SALES
IFRS French GAAP
First-half First-half % change First-half First-half %
2006 2005 2006 2005 change
EURm EURm EURm EURm
French Post 624.5 300.4 + 107.9 630.5 304.8 + 106.8
Office
Savings Banks 1,431.9 906.6 + 57.9 1,435.0 909.0 + 57.9
CNP Tresor 93.7 32.0 + 193.1 109.7 38.8 + 182.8
Other 46.6 37.1 + 25.8 46.6 37.1 + 25.8
TOTAL 2,196.7 1,276.0 + 72.2 2,221.7 1,289.7 + 72.3
individual
unit-linked
France
Group 0.4 6.1 - 94.1 91.7 95.2 - 3.7
unit-linked
France
TOTAL France 2,197.1 1,282.2 + 71.4 2,313.5 1,384.,9 + 67.1
CNP Capitalia 1,452.2 1,059.4 + 37.1 1,498.7 1,099.0 + 36.4
CAIXA Seguros 256.8 188.1 + 36.5 256.8 188.1 + 36.5
TOTAL 1,709.0 1,247.5 + 37.0 1,755.5 1,287.1 + 36.4
International
TOTAL 3,906.1 2,529.6 + 54.4 4,069.0 2,672.0 + 52.3
unit-linked
FIRST-HALF PREMIUM INCOME BY COUNTRY
IFRS
First-half First-half % change First-half % change First-half %
2006 2005 2006 at 2005 change
constant
exch. rate Pro forma
(4) (5)
EURm EURm EURm EURm
France 14,197.5 11,995.2 + 18.4 14,197.5 + 18.4 11,995.2 + 18.4
Italy (1) 1,521.7 1,092.1 + 39.3 1,521.7 + 39.3 1,272.4 + 19.6
Portugal
(2) 102.1 96.4 + 5.9 102.1 + 5.9 96.4 + 5.9
Brazil 470.3 330.7 + 42.2 402.4 + 21.7 330.7 + 42.2
Argentina 1.8 1.5 + 18.7 1.8 + 18.9 1.5 + 18.7
Other
Europe (3) 18.5 16.0 + 15.7 18.5 + 15.7 16.0 + 15.7
Sub-total
outside
France 2,114.4 1,536.7 + 37.6 2,046.6 + 33.2 1,716.9 + 23.1
TOTAL 16,311.9 13,531.9 + 20.5 16,244.0 + 20.0 13,712.1 + 19.0
(1) Italian branches, Cofidis in Italy since 2004 and Fineco Vita since
18 February 2005
(2) Global and Cofidis Portugal since 2004
(3) Spanish branches and Cofidis in Spain, Belgium, Czech Republic,
Greece and Hungary
(4) Exchange rates at 30 June 2005
(5) Including CNP Capitalia as from 1 January 2005
FIRST-HALF PREMIUM INCOME BY INSURANCE CATEGORY
IFRS French GAAP
First-half First-half % change First-half First-half % change
2006 2005 2006 2005
EURm EURm EURm EURm
Individual 13,971.3 11,565.7 + 20.8 14,136.8 11,696.6 + 20.9
insurance
products
Group 2,340.6 1,966.2 + 19.0 2,432.0 2,056.2 + 18.3
insurance
products
TOTAL 16,311.9 13,531.9 + 20.5 16,568.8 13,752.8 + 20.5
FIRST-HALF 2006 PREMIUM INCOME BY COUNTRY AND BY BUSINESS SEgment
IFRS
Savings Pensions Personal
Risk
EURm 2006 % 2006 % 2006 % chg.
chg. chg.
France 11.717.5 19.2 762.5 25.9 639.8 7.5
Italy (1) 1,468.5 37.3 14.6 20.4 10.3 258.7
Portugal (2) 17.5 -7.9 0.0 NS 1.1 -2.9
Others (Europe) (3) 0.0 NS 0.0 NS 0.0 NS
Brazil 12.3 27.4 263.6 35.0 72.4 53.4
Argentina 0.8 15.3 0.0 NS 1.0 21.8
Sub-total Outside France 1,499.1 36.5 278.2 34.1 (84.8) -263.1
TOTAL 13,216.6 20.9 1,040.6 28.0 724.7 12.0
Savings Pensions Personal
Risk
EURm 2006 % chg. 2006 % chg. 2006 % chg.
France 11.717.5 19.2 762.5 25.9 639.8 7.5
Italy (1) 1,468.5 37.3 14.6 20.4 10.3 258.7
Portugal (2) 17.5 -7.9 0.0 NS 1.1 -2.9
Others (Europe) (3) 0.0 NS 0.0 NS 0.0 NS
Brazil 12.3 27.4 263.6 35.0 72.4 53.4
Argentina 0.8 15.3 0.0 NS 1.0 21.8
Sub-total Outside France 1,499.1 36.5 278.2 34.1 (84.8) -263.1
TOTAL 13,216.6 20.9 1,040.6 28.0 724.7 12.0
Loan Insurance Health Property & Total
Insurance Casualty
EURm 2006 % 2006 % 2006 % 2006 %
chg. chg. chg. chg.
France 930.2 9.8 147.5 28.2 0.0 NS 14,197.5 18.4
Italy (1) 28.3 263.6 0.0 NS 0.0 NS 1,521.7 39.3
Portugal (2) 11.7 53.9 1.2 18.2 70.6 4.3 102.1 5.9
Others (Europe) (3) 18.5 15.7 0.0 NS 0.0 NS 18.5 15.7
Brazil 38.1 49.4 0.0 NS 83.8 57.9 470.3 42.2
Argentina 0,0 NS 0.0 NS 0.0 NS 1.8 18.7
Sub-total
Outside France 96.6 69.8 1.2 18.2 154.5 27.9 2,114.4 37.6
TOTAL 1,026.8 13.5 148.7 28.1 154.5 27.9 16,311.9 20.5
(1) Italian branch and Cofidis Italy for the "Loan Insurance" segment
(2) Global and Cofidis Portugal for the "Loan Insurance" segment
(3) Spanish branches and Cofidis Europe (excluding Italy / Portugal)
CAIXA SEGUROS (BRAZIL) FIRST-HALF PREMIUM INCOME
BRLm IFRS French GAAP
MARKET First-half First-half % change First-half First-half %
SEGMENT 2006 2005 2006 2005 change
Savings 34.0 30.8 + 10.2 293.7 281.7 + 4.3
Pensions 728.8 630.9 + 15.5 728.8 630.9 + 15.5
Personal Risk 200.2 152.5 + 31.3 200.2 152.5 + 31.3
Loan 105.4 82.5 + 27.7 105.4 82.5 + 27.7
Insurance
Property & 231.8 171.4 + 35.3 231.8 171.4 + 35.3
Casualty
TOTAL 1,300.2 1,068.1 + 21.7 1,560.0 1,319.0 + 18.3
* A change in accounting method for habitacional contracts had the effect
of reducing Caixa Seguros premium income under French GAAP by BRL 68.4
million.
CNP CAPITALIA PREMIUM INCOME
For the period from 1 January to 30 June
EURm IFRS French GAAP
MARKET SEGMENT First-half First-half % First-half First-half %
2006 2005 change 2006 2005 change
Savings 1,468.5 1,245.5 + 17.9 1,515.0 1,297.3 + 16.8
Pensions 14.6 15.5 - 6.0 14.6 15.5 - 6.0
Personal Risk 10.2 3.5+ 191.9 10.3 3.5 + 193.0
TOTAL 1,493.3 1,264.5 + 18.1 1,539.9 1,316.3 + 17.0
CNP CAPITALIAS CONTRIBUTION TO CONSOLIDATED PREMIUM INCOME (1)
EURm IFRS French GAAP
MARKET SEGMENT First-half First-half % First-half First-half %
2006 2005 change 2006 2005 change
Savings 1,468.5 1,069.3 + 37.3 1,515.0 1,109.0 + 36.6
Pensions 14.6 12.1 + 20.4 14.6 12.1 + 20.4
Personal Risk 10.2 2.8 + 268.0 10.3 2.8 + 269.4
TOTAL 1,493.3 1,084.2 + 37.7 1,539.9 1,123.9 + 37.0
(1) H1 2005 figures correspond to premiums for the period from 18
February to 30 June
Press Relations: Investor and Analyst Relations:
Sophie Messager Brigitte Molkhou
Tel: +33-(0)1-42-18-86-51 Tel: +33-(0)1-42-18-77-27
E-mail: servicepresse@cnp.fr E-mail: infofi@cnp.fr
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