CNP Assurances: Quarterly Indicators for the Nine Months Ended 30 September 2015

In Latin America, premium income rose 20.3% on a reported basis (35.4% like-for-like), led by advances in pensions business (up 35.1%) and personal risk/protection insurance business (up 7.6%).

In Europe excluding France, the product mix improved significantly, with an increase in personal risk/protection insurance business following the first-time consolidation of CNP Santander Insurance and an improvement in the quality of savings business written in Italy by CNP UniCredit Vita, where unit-linked sales rose 48.9%. In all, premium income was 2.7% higher.

Average technical reserves (excluding deferred participation) stood at €316 billion (€307 billion as at 30/09/2014).

2. First nine months 2015 profit indicators 

Net insurance revenue⁽²⁾ for the first nine months of 2015 stood at €1,826 million, up 3.1% compared with the year-earlier period (8.5% like-for-like).

In France, net insurance revenue grew by 5.5% on the year-earlier period.

Net insurance revenue in Latin America was 12.8% higher like-for-like, thanks to the positive contribution from the personal risk/protection insurance business (0.5% higher, on account mainly of the impact of exchange rates).

In Europe excluding France, net insurance revenue was stable (on an as reported basis), against a backdrop of significant change in the scope of consolidation.

Revenues from own funds portfolios were slightly higher as reported, increasing by 0.6% (5.0% like-for-like) to €574 million.

Total revenue for the nine-month period came to €2,400 million, an increase of 2.5% as reported and 7.6% like-for-like.

Administrative expenses⁽²⁾ increased by 4.8% as reported (6.0% like-for-like).

In France, administrative expenses were 2.2% higher.

In Latin America, the 18.3% like-for-like increase (11.2% as reported) was driven by inflation (9.5% in Brazil and 27.3% in Argentina) and by significant development expenditure, especially the creation of a digital company.

In Europe excluding France, the 10.9% growth in administrative expenses stems from changes in consolidation scope and marketing expenditure.

(1) French GAAP

(2) Pro forma 2014 data adjusted for the reclassification of Brazilian social integration and contribution taxes (PIS/COFINS) from administrative expenses to net insurance revenue (€44 million)

Consolidated EBIT rose 1.7% or €29 million to €1,763 million, with like-for-like growth at 8.2%.

Attributable net profit amounted to €875 million, up 3.9%.

Attributable equity at 30 September 2015 totalled €16.4 billion.

   
                                             9 months 2015  9 months 2014  % change
    (in EUR millions)
    Premium income (IFRS)                        23,567         23,222        +1.5
    Average technical reserves excl.
    deferred participation                      315,980        306,860        +3.0
    Total revenue                                 2,400          2,342        +2.5
    Net insurance revenue, of which:              1,826          1,772        +3.1
    France                                          951            901        +5.5
    Latin America*                                  715            712        +0.5
    Europe excluding France                         160            159        +0.8
    Revenue from own-funds portfolios               574            571        +0.6
    - Administrative expenses, of which:           (637)          (608)       +4.8
    France                                         (441)          (432)       +2.2
    Latin America*                                 (120)          (108)      +11.2
    Europe excluding France                         (76)           (69)      +10.9
    EBIT                                          1,763          1,734        +1.7
    - Finance costs                                (142)          (131)       +8.4
    + Share of profit of associates                   2              2       +40.9
    - Income tax expense                           (590)          (599)       -1.6
    - Minority interests                           (245)          (239)       +2.3
    Recurring profit                                789            766        +3.0
    Net realised gains on equities and
    investment property, AFS, and fair value
    adjustments                                     270             76          NA
    Non-recurring items                            (184)             0          NA
    Attributable net profit                         875            842        +3.9

* Pro forma 2014 data adjusted for the reclassification of Brazilian social integration and contribution taxes (PIS/COFINS) from administrative expenses to net insurance revenue (€44 million)

Investor Calendar 

- 2015 premium income and profit: Wednesday, 17 February 2016 at 7:30 a.m.

- Annual General Meeting: Thursday, 28 April 2016 at 2:30 p.m. (Palais Brongniart - Paris)

- First-quarter 2016 results indicators: Wednesday, 11 May 2016 at 7:30 a.m.

- First-half 2016 premium income and profit: Thursday, 28 July 2016 at 7:30 a.m.

- Nine-month 2016 results indicators: Wednesday, 9 November 2016 at 7:30 a.m.

This press release, along with all of CNP Assurances's regulated information published in accordance with Article L.451-1-2 of the Monetary and Financial Code and Articles 222-1 et seq. of the Autorité des Marchés Financiers' general rules, may be downloaded from the Group's investor information website http://www.cnp.fr/en/Investor-Analyst.

About CNP Assurances

CNP Assurances is France's leading personal insurer with net profit of €1,080 million in 2014. The Group also has operations in other European countries and in Latin America, with a significant presence in Brazil. It has more than 28 million personal risk/protection insureds worldwide and more than 13 million savings and pensions policyholders. For 160 years, CNP Assurances has been protecting people against the risks of everyday life. The Group designs and manages life insurance, pension, personal risk insurance and protection products (term creditor insurance and health insurance).

• In France, CNP Assurances distributes its individual insurance products through La Banque Postale and the Caisses d'Epargne, as well as through its own network, Amétis. In Brazil, its second largest market, the Group's partner is Caixa Econômica Federal, the country's second-biggest state-owned bank.
• In group insurance, CNP Assurances crafts tailor-made personal risk, pension and term creditor insurance products
  that are aligned with the needs of companies, local authorities, mutual insurers, non-profit organisations, and banks in Europe and Latin America.

CNP Assurances has been listed on the Paris Stock Exchange since October 1998 (the first market) and has a stable shareholder structure thanks to the signing of an agreement between its major shareholders (Caisse des Dépôts, La Banque Postale, Groupe BPCE and the French State).

Disclaimer: Some of the statements contained in this press release may be forward-looking statements referring to projections, future events, trends or objectives that, 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's filings with the Autorité des Marchés 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.

Appendix 

Premium Income by Country 

   
                                 Premium income by country (IFRS)
    (in EUR millions)
    Policyholders'
    country of                                                            % change
    residence          9 months 2015    9 months 2014    % change    (like-for-like(1))
    France               18,246.9         18,402.3          -0.8             -0.8
    Brazil                2,475.3          2,064.3         +19.9            +35.4
    Argentina                48.1             32.4         +48.4            +37.1
    Italy(2)              2,172.4          2,334.2          -6.9             -3.9
    Portugal(3)              34.8             72.6         -52.1            -19.7
    Spain(4)                132.6            207.5         -36.1            -23.2
    Cyprus                  100.8            101.6          -0.8             -0.8
    Ireland(5)              352.8              0.7           n.m.            +0.0
    Other                     2.9              6.7         -56.4            -56.4
    Sub-total
    International         5,319.8          4,820.1         +10.4            +12.9
    TOTAL                23,566.7         23,222.5          +1.5             +1.9

(1) Average exchange rates for Brazil:

at 30 September 2015: €1 = BRL 3.53

at 30 September 2014: €1 = BRL 3.10

(2) CNP Italia branch, CNP UniCredit Vita, CNP BVP Italia and CNP Europe Life business written under the EU freedom of services directive

(3) CNP BVP Portugal

(4) CNP España branch, CNP Partners⁽⁶⁾, CNP BVP Spain

(5) CNP Santander Insurance

(6) New name for CNP Vida

Premium Income by Segment 

   
                                    Premium income by segment (IFRS)
                                                                           % change
    (in EUR millions)   9 months 2015    9 months 2014    % change    (like-for-like(1))
    Savings                15,805.4         16,403.9         -3.7              -2.9
    Pensions                2,547.5          1,999.7        +27.4             +36.8
    Personal Risk           1,615.5          1,608.0         +0.5              +4.3
    Term Creditor
    Insurance               2,908.9          2,519.3        +15.5              +3.9
    Health Insurance          429.9            436.3         -1.5              -1.8
    Property & Casualty       259.4            255.4         +1.6             +13.4
    TOTAL                  23,566.7         23,222.5         +1.5              +1.9

(1) Average exchange rates for Brazil:

at 30 September 2015: €1 = BRL 3.53

at 30 September 2014: €1 = BRL 3.10

Appendix 

Premium Income by Country and by Partnership/Clientele/Subsidiary 

   
                                                          Premium income (IFRS)
    (in EUR millions)                            9 months 2015 9 months 2014   % change
    La Banque Postale                               6,353.9       7,065.5       -10.1
    Caisses d'Epargne                               7,996.7       7,705.7        +3.8
    Amétis(1)                                         336.2         398.4       -15.6
    Financial institutions (France)                 1,111.3       1,132.7        -1.9
    Mutual insurers                                   635.6         674.1        -5.7
    Companies and local authorities                 1,473.2       1,251.2       +17.8
    Other networks (France)                           340.0         174.9       +94.4
    TOTAL France                                   18,246.9      18,402.3        -0.8
    Caixa Seguradora (Brazil)(2) (3)                2,475.3       2,064.3       +19.9
    CNP Seguros de Vida (Argentina)(3)                 48.1          32.4       +48.4
    Santander Insurance                               352.1             -          NA
    CNP Partners (Spain)(4)                           165.5         161.9        +2.2
    CNP UniCredit Vita (Italy)                      2,021.1       2,153.7        -6.2
    CNP Cyprus Insurance Holdings (Cyprus)            103.0         106.1        -2.9
    CNP Europe (Ireland)                                1.4           7.3       -80.7
    CNP BVP (Portugal-Spain-Italy)                     99.5         254.7       -60.9
    Branches                                           53.7          39.7       +35.3
    TOTAL International                             5,319.8       4,820.1       +10.4
    TOTAL                                          23,566.7      23,222.5        +1.5

(1) New name for CNP Trésor

(2) New name for Caixa Seguros

(3) Average exchange rates: Argentina: €1 = ARS 9.99 - Brazil: €1 = BRL 3.53

(4) New name for CNP Vida

Contacts

Press

Florence de Montmarin | +33-(0)1-42-18-86-51
Tamara Bernard | +33-(0)1-42-18-86-19
servicepresse@cnp.fr

Investors and analysts

Jim Root | +33-(0)1-42-18-71-89
Annabelle Beugin-Soulon | +33-(0)1-42-18-83-66
Julien Docquincourt | +33-(0)1-42-18-94-93
infofi@cnp.fr