CNP Assurances generates a net profit up 2.7% to 316 million euros

CNP Assurances announced the first quarter net profit up 2.7% year-on-year to 316 million euros, but lowered by provisions. The group has in fact endowed theprevedere for participation in surpluses“Of 172 million euros,”by caution” and “given the uncertainties that may arise by the end of the yearThomas Behar, finance director at CNP Assurances, told AFP. This provision represents a reserve for the benefits of the life insurance contracts made per year, to be distributed later, in case of bad passes, in order to obtain results.

Revenue amounted to € 9.8 billion, up 25.3% year-on-year, boosted by the acquisition of the life insurance business of the former Aviva Italy. Italy has become CNP Assurances’ second largest market, ahead of Brazil. At constant scope and exchange rate, the increase in sales is 5.5% and was driven by international (+ 16.5%), with sales in France decreasing by 0.3%. The exposure of CNP Assurances en Russie is limited to 19 million euros, on a balance sheet of 400 billion. The Banque Postale announced on Monday the launch of a simplified takeover bid (OPA) on CNP Assurances, which it held at 85%, with the aim of exceeding the 90% threshold by 31 May to to retire the insurer of the rating, and to constitute a great public financial pole.

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