CNP Assurances has a rising net profit

CNP Assurances headquarters in Paris.

On May 12, CNP Assurances announced a net profit in the first quarter of 2022, 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 year“, Thomas Behar, CFO of 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 was 5.5% and was driven by international sales (+ 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.

Banque Postale announced on May 9 the launch of a simplified takeover bid (CNP) on CNP Assurances, which it held at 85%, with the aim of exceeding the 90% threshold by May 31 to remove the insurer from the rating, and set up a large public financial hub.

Leave a Comment