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CNP Assurances Reports Premium Income, First Half Results

Premium income rose 24.8% to E17.6 billion under IFRS

CNP Assurances, a personal insurer in France, has reported its premium income and results for the first six months of 2009.

In the first half of 2009, premium income rose 24.8% to E17.6 billion under IFRS, or by 20.2% to E17.7 billion under French GAAP. This growth was driven by gains in the savings and pensions segments, which rose by 30% and 31% respectively.

With growth of 18% under IFRS and 18.1% under French GAAP, CNP Assurances grew by 6% over the period in the French savings and pensions market.

New money from operations outside France surged 73% under IFRS to E3 billion (30% under French GAAP(2)). The Italian life insurance market grew by 19% between May 2008 and May 2009, driven mainly by bancassurers.

In Brazil, Caixa Seguros reported growth of nearly 6% in Euro and 21% in local currency (French GAAP), with new money driven by the pensions (up 25%), personal risk (up 33%), and loan insurance segments (up 30%). Property & Casualty premiums increased slightly, said the company.