CNP Assurances Announces Consolidated Premium Income of EUR 5,491.7 Million for the First Quarter of 2002, Up 16.6%, On Assets Under Management Up 9.5%.Business Editors PARIS--(BUSINESS WIRE)--May 6, 2002 -- CNP Assurances premium income for the first quarter of 2002 totalled EUR 5,491.7 million versus EUR 4,708.3 million for the same period of the previous year, an increase of 16.6%. -- Like-for-like premium income (excluding Brazil) rose 12.8% in a French life insurance market down 0.9%. -- Caixa Seguros, the Brazilian insurance subsidiary acquired at the beginning of the third quarter of 2001, contributed EUR 180.7 million to first quarter 2002 premium income. -- Assets under management expanded by more than 9.5% compared with first quarter 2001. Excluding Caixa Seguros, the growth rate topped 8.5%, outstripping the 7.9% growth for the French market as a whole. -- CNP Assurances is standing by its 2002 objective of 5% growth in premium income (excluding Brazil) and 10% growth in net profit before non-recurring items I - CNP ASSURANCES CNP Assurances is a major French insurance corporation. CNP stands for Caisse Nationale de Prévoyance. It is listed on the Fortune Global 500. External links
CNP Assurances consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: premium income for the first quarter of 2002 totalled EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 5,491.7 million, representing a very strong 16.6% rise compared with EUR 4,708.3 million for the same period of 2001. Caixa Caixa might mean:
Based on a comparable Group structure, excluding Brazil Brazil (brəzĭl`), Port. Brasil, officially Federative Republic of Brazil, republic (2005 est. pop. 186,113,000), 3,286,470 sq mi (8,511,965 sq km), E South America. , first quarter 2002 premium income came to EUR 5,311 million, up 12.8 % on the year-earlier period, when premium income was relatively low. CNP (Certified Network Professional) A professional designation and accreditation given to individual IT networking professionals by the Network Professional Association (www.npa.org). Assurances' life business in France achieved growth of 13.4%, significantly outperforming the French market as a whole which contracted by 0.9% to EUR 22.5 billion according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. estimates published by the French Insurance Federation (FFSA FFSA Fédération Française des Sociétés d'Assurance FFSA Fédération Francaise de Sport Automobile (French) FFSA Federation Francaise Du Sport Automobile ). The French market for unit-linked products fell by 51% due to persistently unfavourable stock market conditions, whereas the non-unit-linked market expanded by 25%. Assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. , which account for over 60% of the CNP Assurances Group's revenues, increased by more than 9.5%, including over 8.5% in France. This was slightly above the growth rate for the savings market as a whole which, according to FFSA estimates, stood at approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 7.9%. The improvement in the market rate of growth compared with year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. 2001 stemmed stemmed adj. 1. Having the stems removed. 2. Provided with a stem or a specific type of stem. Often used in combination: stemmed goblets; long-stemmed roses. in part from positive adjustments to unit-linked portfolios, following the stabilisation Noun 1. stabilisation - the act of making something (as a vessel or aircraft) less likely to overturn stabilization improvement - the act of improving something; "their improvements increased the value of the property" of stock market prices. II - BY BUSINESS SEGMENT 2.1 PREMIUM INCOME BY BUSINESS SEGMENT Changes in premium income in first quarter 2002 compared with the same period of 2001 were as follows:
Premium income
1st quarter 1st quarter Change 1st quarter
2002 2001 2000
EURm EURm % EURm
------- ------- ----- -------
Savings 4,440.2 3,827.9 +16.0 4,583.5
-------
Pensions 213.2 180.7 +18 185.5
---------
Personal risk 332.2 287.9 +15.4 282.2
-------------
Loan insurance 391.5 337.9 +15.9 332.5
--------------
Health insurance 55.4 52.2 +6.1 55.6
----------------
Property damage (a) 59.2 21.7 +172.8 18.8
-------------------
TOTAL 5,491.7 4,708.3 +16.6 5,458.1
-----
(a) Including Caixa Seguros (Brazil), consolidated as from the
third quarter of 2001.
Based on a comparable Group structure, excluding Caixa Seguros,
changes in premium income by business segment were as follows:
Premium income
31/03/2002 31/03/2001 Change
EURm EURm %
--------- --------- --------
Savings 4,390.6 3,827.9 +14.7
-------
Pensions 181.4 180.7 +0.4
---------
Personal risk 311.1 287.9 +8.1
-------------
Loan insurance 347.4 337.9 +2.8
--------------
Health insurance 55.4 52.2 +6.1
----------------
Property damage 25.1 21.7 +15.7
---------------
TOTAL 5,311.0 4,708.3 +12.8
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2.2 SAVINGS Savings premium income surged 16%, including 14.7% growth like-for-like. Caixa Seguros (Brazil) contributed EUR 49.6 million to the total. In France, Savings premium income climbed 13.4%, corresponding entirely to new money. Transfers from bank-type PEP savings accounts Savings Account A deposit account intended for funds that are expected to stay in for the short term. A savings account offers lower returns than the market rates. Notes: represented only EUR 34 million in the first quarter of 2002 versus EUR 44 million in the same period of 2001, while transfers from Livret A passbook savings accounts were negligible  This article or section is written like a personal reflection or and may require .Please [ improve this article] by rewriting this article or section in an . in both periods. This good performance testifies to the success of marketing drives conducted by partner networks since the second quarter of 2001. The first quarter of 2002 also saw a reversal reversal n. the decision of a court of appeal ruling that the judgment of a lower court was incorrect and is reversed. The result is that the lower court which tried the case is instructed to dismiss the original action, retry the case, or is ordered to change its of last year's decline in investment in unit-linked products. Premium income from these products totalled EUR 842 million - representing 19.2% of total premium income for the period - versus EUR 791 million in the first quarter of 2001, representing an increase of 6.5%. Growth was driven by higher unit-linked sales by the Savings Banks savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. network, which more than offset a further erosion erosion (ĭrō`zhən), general term for the processes by which the surface of the earth is constantly being worn away. The principal agents are gravity, running water, near-shore waves, ice (mostly glaciers), and wind. of sales by the Post Office and French Treasury networks. 2.3 PENSIONS Pensions premium income climbed 8 %, including 0.4 % organic growth. Caixa Seguros contributed EUR 31.8 million to the total. In France, the modest rise in Pensions premium income was the net result of two opposing op·pose v. op·posed, op·pos·ing, op·pos·es v.tr. 1. To be in contention or conflict with: oppose the enemy force. 2. trends: - sales of individual pension products declined by a further 4%, due mainly to lower sales by the Savings Banks network. - sales of group products increased by 13%, primarily reflecting robust sales to companies, mutual insurance companies and local authorities. 2.4 PERSONAL RISK Personal risk premium income climbed 15.4 %, including organic growth of 8.1 %. Caixa Seguros contributed EUR 21.1 million to the total. In France, sales of individual personal risk products by the networks surged by 56% to EUR 29.5 million. 2.5 LOAN INSURANCE Loan Insurance premium income rose 15.9 % or 2.8 % based on a comparable Group structure. Caixa Seguros contributed EUR 44.1 million to the total. In France, strong market growth once again offset the increase to 50% from 42% of Predica's participation rate as co-insurer for Credit Agricole business. 2.6 HEALTH INSURANCE Health insurance premium income climbed 6.1%. Caixa Seguros does not write any health insurance business. Completys Sante, the new health insurance product marketed by 50%-owned Assurposte contributed EUR 0.6 million to first quarter 2002 premium income. 2.7 PROPERTY DAMAGE INSURANCE Property Damage Insurance premium income soared by 169 %. Like-for-like growth, attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the property damage business in Portugal Portugal (pôr`chəgəl), officially Portuguese Republic, republic (2005 est. pop. 10,566,000), 35,553 sq mi (92,082 sq km), SW Europe, on the western side of the Iberian Peninsula and including the Madeira Islands and the Azores in the , came to 15.7 %. Caixa Seguros contributed EUR 33.3 million to the total. III - BY PARTNER NETWORK 3.1 IN FRANCE Premium income generated by the French Post Office rose 11.6% to EUR 1,991.5 million. This very satisfactory performance is attributable to the success of the first-quarter promotional campaign to boost sales of GMO GMO abbr. genetically modified organism Poste Avenir and Postavenir, two non-unit-linked products, and the new Vivango guaranteed capital product. Sales of unit-linked products contracted by 48.7% to EUR 168 million, representing 8.6 % of total premium income from savings products. During the period, the Post Office network sold a growing number of new health insurance and savings products. Premium income generated by the Savings Banks network surged 27% to EUR 2,317.4 million. This sharp rise was on a low basis of comparison in first quarter 2001 when a number of savings banks were hit by strikes. It also testifies to the success of promotional campaigns launched in the first quarter of 2002, spotlighting Spotlighting or shining is a method of hunting nocturnal animals using off-road vehicles and high-powered lights. The most common vehicles used are light four-wheel-drive trucks and utilities. the new combined unit-linked and non-unit-linked product Nuances 3D. This product has been very well received by the market, accounting for around one half of new money collected during the period. Lastly, sales of unit-linked products soared by 71% to EUR 659 million, representing 29.7 % of Savings premium income. Premium income generated by the French Treasury contracted by 43% to EUR 198.6 million. In 2001, sales were boosted by transfers of funds from bank accounts, in anticipation The performance of an act or obligation before it is legally due. In patent law, the publication of the existence of an invention that has already been patented or has a patent pending, of the planned winding up of the French Treasury's banking services activities at the end of the year. Sales of unit-linked products in first quarter 2001 amounted to EUR 7 million, down 88% on the same period of 2001. These sales represented 3.8% of premium income from Savings products. Financial institutions contributed premium income of EUR 249.4 million, an increase of 3.9 % on 2001. The 2002 figure takes into account the increase to 50 % of Predica's participation rate as co-insurer of Credit Agricole loan insurance business. Premium income generated by mutual insurance companies and local authorities grew 9.3% to EUR 334.6 million, reflecting buoyant Buoyant The term used to describe a commodities market where the prices generally rise with ease when there are considerable signals of strength. Notes: These types of markets can be very volatile as the prices are rapid to rise and fall with investor sentiment. demand for pension and loan insurance products. Premium income from Prefon group insurance products climbed 26.3% to EUR 68.6 million. Premium income from sales to companies rose by a very satisfactory 4.4 % to EUR 154.8 million. Growth was driven mainly by sales of defined contribution pension products and personal risk products. Premium income from Other Development Initiatives in France, including direct sales and sales by other networks, contracted by 8%. 3.2 INTERNATIONAL OPERATIONS Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. The Portuguese subsidiaries (Global and Global Vida) and the Group's operations in Argentina Argentina (ärjəntē`nə, Span. ärhāntē`nä), officially Argentine Republic, republic (2005 est. pop. 39,538,000), 1,072,157 sq mi (2,776,889 sq km), S South America. and Brazil contributed EUR 224.7 million to first-quarter 2002 premium income, representing 7 times the first-quarter 2001 figure. Based on a comparable Group structure, premium income came to EUR 44 million, up 39% on the first quarter of 2001. In Portugal, premium income generated by Global and Global Vida rose 49.4% to EUR 41.7 million, helped by the 40% growth in the local life insurance market to EUR 922 million. In Argentina, where premium income is reported with a three-month time lag, fourth quarter 2001 premium income came to EUR 2.3 million, down 38.9% on the same period of 2000. In Brazil, Caixa Seguros enjoyed strong growth. Premium income totalled BRL BRL In currencies, this is the abbreviation for the Brazilian Real. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 367.7 million (EUR 180.7 million), an increase of 23.7% on the first quarter of 2001 at constant exchange rates. Premium income from the pension fund business surged by 52%, reflecting strong market growth. All business segments enjoyed rapid growth, with the exception of the Savings business (savings bonds Savings bond A government bond issued in face value denominations from $50 to $10,000, with local and state tax-free interest and semiannually adjusted interest rates. savings bond A nonmarketable security issued by the U.S. ), which contracted by 3.5% but should rebound rebound (rē´bownd), n/v 1. a recovery from illness. n 2. an outbreak of fresh reflex activity after withdrawal of a stimulus rebound adjective before the end of the year. Based on first quarter results, CNP Assurance is standing by its full year objective of 5% growth in premium income (excluding Brazil) and 10% growth in net profit before non-recurring items. This press release announcing the Group's premium income for the first quarter of 2002 is available in French and English 1. English - (Obsolete) The source code for a program, which may be in any language, as opposed to the linkable or executable binary produced from it by a compiler. The idea behind the term is that to a real hacker, a program written in his favourite programming language is on the CNP Assurances web site www.cnp.fr. Growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. for individual and group insurance in the first quarter of 2002 were roughly equivalent, as shown in the following table:
Premium income
1st quarter 1st quarter Change 1st quarter
2002 2001 2000
EURm EURm % EURm
------- ------- ------ -------
Individual insurance 4,609.9 3,948.1 +16.8 4,720
--------------------
Group insurance 881.8 760.2 +16.0 738.1
---------------
TOTAL 5,491.7 4,708.3 +16.6 5,458.1
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CNP ASSURANCES GROUP CONSOLIDATED PREMIUM INCOME
1st quarter 1st quarter Change 1st quarter
2002 2001 2000
EURm EURm % EURm
------- ------- ------ -------
Partnership Centres and
International
French Post Office 1,991.5 1,784.8 +11.6 2009.2
Savings Banks 2,317.4 1,825.1 +27 2,414.8
French Treasury 198.6 349.7 -43.2 313.9
Financial institutions 249.4 240.1 +3.9 245.4
Mutual insurance
companies and local
authorities 334.6 306.1 +9.3 296.5
Companies (1) 154.8 148.4 +4.4 130.3
Other(1) (France) 20.7 22.5 -8.1 21.3
Global (Portugal) 41.7 27.9 +48.8 24.5
CNP Seguros de Vida(4)
(Argentina)(3) and
other 2.3 3.7 -38.9 2.1
Caixa Seguros (Brazil)(4) 180.8 - - -
TOTAL 5,491.7 4,708.3 +16.6 5,458.1
(1) Caixa Seguros has been consolidated by CNP Assurances as from
1 July 2001.
(2) Covering the period from 1 October 2001 to 31 December 2001.
(3) Average exchange rates: Argentina: EUR 1 = ARS 1.9444 Brazil:
EUR 1 = BRL 2.0342
FIRST QUARTER 2002 PREMIUM INCOME BY COUNTRY AND BUSINESS SEGMENT
EURm Savings Pensions Personal Loan Health Property Total
risk insurance insurance damage
------ --------- -------- -------- --------- --------- -------- -----
France 4,372.5 181.4 310.3 347.4 55.4 - 5,267
Portugal 15.9 - 0.7 - - 25.1 41.7
Brazil 49.6 31.8 21.1 44.1 - 34.1 180.7
Argentina
and
Other 2.2 - 0.1 - - - 2.3
TOTAL 4,440.2 213.2 332.2 391.5 55.4 59.2 5,491.7
(1) Caixa Seguros has been consolidated as from 1 July 2001.
CAIXA SEGUROS (BRAZIL) PREMIUM INCOME
In BRL millions
MARKET SEGMENT (b) 1st quarter 2002 1st quarter 2001 % change
---------------- ---------------- --------
Savings 100.8 104.5 -3.5
Pensions 64.7 42.5 + 52.1
Personal risk 43.1 32.6 + 32.1
Loan insurance 89.8 64.0 + 40.3
Non-life 69.3 53.6 + 29.3
TOTAL 367.7 297.2 + 23.7
(b) provisional classification
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