CNP Assurances Announces Consolidated Premium Income of EUR 6,171.5 Million for the First Quarter of 2003, up 12.4%, on Assets under Management up 5.5%.Business Editors PARIS--(BUSINESS WIRE)--May 13, 2003 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
British cooperative news agency. Founded in 1851 by Paul Julius Reuter, it was initially concerned with commercial news but began to serve a growing newspaper clientele after the London Morning Advertiser subscribed in 1858. : CNPP CNPP Centre National de Prévention et de Protection CNPP USDA Center for Nutrition Policy and Promotion CNPP Chernobyl Nuclear Power Plant .PA; BLOOMBERG Bloomberg A major global provider of 24-hour financial news and information including real-time and historic price data, financials data, trading news and analyst coverage, as well as general news and sports. : CNPA CNPA Conseil National des Professions de l'Automobile CNPA California Newspaper Publishers Association CNPA Conseil National des Produits Agricoles (National Farm Products Council; Canada) CNPA Carolinas Nature Photographers Association ; SICOVAM SICOVAM Société Interprofessionelle pour la Compensation des Valeurs Mobilières : 12022) -- CNP Assurances premium income for the first quarter of 2003 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. 6,171.5 million versus EUR 5,491.7 million for the same period of 2002, an increase of 12.4%. -- In France, premium income rose 13.7%, significantly outstripping the 9% growth for the French market as a whole. -- 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. were up by 5.5% (on an annualised basis), compared with 4% growth for the French market as a whole. -- Based on current conditions, CNP Assurances is standing by its 2003 objective of outstripping market growth and matching 2002 recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. profit. I -- CNP ASSURANCES GROUP PREMIUM INCOME AND ASSETS UNDER MANAGEMENT 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 2003 totalled EUR 6,171.5 million, representing a very strong 12.4% rise compared with EUR 5,491.7 million for the same period of 2002. In France, premium income came to EUR 5,989.3 million. This was 13.7% higher than the first quarter 2002 figure which in turn was sharply up on the previous year. Premium income from sales of savings products in France rose 14.1%. CNP (Certified Network Professional) A professional designation and accreditation given to individual IT networking professionals by the Network Professional Association (www.npa.org). significantly outperformed the 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. French market which, 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. French Insurance Federation (FFSA FFSA Fédération Française des Sociétés d'Assurance FFSA Fédération Francaise de Sport Automobile (French) FFSA Federation Francaise Du Sport Automobile ) estimates, expanded 9% compared with first quarter 2002, to reach EUR 25.3 billion. The French market for unit-linked products contracted by 5% in the first quarter, while the non-unit-linked market grew by 13%. Assets under management, which account for over 60% of CNP Assurances Group revenues, increased by around 5.5%, including 7% growth in non-unit linked assets (on an annualised basis). This was slightly above the growth rate for managed assets in the French savings market as a whole which stood at approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 4% (source: FFSA). II -- BY BUSINESS SEGMENT 2.1 PREMIUM INCOME BY BUSINESS SEGMENT Changes in premium income in first quarter 2003 compared with the same period of 2002 were as follows:
Premium income 1st quarter 1st quarter Change 1st quarter
2003 2002 2001
----------------------------------------------------------------------
EUR m EUR m % EUR m
----------------------------------------------------------------------
Savings(1) 5,002.0 4,440.3(1) + 12.6 3,827.9
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Pensions 279.3 213.2 + 31.0 180.7
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Personal risk(1)(2) 387.2 332.9(1)(2) + 16.3 287.9
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Loan insurance 393.2 391.5 + 0.4 337.9
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Health insurance 59.5 55.4 + 7.4 52.2
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Property & casualty (2) 50.3 58.4 (2) - 13.9 21.7
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TOTAL 6,171.5 5,491.7 + 12.4 4,708.3
----------------------------------------------------------------------
Note: Caixa Seguros (Brazil) has been consolidated as from the third
quarter of 2001.
Average exchange rates: 1st quarter 2002 EUR 1 = BRL 2.034
1st quarter 2003 EUR 1 = BRL 3.688
(1) Reclassification of Portuguese products EUR 0.1 million
transferred from Personal Risk to Savings
(2) Reclassification of Brazilian products: EUR 0.8 million (BRL 1.5
million) transferred from Property & Casualty to Personal Risk
At constant exchange rates, i.e. with first quarter 2003 figures for 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. translated at the average exchange rate for first quarter 2002, total growth in premium income was 14.5% and 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. by business segment were as follows:
Premium income 1st quarter 1st quarter Change
2003 2002
----------------------------------------------------------------------
EUR m EUR m %
----------------------------------------------------------------------
Savings 5,034.3 4,440.3 + 13.4
----------------------------------------------------------------------
Pensions 298.0 213.2 + 39.8
----------------------------------------------------------------------
Personal risk 416.8 332.9 + 25.2
----------------------------------------------------------------------
Loan insurance 413.4 391.5 + 5.6
----------------------------------------------------------------------
Health insurance 59.5 55.4 + 7.4
----------------------------------------------------------------------
Property & casualty 68.8 58.4 + 17.8
----------------------------------------------------------------------
TOTAL 6,290.8 5,491.7 + 14.5
----------------------------------------------------------------------
Average exchange rate: 1st quarter 2002 and 2003 EUR 1 = BRL 2.034
2.2 SAVINGS Savings premium income surged 12.6%, including 13.4% growth at constant exchange rates. In France, savings premium income climbed 14.1%. Sales of individual unit-linked products totalled EUR 758 million -- representing 15.2% of Savings premium income -- versus EUR 840 million in the first quarter of 2002. The 9.7% decline 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, with continued 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 unit-linked sales by the Post Office and lower 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. partly offset by a sharp rise in sales of these products by the French Treasury network. 2.3 PENSIONS Pensions premium income climbed 31%, including organic growth of 39.8% excluding the currency effect. In France, Pensions premium income leapt leapt v. A past tense and a past participle of leap. by 41%. Sales of individual pension products inched up 0.3%, while sales of group products -- mainly to companies -- rose sharply. The very strong growth was attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to substantial payments made on existing contracts by major industrial and consumer goods consumer goods Any tangible commodity purchased by households to satisfy their wants and needs. Consumer goods may be durable or nondurable. Durable goods (e.g., autos, furniture, and appliances) have a significant life span, often defined as three years or more, and companies. 2.4 PERSONAL RISK Personal risk premium income expanded 16.3%. At constant exchange rates, the increase was 25.2%. In France, sales of individual personal risk products by the networks rose to EUR 50.9 million. 2.5 LOAN INSURANCE Loan Insurance premium income rose 0.4% or 5.6% at constant exchange rates. In France, the growth rate was 6%. Predica's participation rate as co-insurer of Credit Agricole loan insurance business was 50% in both periods. 2.6 HEALTH INSURANCE Health insurance premium income rose 7.4%. Caixa Caixa might mean:
2.7 PROPERTY & CASUALTY INSURANCE Property & Casualty Insurance premium income came to EUR 50.3 million. This business is written solely by Group subsidiaries 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 (EUR 27.6 million) and Brazil (EUR 22.7 million). The 13.9% decline compared with first quarter 2002 was entirely due to unfavourable exchange rates. Excluding the currency effect, the period-on-period change was an increase of 17.8%. III -- BY COUNTRY AND BY PARTNER NETWORK 3.1 FRANCE Premium income generated in France in first quarter 2003 totalled EUR 5,989.3 million, an increase of 13.7% on the same period of 2002. Premium income generated by the French Post Office rose 9.5% to EUR 2,180.6 million. This robust performance was achieved thanks to the winter (January/February 2003) campaign highlighting the level of protection offered by the insurance offering, a promotional campaign to boost sales of non-unit-linked products and the launch of Inedit, a unit-linked product offering temporary protection against falling stock market prices. Sales of unit-linked products contracted by 23.6% to EUR 129 million, representing 6% of total premium income from savings products distributed by the Post Office network. Premium income generated by the Savings Banks network totalled EUR 2,687.9 million, an increase of 16% on first quarter 2002. This excellent performance was attributable to three types of initiative. A marketing campaign was carried out to mark the first anniversary of the launch of Nuance nu·ance n. 1. A subtle or slight degree of difference, as in meaning, feeling, or tone; a gradation. 2. Expression or appreciation of subtle shades of meaning, feeling, or tone: 3D, with the aim of attracting top-up premiums. In January January: see month. and February February: see month. 2003, a campaign was conducted to boost sales of non-unit-linked products. And the Nuance unit-linked offer was further enhanced with the launch of new temporary funds. Sales of unit-linked products contracted by 7.8% to EUR 607 million, representing 23.7% of Savings premium income generated by the Savings Banks network in first quarter 2003. Premium income generated by the French Treasury network surged by 29.8% to EUR 257.7 million. This robust performance reflects the marketing drive underway since the end of 2002, backed by a promotional campaign featuring non-unit-linked products and the launch of new temporary funds for the unit-linked offer. New money invested in unit-linked products totalled EUR 19 million, representing 2.5 times the first quarter 2002 figure. In first quarter 2003, unit-linked business accounted for 7.8% of Savings premium income generated by the French Treasury network. Financial institutions contributed premium income of EUR 253.7 million, an increase of 1.7% on 2002. Predica's participation rate as co-insurer of Credit Agricole loan insurance business was 50% in both periods. One of the highlights of the period was the launch of a new loan insurance offer for Credit Immobilier de France clients. Premium income generated by mutual insurance companies and local authorities grew 7.2% to EUR 358.8 million, reflecting buoyant demand for pension and loan insurance products. Premium income from Prefon group insurance products contracted by 9.3% to EUR 62.2 million. It is possible that the decline reflects the ongoing tendency of local authorities to concentrate their payments in the fourth quarter of each year. Lastly, premium income from sales to companies surged by 51.2% to EUR 234.1 million. This very strong growth is attributable to a substantial increase in premium income from group pensions contracts sold to certain large companies. Premium income from Other Development Initiatives in France, including direct sales and sales by other networks, contracted by 20.3% to EUR 16.5 million. 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 182.2 million to premium income for 2003. The 19% decline compared with first quarter 2002 was entirely due to unfavourable exchange rates. Excluding the currency effect, the period-on-period change was an increase of 34.2%. In Portugal, premium income generated by Global and Global Vida totalled EUR 35 million, down 16% on the first quarter of 2002. The first quarter 2002 figure -- which was 4.9% up on 2001 -- represented a high basis of comparison due to the sale of an exceptionally large contract in March 2002 which was not renewed re·new v. re·newed, re·new·ing, re·news v.tr. 1. To make new or as if new again; restore: renewed the antique chair. 2. in March 2003. Premium income for first quarter 2003 was 25% up on the same period of 2001. In Argentina, premium income came to EUR 0.5 million, a fall of 75% on first quarter 2002. In Brazil, Caixa Seguros continued to enjoy sustained growth, generating premium income of 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. 540.8 million (EUR 146.6 million). The 19% decline compared with first quarter 2002 was entirely due to unfavourable exchange rates. Excluding the currency effect, the period-on-period change was an increase of 47%. Savings premium income rose 45%, pensions premium income climbed 31% and personal risk premium income soared 201%. These very strong gains were achieved in a Brazilian insurance market up by around 30% compared with first quarter 2002. Caixa Seguros's strong marketing momentum should lock in the market share gains recorded in 2002. As announced in a press release dated 28 April, on 25 April CNP Assurances launched a EUR 300 million bond issue. The issue has boosted CNP's solvency The ability of an individual to pay his or her debts as they mature in the normal and ordinary course of business, or the financial condition of owning property of sufficient value to discharge all of one's debts. solvency n. margin by 6 points. At the end of 2002, the margin -- calculated according to European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. regulations -- already represented 2.21 times the regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. minimum, and 1.07 times the minimum excluding unrealised gains. The issue was placed on excellent terms (100 b.p B.P., n blood pressure. B.P., n.pr See British pharmacopoeia. . spread and 5.25% coupon A certificate evidencing the obligation to pay an installment of interest or a dividend that must be cut and presented to its issuer for payment when it is due. Coupons are usually attached to a document, such as a promissory note, bond, share of stock, or a bearer ), confirming investor confidence in the quality of CNP's management and its underlying financial strength. CNP Assurances is set to be included in the MSCI indexes from 30 May 2003. Under these circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or , CNP Assurances is standing by its 2003 objective of outstripping market growth and matching 2002 recurring profit, excluding the effects of any deterioration de·te·ri·o·ra·tion n. The process or condition of becoming worse. in market conditions and assuming that there are no changes in tax rules. This press release announcing the Group's premium income for the first quarter of 2003 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 for individual and group insurance in the first quarter of 2003 were roughly equivalent, as shown in the following table:
Premium income 1st quarter 1st quarter Change 1st quarter
2003 2002 2001
----------------------------------------------------------------------
EUR m EUR m % EUR m
----------------------------------------------------------------------
Individual insurance 5,199.3 4,609.9 12.8 3,948.1
----------------------------------------------------------------------
Group insurance 972.2 881.8 10.3 760.2
----------------------------------------------------------------------
TOTAL 6,171.5 5,491.7 12.4 4,708.3
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CNP ASSURANCES GROUP CONSOLIDATED PREMIUM INCOME
Premium income 1st quarter 1st quarter Change 1st
2003 2002 quarter
2001
----------------------------------------------------------------------
EUR m EUR m % EUR m
----------------------------------------------------------------------
French Post Office 2,180.6 1,991.5 + 9.5 1,784.8
----------------------------------------------------------------------
Savings Banks 2,687.9 2,317.4 + 16.0 1,825.1
----------------------------------------------------------------------
French Treasury 257.7 198.6 + 29.8 349.7
----------------------------------------------------------------------
Financial institutions 253.7 249.4 + 1.7 240.1
----------------------------------------------------------------------
Mutual insurance companies
and local authorities 358.8 334.6 + 7.2 306.1
----------------------------------------------------------------------
Companies 234.1 154.8 + 51.2 148.4
----------------------------------------------------------------------
Others (France) 16.5 20.7 - 20.3 22.5
----------------------------------------------------------------------
Global (Portugal) 35.0 41.7 - 16.0 27.9
----------------------------------------------------------------------
CNP Seguros de Vida (1)
(Argentina) (1) and other 0.6 2.3 - 72 3.7
----------------------------------------------------------------------
Caixa Seguros (Brazil) (1)(2) 146.6 180.7 - 18.9 -
----------------------------------------------------------------------
TOTAL 6,171.5 5,491.7 + 12.4 4,708.3
----------------------------------------------------------------------
(1) Average exchange rates: Argentina: EUR 1 = ARS 3.397.
Brazil: EUR 1 = BRL 3.688.
(2) Caixa Seguros has been consolidated by CNP Assurances as from 1
July 2001.
PREMIUM INCOME BY COUNTRY
1st quarter 1st quarter Change Change at
2003 2002 constant
exchange rates
----------------------------------------------------------------------
France 5,989.3 5,267.0 + 13.7% + 13.7%
----------------------------------------------------------------------
Portugal 35.0 41.7 - 16% - 16%
----------------------------------------------------------------------
Brazil 146.6 180.7 - 18.9% + 47%
----------------------------------------------------------------------
Argentina 0.5 2.2 - 75.3% - 57%
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Other 0.1 0.1 0 0
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TOTAL 6,171.5 5,491.7 + 12.4% + 14.5%
----------------------------------------------------------------------
FIRST QUARTER 2003 PREMIUM INCOME BY COUNTRY AND BUSINESS SEGMENT
EUR m Savings Pensions Personal Loan Health Property Total
risk insurance insurance &
casualty
----------------------------------------------------------------------
France 4,955.1 256.3 350.0 368.4 59.5 - 5,989.3
----------------------------------------------------------------------
Portugal 6.7 - 0.7 - - 27.6 35.0
----------------------------------------------------------------------
Brazil 39.8 23.0 36.3 24.8 - 22.7 146.6
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Argentina
and Other 0.4 - 0.2 - - - 0.6
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TOTAL 5,002.0 279.3 387.2 393.2 59.5 50.3 6,171.5
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(1) Caixa Seguros has been consolidated as from 1 July 2001.
CAIXA SEGUROS (BRAZIL) PREMIUM INCOME
(BRL millions)
MARKET SEGMENT (*) 1st quarter 1st quarter
2003 2002 % change
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Savings 146.6 100.8 + 45
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Pensions 84.9 64.7 + 31
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Personal risk(1) 134.1 44.6 + 201
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Loan insurance 91.4 89.8 + 2
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Property & Casualty(1) 83.8 67.8 + 24
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TOTAL 540.8 367.7 + 47
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(*) provisional classification
(1) Reclassification in first quarter 2003 of BRL 1.5 million (EUR 0.8
million) from Property & Casualty to Personal Risk
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