CNP Assurances Reports Consolidated Premium Income of EUR14,641.1 Million for the First Nine Months of 2003, up 5.3%, and 8.5% Growth in Assets under Management.Business Editors PARIS--(BUSINESS WIRE)--Nov. 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
-- CNP (Certified Network Professional) A professional designation and accreditation given to individual IT networking professionals by the Network Professional Association (www.npa.org). Assurances' premium income for the third quarter of 2003 came to 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. 4,542.0 million versus EUR4,113.3 million in the same period of 2002, an increase of 10.4% (11% excluding the currency effect). -- Premium income for the first nine months of the year totalled EUR14,641.1 million, an increase of 5.3% on the year-earlier period. -- 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. in France rose at an annualised rate of around 8.5%. -- Against the current business backdrop Backdrop may refer to:
as its 2003 objective 4% growth in premium income, stable 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 and 10% growth in operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. . 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 third quarter of 2003 totalled EUR4,542.0 million, up 10.4% on the EUR4,113.3 million reported in the same period of 2002. Excluding the currency effect, the increase was 11%. Premium income for the first nine months of the year came to EUR14,641.1 million, an increase of 5.3% (5.9% excluding the currency effect). This was very slightly below the rate of growth observed ob·serve v. ob·served, ob·serv·ing, ob·serves v.tr. 1. To be or become aware of, especially through careful and directed attention; notice. 2. for the French market as a whole 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 7% to reach EUR68.3 billion. Over the first nine months of the year, the French market for unit-linked products fell by 15%, whereas the non-unit-linked market expanded 12%. Assets under management, which account for over 60% of CNP Assurances Group revenues, increased by around 8.5% on an annualised basis. This was close to the 9% growth rate of managed assets in the French savings market as a whole (source: FFSA estimates), thanks in part to positive mark-to-market Mark-to-market Adjustment of the book value or collateral value of a security to reflect current market value. adjustments to unit-linked portfolios on the back of recovering stock markets. II - BY BUSINESS SEGMENT 2.1 PREMIUM INCOME BY BUSINESS SEGMENT Changes in premium income in the first nine months of 2003 compared with the same period of 2002 were as follows:
Premium Income 2003 2002 Change 2001
(9 (9 (9
months) months) months)
------------------------------------------- --------- ------ ---------
In EUR In EUR In EUR
millions millions % millions
------------------------------------------- --------- ------ ---------
Savings 11,493.7 11,148.7 3.1 10,311.2
------------------------------------------- --------- ------ ---------
Pensions (1) 848.5 613.8 38.2 576.7
------------------------------------------- --------- ------ ---------
Personal risk (1) 795.8 689.8 15.4 638.3
------------------------------------------- --------- ------ ---------
Loan insurance 1,192.9 1,155.3 3.3 1,039.5
------------------------------------------- --------- ------ ---------
Health insurance 157.5 147.9 6.5 123.2
------------------------------------------- --------- ------ ---------
Property & Casualty 152.7 154.8 - 1.4 97.6
------------------------------------------- --------- ------ ---------
TOTAL 14,641.1 13,910.3 5.3 12,786.5
------------------------------------------- --------- ------ ---------
Caixa Caixa might mean:
Average exchange rate, first 9 months of 2003: EUR1 = 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. 3.4479 (1) Including EUR80 million transferred from Personal Risk to Pensions in Brazil in the first nine months of 2003 (EUR0.5 million in the first nine months of 2002) At constant exchange rates, i.e. with figures for Brazil for the first nine months of 2003 translated at the average exchange rate for the same period of 2002, premium income rose 5.9% and changes in premium income by business segment were as follows:
Premium Income 2003 2002 Change
(9 (9
months) months)
----------------------------------------------------- --------- ------
In EUR In EUR
millions millions %
----------------------------------------------------- --------- ------
Savings 11,514.7 11,148.7 3.3
----------------------------------------------------- --------- ------
Pensions (1) 874.7 613.8 42.5
----------------------------------------------------- --------- ------
Personal risk (1) 805.0 689.8 16.7
----------------------------------------------------- --------- ------
Loan insurance 1,207.2 1,155.3 4.5
----------------------------------------------------- --------- ------
Health insurance 157.5 147.9 6.5
----------------------------------------------------- --------- ------
Property & Casualty 165.1 154.8 6.7
----------------------------------------------------- --------- ------
TOTAL 14,724.1 13,910.3 5.9
----------------------------------------------------- --------- ------
Average exchange rate applied for the first nine months of 2002 and 2003: EUR1 = BRL 2.92863 (1) Including EUR93.8 million transferred from Personal Risk to Pensions in Brazil in the first nine months of 2003 2.2 SAVINGS Savings premium income for the first nine months inched up 3.1% (3.3% at constant exchange rates). The third quarter growth rate was 8.5%. In France, Savings premium income rose 4.8% compared with the first nine months of 2002. The strong growth observed in the third quarter was probably attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk in part to transfers from Livret A passbook savings account 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: , following the 1 August 2003 cut in the interest paid on these accounts from 3% to 2.25%. CNP Assurances' premium income from unit-linked products contracted by 13.5% to EUR1,550 million from EUR1,793 million for the first nine months of 2002. The 2003 figure represented 13.5% of total Savings premium income for the period. The decline was consistent with the overall trend in the French market. However, it primarily concerned products distributed by the French Post Office and the French Treasury, while sales of unit-linked products 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. remained more or less flat (see 3.1). 2.3 PENSIONS Pensions premium income climbed 38.2% (42.5% at constant exchange rates). In France, CNP Assurances' Pensions business continued to go from strength to strength, with premium income rising by a strong 28%. Sales of individual pension products dipped dip v. dipped, dip·ping, dips v.tr. 1. To plunge briefly into a liquid, as in order to wet, coat, or saturate. 2. by 1.6% while premium income from group products surged 42.6%, primarily reflecting large top-up premiums paid by major companies in the manufacturing 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 sectors. In Brazil, Pensions premium income was boosted by a EUR80 million reclassification Reclassification The process of changing the class of mutual funds once certain requirements have been met. These requirements are generally placed on load mutual funds. Reclassification is not considered to be a taxable event. of premiums previously included in the Personal Risk business (converted at the average exchange rate for the first nine months of 2002, the amount of the reclassification was EUR93.8 million). 2.4 PERSONAL RISK Personal risk premium income climbed 15.4% (16.7% on a constant exchange-rate basis). In France, sales of individual personal risk policies by the networks continued to grow, rising 44.5% to EUR134 million. Sales of group personal risk policies to mutual insurance companies, local authorities and companies expanded by a strong 11%. 2.5 LOAN INSURANCE Loan insurance premium income rose 3.3% (4.5% at constant exchange rates). In France, the growth rate was 6.0%. Predica's participation rate as co-insurer of Credit Agricole loan insurance business has been stabilised Adj. 1. stabilised - made stable or firm stabilized stable - resistant to change of position or condition; "a stable ladder"; "a stable peace"; "a stable relationship"; "stable prices" at 50% in 2003. 2.6 HEALTH INSURANCE Premium income from health insurance - a class of business not written by Caixa Seguros - grew 6.5%. Part of the increase was attributable to the rate increases introduced in France in the fourth quarter of 2002. Completys Sante, distributed by 50%-owned Assurposte, contributed EUR3.4 million to Group premium income. 2.7 PROPERTY & CASUALTY INSURANCE Property & Casualty premium income contracted by 1.4% to EUR152.7 million but increased by 6.7% on a constant exchange-rate basis. Only the Portuguese and Brazilian subsidiaries write this class of business, contributing EUR83.1 million and EUR69.6 million respectively for the first nine months of 2003. III - BY COUNTRY AND PARTNER NETWORK 3.1 FRANCE Premium income generated by the CNP Assurances Group in France in the first nine months of 2003 totalled EUR14,058.1 million, an increase of 5.2% compared with the prior-year period. The picture was mixed across business segments, however, with pensions and personal risk products rising strongly over the period.
Savings Pensions Personal risk Loan insurance Health Total
insurance
----------------------------------------------------------------------
+ 3.4% + 28.0% + 16.4% + 6.0% + 5.4% + 5.2%
----------------------------------------------------------------------
Growth in Savings premium income was driven by strong sales by the French Post Office and the Savings Banks. Premium income generated by the French Post Office in the first nine months of 2003 totalled EUR5,214.0 million, an increase of 2.9% on the same period of 2002. The savings-investment campaign backed by a promotional life insurance offer launched in June June: see month. and July July: see month. was extended through to the end of September September: see month. , in the wake of the cut in the interest rate on Livret A passbook savings accounts. However, the volume of transfers from Livret A accounts to savings products marketed by the Post Office was lower than that observed after the last rate cut in July 1999. Sales of loan insurance rose 15% to EUR34.4 million. Sales of unit-linked products contracted by 35% to EUR306 million, representing 6% of total premium income from savings products distributed by the Post Office network. Premium income generated by the Savings Banks network in the first nine months of the year rose 6.4% to EUR6,057.5 million. The robust third quarter performance was attributable primarily to the marketing campaign launched to capitalise Verb 1. capitalise - supply with capital, as of a business by using a combination of capital used by investors and debt capital provided by lenders capitalize on the Livret A rate cut. Sales of the flagship This article is about the lead ship, store, or product of a group. For other uses, see Flagship (disambiguation). A flagship is the ship used by the commanding officer of a group of naval ships. Nuances 3D and Initiative Transmission products accounted for 80% of new money. Sales of loan insurance expanded 8% to EUR188 million. Sales of unit-linked products dipped by a mere 3.8% to EUR1,200 million, representing 21% of premium income from Savings products for the first nine months. This strong performance in absolute value was achieved thanks to offers carried out during the period on Nuances products. Premium income generated by the French Treasury fell 11.1% to EUR569.5 million for the first nine months of 2003. Sales of unit-linked products amounted to EUR30 million, down 37.7% on the same period of 2002. These sales represented 5.8% of premium income from Savings products distributed by the network. A personal risk marketing campaign was carried out between May and July, focusing mainly on the product insuring the risks of day-to-day day-to-day adj. 1. Occurring on a routine or daily basis: the day-to-day movements of the stock market. 2. life. Financial institutions contributed premium income of EUR765.8 million, up 7.7% on the first nine months of 2002. Predica's participation rate as co-insurer of Credit Agricole loan insurance business stablised in 2003 at 50%. Premium income generated by mutual insurance companies and local authorities grew 12.6% to EUR867 million, spurred by 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 from national mutual insurers and adjustments in premium rates charged to local authorities. Premium income from Prefon came to EUR250 million, an increase of 16%. Premium income from sales to companies expanded by 29.4% to EUR541.2 million. This performance was attributable to large top-up premiums paid by certain major companies on group pension policies in the first half of the year, coupled with strong sales of group personal risk policies. Premium income from Other Development Initiatives in France, including direct sales and sales by other networks, decreased 27% to EUR43.1 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 EUR583 million to premium income for the first nine months of 2003, up 5.6% on the same period of 2002. Excluding the currency effect, the increase was 20.6%. 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 , premium income generated by Global and Global Vida totalled EUR111 million, up 4.6% on the first nine months of 2002. In Argentina, premium income for the first nine months of 2003 stood at ARS ARS In currencies, this is the abbreviation for the Argentine Peso. 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. 5.5 million (EUR1.6 million), representing a 68.2% fall (72% at constant exchange rates) compared with the prior-year period. In Brazil, Caixa Seguros recorded premium income of BRL 1,619.0 million (EUR469.6 million), up 25.5% in local currency and 6.6% in euros. Sales of pension products surged 159% and sales of personal risk products climbed 20%, spurred by the buoyant insurance market in Brazil. In the first nine months of 2003, premium income from the new VGBL products launched in 2002 (EUR80 million in the first nine months of 2003 or EUR93.8 million at constant exchange rates) previously included in Personal Risk was reclassified under Pensions. The loan insurance business in Brazil continued to be adversely affected by the country's high interest rates. Based on results for the first nine months of the year, CNP Assurances is standing by its full-year objective of achieving around 4% growth in premium income and matching 2002 recurring profit, barring any deterioration de·te·ri·o·ra·tion n. The process or condition of becoming worse. in the stock markets and assuming that tax rules remain unchanged. The Group is also continuing to aim for a 10% increase in operating profit - excluding the effect of changes in financial market conditions - which is a better indicator Indicator Anything used to predict future financial or economic trends. Notes: In the context of technical analysis, an indicator is a mathematical calculation based on a securities price and/or volume. The result is used to predict future prices. of underlying growth before the effects of taxation. This press release announcing the Group's premium income for the first half 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.
THIRD QUARTER 2003 PREMIUM INCOME
THIRD QUARTER 2003 PREMIUM INCOME BY BUSINESS SEGMENT
By segment
Premium Income 3rd quarter 2003 3rd quarter 2003 3rd
at constant quarter
exchange rates (1) 2002
------------------- ------------------- ------------------- ---------
In EUR In EUR In EUR
millions % change millions % change millions
------------------- --------- --------- --------- --------- ---------
Savings 3,523.8 + 8.5 3,529.6 + 8.6 3,249.0
------------------- --------- --------- --------- --------- ---------
Pensions 250.7 (2) + 78.3 259.5 (3) + 84.5 140.6
------------------- --------- --------- --------- --------- ---------
Personal risk 248.1 (2) + 0.1 250.5 (3) + 1.0 247.9
------------------- --------- --------- --------- --------- ---------
Loan insurance 405.7 + 6.8 409.5 + 7.8 379.8
------------------- --------- --------- --------- --------- ---------
Health insurance 61.8 + 8.9 61.8 + 8.9 56.7
------------------- --------- --------- --------- --------- ---------
Property & Casualty 51.9 + 32.4 55.5 + 41.5 39.2
------------------- --------- --------- --------- --------- ---------
TOTAL 4,542.0 + 10.4 4,566.3 + 11.0 4,113.3
------------------- --------- --------- --------- --------- ---------
(1) Average exchange rates for the first nine months of 2002: EUR1 = BRL 2.92863 EUR1 = ARS 3.8507 (2) Including EUR36.2 million transferred from Personal Risk to Pensions in Brazil (3) Including EUR30.7 million transferred from Personal Risk to Pensions in Brazil
CNP ASSURANCES GROUP CONSOLIDATED PREMIUM INCOME FOR THIRD QUARTER
2003 BY PARTNERSHIP CENTRE AND FOREIGN SUBSIDIARY
3rd 3rd Change 3rd
quarter quarter quarter
2003 2002 2001
------------------------------- --------- --------- ------- ---------
Partnership Centres and In EUR In EUR In EUR
International millions millions % millions
------------------------------- --------- --------- ------- ---------
French Post Office 1,690.9 1,560.1 + 8.4 1,547.1
------------------------------- --------- --------- ------- ---------
Savings Banks 1,798.2 1,585.6 + 13.4 1,380.4
------------------------------- --------- --------- ------- ---------
French Treasury 149.4 205.5 - 27.3 393.5
------------------------------- --------- --------- ------- ---------
Financial institutions 261.6 225.7 + 15.9 242.0
------------------------------- --------- --------- ------- ---------
Mutual insurers and local
authorities 308.2 260.2 + 18.4 260.1
------------------------------- --------- --------- ------- ---------
Companies 114.1 128.4 - 11.2 121.3
------------------------------- --------- --------- ------- ---------
Other (France) 13.6 19.8 - 31.3 15.6
------------------------------- --------- --------- ------- ---------
Global (Portugal) 35.0 33.5 + 4.6 31.8
------------------------------- --------- --------- ------- ---------
CNP Seguros de Vida (1)
(Argentina) (1) 0.4 2.3 - 79.6 4.0
------------------------------- --------- --------- ------- ---------
Other (international) 0.3 0.2 0.4
------------------------------- --------- --------- ------- ---------
Caixa Seguros (Brazil) (1) (2) 170.3 92.1 + 85 136
------------------------------- --------- --------- ------- ---------
TOTAL 4,542.0 4,113.3 + 10.4 4,132.8
------------------------------- --------- --------- ------- ---------
(1) Average exchange rates: Argentina: EUR1 = ARS 3.3018 Brazil: EUR1 = BRL 3.35405 (2) Caixa Seguros has been consolidated by CNP Assurances since the third quarter of 2001.
PREMIUM INCOME FOR THE FIRST NINE MONTHS OF 2003
PREMIUM INCOME FOR THE FIRST NINE MONTHS OF 2003 BY COUNTRY
2003 (9 2002 (9 Change Change at
months) months) constant
exchange
rates
------------------------------- --------- --------- ------- ---------
In EUR In EUR
millions millions % %
------------------------------- --------- --------- ------- ---------
France 14,058.1 13,357.9 + 5.2 + 5.2
------------------------------- --------- --------- ------- ---------
Portugal 111.0 106.1 + 4.5 + 4.5
------------------------------- --------- --------- ------- ---------
Brazil 469.6 440.7 + 6.6 + 25.5
------------------------------- --------- --------- ------- ---------
Argentina 1.6 5.1 - 68.6 - 72.0
------------------------------- --------- --------- ------- ---------
Other 0.8 0.5 n.m. n.m.
------------------------------- --------- --------- ------- ---------
TOTAL 14,641.1 13,910.3 + 5.3 + 5.9
------------------------------- --------- --------- ------- ---------
PREMIUM INCOME FOR THE FIRST NINE MONTHS OF 2003 BY CATEGORY
Premium Income 2003 2002 Change 2001
(9 (9 (9
months) months) months)
------------------------------- --------- --------- ------- ---------
In EUR In EUR In EUR
millions millions % millions
------------------------------- --------- --------- ------- ---------
Individual insurance 12,079.4 11,609.7 + 4.0 10,691.5
------------------------------- --------- --------- ------- ---------
Group insurance 2,561.7 2,300.6 + 11.4 2,095.0
------------------------------- --------- --------- ------- ---------
TOTAL 14,641.1 13,910.3 + 5.3 12,786.5
------------------------------- --------- --------- ------- ---------
PREMIUM INCOME FOR THE FIRST NINE MONTHS OF 2003
BY COUNTRY AND MARKET SEGMENT
In EUR Savings Pensions Per- Loan Health Property & Total
millions sonal insur- insur- Casualty
risk ance ance
----------------------------------------------------------------------
France 11,349.0 699.0 741.6 1,112.5 156.0 - 14,058.1
----------------------------------------------------------------------
Portugal 24.9 - 1.5 - 1.5 83.1 111.0
----------------------------------------------------------------------
Brazil 118.6 149.5(1) 51.5(1) 80.4 - 69.6 469.6
----------------------------------------------------------------------
Argentina
and
other 1.2 - 1.2 - - - 2.4
----------------------------------------------------------------------
TOTAL 11,493.7 848.5 795.8 1,192.9 157.5 152.7 14,641.1
----------------------------------------------------------------------
(1) Including EUR80 million transferred from Personal Risk to Pensions
CNP ASSURANCES GROUP CONSOLIDATED PREMIUM INCOME
FOR THE FIRST NINE MONTHS OF 2003
BY PARTNERSHIP CENTRE AND FOREIGN SUBSIDIARY
2003 2002 Change 2001
(9 (9 (9
months) months) months)
------------------------------- --------- --------- ------- ---------
Partnership Centres and In EUR In EUR In EUR
International millions millions % millions
------------------------------- --------- --------- ------- ---------
French Post Office 5,214.0 5,067.2 + 2.9 4,834.9
------------------------------- --------- --------- ------- ---------
Savings Banks 6,057.5 5,691.2 + 6.4 4,583.3
------------------------------- --------- --------- ------- ---------
French Treasury 569.5 641.0 - 11.1 1 218.3
------------------------------- --------- --------- ------- ---------
Financial institutions 765.8 711.3 + 7.7 728.0
------------------------------- --------- --------- ------- ---------
Mutual insurers and local
authorities 867.0 769.7 + 12.6 721.3
------------------------------- --------- --------- ------- ---------
Companies 541.2 418.3 + 29.4 403.6
------------------------------- --------- --------- ------- ---------
Other (France) 43.1 59.2 - 27.2 54.9
------------------------------- --------- --------- ------- ---------
Global (Portugal) 111.0 106.1 + 4.6 93.6
------------------------------- --------- --------- ------- ---------
CNP Seguros de Vida (Argentina)
(1) and other 2.4 5.6 - 56.7 12.0
------------------------------- --------- --------- ------- ---------
Caixa Seguros (Brazil) (1) (2) 469.6 440.7 + 6.6 136.6
------------------------------- --------- --------- ------- ---------
TOTAL 14,641.1 13,910.3 + 5.3 12,786.5
------------------------------- --------- --------- ------- ---------
(1) Average exchange rates: Argentina: EUR1 = ARS 3.3489 Brazil: EUR1 = BRL 3.44790 (2) Caixa Seguros has been consolidated by CNP Assurances since the third quarter of 2001.
CAIXA SEGUROS (BRAZIL) PREMIUM INCOME
in millions of Real (BRL)
MARKET SEGMENT 2003 (9 2002 (9
months) months) % change
----------------------------------------- -------- -------- ---------
Savings 409.3 404.0 + 1.3
----------------------------------------- -------- -------- ---------
Pensions (1) 514.5 198.5 + 159.2
----------------------------------------- -------- -------- ---------
Personal risk (1) 177.7 148.4 + 19.8
----------------------------------------- -------- -------- ---------
Loan insurance 277.4 309.2 - 10.3
----------------------------------------- -------- -------- ---------
Property & Casualty 240.2 230.5 + 4.2
----------------------------------------- -------- -------- ---------
TOTAL 1,619.0 1,290.5 + 25.5
----------------------------------------- -------- -------- ---------
(1) Including BRL 274.6 million transferred from Personal Risk to Pensions REUTERS : CNPP.PA BLOOMBERG : CNPA SICOVAM : 12022 ISIN : FR0000120222 |
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