CNP Assurances 1Q 2018: Headline Lower Than Expected, but Operating Numbers Encouraging
CNP Assurances reported first-quarter results for 2018. Net profit increased just under 4% to EUR 313 million, which is a little bit below our expectations on an annual basis. However, even with an earnings adjustment, we still think this is a relatively well-priced business, trading at 0.8 times book value. We maintain our EUR 23.00 fair value estimate, along with our no-moat and stable moat trend ratings.Typical of the French market, net inflows into unit-linked pensions and savings products ...
CNP Assurances is an insurance company. Co. designs, develops, distributes and manages savings, pension & personal risk, and term creditor products. Co. offers savings products and insurance against the risks of everyday life to its customers. Co.'s operations are organized along three business segments. The Savings business concerns products enabling policyholders to build up capital which they can cash in. The Pensions business concerns products designed to enable policyholders to receive an annuity or lump sum on retirement. The Personal Risk business includes products enabling policyholders to insure against the risks of death, accident or illness, property damage or liability claims.
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