Report
Benoit Valleaux

CNP Assurances : Net profit close to expectations, major strategic questions yet to be clarified

>EBIT and net profit close to expectations - CNP Assurances yesterday morning reported its H1 2018 net profit. Premium income undershot expectations at € 17.0bn (+3.6% reported, +6.6% like-for-like) vs the consensus forecast of € 17.4bn. We note, in particular, a slowdown in France for which premium income was down 13% in Q2 2018, after a strong Q1 (+5%), while the product mix improved in the savings segment (rise in unit-linked products’ share of total sales to 22.9%...
Underlying
CNP Assurances SA

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.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Benoit Valleaux

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