CNP Assurances boards €3.1bn in net inflows in 2014


The French personal insurer CNP Assurances has recorded €3.1bn in net inflows in France in 2014, including €1.7bn in net inflows to unit-linked contracts.

The firm made a net profit of €1,080m, up 4.8%. The consolidated premium income for 2014 reached €30.8bn, up 11.3%. In France, the premium income increased by 16.1% to €24.5bn.

“The growth was led by a steep 78.7% rise in unit-linked sales, with all networks contributing to the increase. In all, unit-linked business accounted for 13.1% of total savings/pensions premium income, compared with 8.8% in 2013,” explained the firm. CNP Assurances also said the premiums in personal risk and protection segment have grown by 1.9% over 2014.

“In Latin America, premium income was up 1.1% like-for-like (but down 6.5% as reported). The 14.8% like-for-like decline in savings/pensions business was offset by a very strong 25.6% like-for-like rise in personal risk/protection premiums,” added CNP Assurances. In Europe excluding France, premium income contracted by 2.1%.

Frédéric Lavenir, CEO of CNP Assurances, said: “In an environment shaped by historically low interest rates, last year’s good performances attest to the robustness of our business model and our success in assertively implementing strategies to refocus the product mix on the protection business lines, including personal risk, health, long-term care and term creditor insurance.”

CNP Assurances has announced the firm would purchase €3bn in equity securities in 2015, up 50% compared to 2014, and would invest more in property as well as private equity than last year.

The French insurer also renewed its partnership with Groupe Banques Populaires and Caisses d’Epargne (BPCE) which focuses on growing the personal risk/protection businesses. The partnership will last seven years as from 1 January 2016 and can be renewed for successive three-year periods.

Listed on the first market of Euronext Paris since 1988, CNP Assurances has 27 million personal risk/protection insured worldwide and 14 million savings and pensions policyholders. A core group of four major shareholders (Caisse des Dépôts et Consignations, La Banque Postale, Groupe BPCE and the French State) backs the firm.