CNP AssurancesSA reported first-quarter attributable net profit of €281 million,up from €280 million a year ago, as IFRS premium income rose to €8.99 billionfrom €8.30 billion a year earlier.
Premium income from France increased on a yearly basis to€7.26 billion from €6.38 billion in the first quarter of 2015, while premiumincome from the company's international operations dropped to €1.73 billionfrom €1.91 billion.
Total revenue for the quarter amounted to €722 million, downfrom €755 million a year ago. Revenue from the company's own-funds portfoliosfell to €152 million from €206 million because of lower returns from bond andmoney market portfolios, the negative currency effect in Latin America and theamortization of intangible assets recognized on the consolidation of CNPSantander Insurance.
First-quarter net insurance revenue increased to €570million from €549 million year over year. In France, net insurance revenue wasup 28.2% year over year to €314 million.
Administrative expenses of €209 million were down 3.7% fromthe first quarter of 2015. As of March 31, the Solvency IIcoverage ratio stood at about 175%.
CNP expects to complete the of its 50% stake in toLa Banque Postale for€306.9 million, less pre-closing dividends, in the second or third quarter,subject to regulatory approvals. CNP noted that if no pre-closing dividends arereceived, the sale should generate an after-tax gain of approximately €160million in the IFRS financial statements.