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CNP Assurances sees net profit, revenue tick up YOY in H1

CNP Assurances SA reported first-half net attributable profit of €672 million, up from €657 million in the same period in 2017.

The Paris company's premium income based international financial reporting standards rose on a yearly basis to €16.96 billion from €16.37 billion. First-half performance was shaped by the negative currency effect from a 20% decline in the average Brazilian real exchange rate during the period.

Premium income from the company's home French market was €11.46 billion in the first half, down from €11.99 billion a year ago. Premium income from the company's international operations rose 25.5% to €5.50 billion from €4.38 billion. Brazil accounted for €2.86 billion of the total, up 14.3% from €2.50 billion a year earlier.

First-half total revenue amounted to €1.94 billion, compared to the year-ago €1.92 billion. Revenue from the company's own-funds' portfolios rose year over year to €467 million from €444 million.

Net insurance revenue remained flat at €1.47 billion in the first half of the year. Net insurance revenue in France increased year over year to €862 million from €796 million. The rest of Europe accounted for €112 million of net insurance revenue, down from €139 million a year ago. Net insurance revenue in Latin America also decreased year over year to €499 million from €539 million.

First-half earnings before interest and taxes totaled €1.50 billion, up from €1.48 billion in the same year-ago period.

As of June 30, the company's consolidated solvency capital requirement coverage ratio stood at 198%, compared to 190% at Dec. 31, 2017.