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CNP Assurances Earnings Release 2021
1208_iss_2021-07-28_3f8a7397-fa87-4482-abb4-5ed56cd716e5.pdf
Earnings Release
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Press Release
Paris, 28 July 2021
First-half 2021 Results
Strong momentum abroad and transformation of business mix
Premium income of €16.3 billion (up 46.9% LfL vs H1 2020, up 3.3% LfL vs H1 2019) Attributable net profit of €690 million (up 9.7% vs H1 2020, up 0.4% vs H1 2019) SCR coverage ratio of 219% (up 11 pts1 )
Highlights
- Premium income of €16.3 billion, up 46.9% like-for-like2 vs H1 2020, up 3.3% like-for-like vs H1 2019
- Strong momentum in the Savings/Pensions segment across all geographies, with:
- Unit-linked sales in France up 94.1% vs H1 2020 (up 33.0% as reported vs H1 2019), representing 28.5% of total new money at the end of June 2021
- Success of the integrated bancassurance model, with La Banque Postale's unit-linked sales doubled vs H1 2020 (up 69.4% as reported vs H1 2019) to represent 26.8% of new money at the end of June 2021
- PACTE transfers of €4.0 billion in the first six months (vs €3.4 billion for full-year 2020). 2021 target raised to €6.3 billion
- €1.2 billion net inflow to unit-linked Savings/Pensions products in France vs €2.8 billion net outflow from traditional contracts
- 29.4% growth vs H1 2020 in Savings/Pensions premiums in the Europe excluding France region (up 8.0% as reported vs H1 2019)
- Solid commercial momentum in Latin America, with Savings/Pensions premiums up 88.8% like-forlike vs H1 2020 (up 49.5% like-for-like vs H1 2019)
- Personal Risk/Protection premiums up 1.9% like-for-like vs H1 2020 (stable vs H1 2019)
- Strong momentum in the Savings/Pensions segment across all geographies, with:
- EBIT of €1,547 million, up 3.6%3 as reported vs H1 2020, down 9.4% as reported vs H1 2019 (up 7.8% like-for-like vs H1 2020, down 0.2% like-for-like vs H1 2019)
- Attributable net profit of €690 million, up 9.7% as reported vs H1 2020, up 0.4% as reported vs H1 2019
- APE margin of 13.5% (vs 12.2% in 2020)
- Consolidated SCR coverage ratio of 219% at 30 June 2021 (up 11 points vs 31 December 2020)
Stéphane Dedeyan, CNP Assurances' Chief Executive Officer, said:
"In an environment shaped by the Covid-19 crisis, the Group increased its earnings by nearly 10% to €690 million and exceeded the 2019 figure. It also maintained its financial strength, with a consolidated SCR coverage ratio of 219%. We enjoyed excellent sales momentum in our international businesses, particularly in Brazil and Italy. In France, we were 6% below the new money level achieved in 2019, but saw a very significant improvement in our business mix. Unit-linked sales in France were up 33% on 2019."
1vs. 31 December 2020
2Average exchange rate, Brazil: first-half 2021 €1 = BRL 6.49; first-half 2020 €1 = BRL 5.41; first-half 2019 €1 = BRL 4.34
3 This change is based on half-year 2020 EBIT, which now includes fair value adjustments to available-for-sale financial assets (€170 million positive impact on first-half 2020) and excludes amortisation of intangible assets (€12 million positive impact on first-half 2020). Excluding these changes, first-half 2020 EBIT amounted to €1,312 million.
1. First-half 2021 premium income and APE margin
Consolidated premium income for the period came to €16.3 billion, up 41.7% as reported (up 46.9% like-for-like) versus firsthalf 2020, reflecting a strong recovery in the Saving/Pensions business led by Brazil and the premium savings segment in France.
Compared to first-half 2019, consolidated premium income was up 3.3% at constant exchange rates, with increases of 5.6% in the Europe excluding France region (led by CNP UniCredit Vita) and 40.7% in Latin America (led by the pensions business). In France, premium income declined 5.7% compared to first-half 2019, as insurance advisors focused not only on selling new contracts but also on promoting PACTE transfers which are not recognised in premium income.
In France, premium income totalled €10.7 billion, an increase of 48.6% compared to first-half 2020 (down 5.7% as reported vs H1 2019).
Savings/Pensions premiums totalled €8.6 billion, an increase of €3.5 billion (67.8%) that reflected the low basis of comparison in first-half 2020 due to the Covid-19 crisis, and also the exceptional 160.6% growth reported by CNP Patrimoine (up 112.9% excluding the effect of the low basis of comparison).
The Group's two historical partners focused on improving the product mix and actively promoting PACTE transfers, which totalled €4.0 billion in first-half 2021, with 31% invested in unit-linked funds. All told, unitlinked sales in France surged by 94% to €2.5 billion, representing 28.5% of new money versus 24.7% in firsthalf 2020. Unit-linked sales by La Banque Postale accounted for 26.8% of total premiums written by the network in first-half 2021 versus 19.0% in first-half 2020 and 24.8% in first-quarter 2021.
Personal Risk/Protection premiums in France were stable overall at €2.0 billion (down 0.3%). Growth in term creditor insurance premiums written by the La Banque Postale and BPCE networks offset the decline in premium income from group death/disability contracts cancelled or managed on a run-off basis.
The APE margin was 8.8% versus 4.1% in 2020.
In Europe excluding France, premium income totalled €2.6 billion, an increase of 22.6% compared to first-half 2020 (up 5,6 % as reported vs H1 2019).
Savings/Pensions premiums were up 29.4% at €2.1 billion, reflecting the low basis of comparison created by the Covid-19 lockdown in first-half 2020 but also the solid performance by CNP UniCredit Vita, driven in part by successful marketing campaigns promoting the My Selection unit-linked contract. Unit-linked products accounted for a very high 76.3% of new money in the Europe excluding France region.
Personal Risk/Protection premiums were stable at €506 million (an increase of just 0.5%), with the decline in term creditor insurance premiums written by CNP Santander offset by growth in this business at CNP UniCredit Vita.
The APE margin widened to 18.3% from 17.2% in 2020.
In Latin America, premium income totalled €3.0 billion, up 65.4% like-for-like compared to first-half 2020, up 37.8% as reported. The total includes premiums written by the new joint venture in Brazil, Caixa Vida e Previdência (personal risk insurance, consumer finance term creditor insurance and retirement products) and by the businesses that continue to be operated within the previous structure. Premium income is up 40.7% like-for-like compared to firsthalf 2019 (down 6.0% like-for-like).
Savings/Pensions premium income came in at €2.4 billion, up 57.3% as reported. Like-for-like growth was a very strong 88.8%, in line with the trajectory established in the latter part of 2020. Caixa became the second largest pensions provider in Brazil, lifting its market share to 22% at end-May. The Savings/Pensions business is focused almost exclusively on unit-linked contracts which account for 99.5% of new money.
Personal Risk/Protection premium income amounted to €587 million, down 8.7% as reported but up 9.8% like-for-like. Underlying growth primarily reflected the low basis of comparison in the second quarter of 2020 when insurance sales were brought to a halt by the Covid-19 lockdown. Caixa continued to rank among the leaders of the consumer finance segment of the term creditor insurance market in Brazil, with 15% of the market at end-May.
The Value of New Business (VNB) written by the Group4 during the period amounted to €193 million, an increase of 40.9% excluding the currency effect that was primarily driven by higher rates in France.
2. First-half 2021 results indicators
Net insurance revenue for the period stood at €1,471 million, up 0.7% as reported and 5.9% like-for-like. Net insurance revenue is down 9.1% as reported compared to first-half 2019 (up 2.4% like-for-like).
In France, net insurance revenue amounted to €935 million, an increase of 9.2% that was partly attributable to the shift in product mix in favour of unit-linked Savings contracts combined with higher volumes in this segment. Another factor was the negative impact on 2020 performance of Covid-19-related furloughs. Net insurance revenue in France is up 0.4% as reported compared to first-half 2019.
In Europe excluding France, net insurance revenue was up 5.8% at €152 million. Net insurance revenue in Europe excluding France is up 2.1% as reported compared to first-half 2019.
In Latin America, net insurance revenue contracted by 16.6% as reported to €384 million. On a like-for-like basis, net insurance revenue was stable. Deteriorating loss ratios in the personal risk/protection business were only partly offset by the solid performance of the pensions business. Net insurance revenue in Latin America is down 28.7% as reported (up 6.8% like-for-like) compared to first-half 2019.
Revenue from own-funds portfolios stood at €504 million, up 11.0% as reported (up 10.7% like-for-like), reflecting dividend payments by companies in the equities portfolio and higher realised capital gains.
Total revenue rose 3.1% as reported (up 7.1% like-for-like) to €1,975 million.
Administrative costs amounted to €428 million, up 1.6% as reported (up 4.7% like-for-like). This increase mainly resulted from the 7.7% rise in costs in France related to two non-recurring effects: the impact on employee liabilities of the integration of the CNP TI inter-company partnership's IT employees into CNP Assurance, and the application of IFRIC 21 to the C3S solidarity tax. Excluding these two impacts, the rise in costs would be 0.6%.
The cost/income ratio was 29.1% in first-half 2021 versus 28.8% in the year-earlier period. It improved across all geographies, with gains of between 0.5 points and 2.4 points. The rise at Group level stemmed from the change in the country mix in the cost/income ratio.
EBIT was €1,547 million, up 3.6% as reported vs H1 2020 and down 9.4% as reported vs H1 2019 (up 7.8% like-for-like vs H1 2020 and down 0.2% like-for-like vs H1 2019).
Attributable net profit came in at €690 million, up 9.7% as reported vs H1 2020 and up 0.4% as reported vs H1 2019.
IFRS book value was €18.4 billion at 30 June 2021, representing €26.8 per share versus €27.4 per share at 31 December 2020.
The consolidated SCR coverage ratio was 219% at 30 June 2021 versus 208% at end‑2020. Movements during first-half 2021 were as follows: +13 points from mark-to-market effects, +2 points from capital creation net of dividends, -3 points from the acquisition of Aviva's Life business in Italy (with a further negative impact of around 3 points expected when the deal is closed), +3 points from the end-March 2021 subordinated notes issue (US\$700 million), -2 points from the decline in the UFR5 to 3.60% and -2 points from other effects.
4 VNB is calculated on a Group share basis
5 UFR: Ultimate Forward Rate
| H1 2021 | H1 2020 | % change (reported) |
% change (like-for-like) |
|
|---|---|---|---|---|
| Premium income | 16,283 | 11,492 | +41.7 | +46.9 |
| Average net technical reserves | 327.9 | 323.6 | +1.3 | - |
| Total revenue | 1,975 | 1,915 | +3.1 | +7.1 |
| Net insurance revenue (NIR), of which: | 1,471 | 1,461 | +0.7 | +5.9 |
| France | 935 | 856 | +9.2 | +9.2 |
| Latin America | 384 | 461 | -16.6 | +0.1 |
| Europe excl. France | 152 | 143 | +5.8 | +5.8 |
| Revenue from own-funds portfolios | 504 | 454 | +11.0 | +10.7 |
| Administrative costs, of which: | 428 | 421 | +1.6 | +4.7 |
| France | 305 | 283 | +7.7 | +7.7 |
| Latin America | 60 | 75 | -20.0 | -2.6 |
| Europe excl. France | 63 | 63 | +0.1 | +0.1 |
| EBIT | 1,547 | 1,494* | +3.6 | +7.8 |
| Finance costs | (120) | (128) | -5.8 | -5.8 |
| Non-controlling and net equity accounted interests |
(228) | (229) | -0.5 | +15.8 |
| Attributable recurring profit | 1,198 | 1,137 | +5.4 | +7.7 |
| Income tax expense | (336) | (353) | -4.9 | -0.4 |
| Mark-to-market effects and intangible amortisation |
(17) | (15) | +13.4 | +14.0 |
| Non-recurring items | (156) | (140) | +11.3 | +11.3 |
| Attributable net profit | 690 | 629 | +9.7 | +11.3 |
* 2020 EBIT now includes fair value adjustments to available-for-sale financial assets (€170 million positive impact on first-half 2020) and excludes amortisation of intangible assets (€12 million positive impact on first-half 2020). Excluding these changes, first-half 2020 EBIT amounted to €1,312 million.
The first-half 2021 profit indicators of CNP Assurances were reviewed by the Board of Directors at its meeting on 27 July 2021 and are subject to completion of audit procedures by CNP Assurances' Statutory Auditors. This press release includes a certain number of alternative performance measures (APMs). These APMs and their calculation method are presented in the Investor/Analyst section of the CNP Assurances website at www.cnp.fr/en/Investor-Analyst. https://www.cnp.fr/en/the-cnp-assurances-group/investors/results/results-presentation/2021-results
APPENDICES
Premium income by country
| (in € millions) | H1 2021 | H1 2020 | % change (reported) |
% change (like-for-like) |
|---|---|---|---|---|
| France | 10,673 | 7,185 | +48.6 | +48.6 |
| Brazil | 2,985 | 2,163 | +38.0 | +65.5 |
| Italy | 1,892 | 1,421 | +33.1 | +33.1 |
| Germany | 230 | 234 | -2.0 | -2.0 |
| Cyprus | 90 | 85 | +6.0 | +6.0 |
| Spain | 71 | 70 | +1.6 | +1.6 |
| Luxembourg(1) | 247 | 231 | +7.1 | +7.1 |
| Poland | 40 | 46 | -11.6 | -11.6 |
| Austria | 11 | 13 | -13.8 | -13.8 |
| Norway | 12 | 11 | +6.6 | +6.6 |
| Denmark | 10 | 11 | -8.5 | -8.5 |
| Argentina | 8 | 10 | -12.2 | +35.8 |
| Portugal | 1 | 2 | -30.7 | -30.7 |
| Other International | 13 | 11 | +11.9 | +11.9 |
| Total International | 5,610 | 4,307 | +30.2 | +43.8 |
| Total | 16,283 | 11,492 | +41.7 | +21.8 |
Premium income by segment
| (in € millions) | H1 2021 | H1 2020 | % change (reported) |
% change (like-for-like) |
|---|---|---|---|---|
| Savings | 10,225 | 6,354 | +60.9 | +61.0 |
| Pensions | 2,940 | 1,961 | +50.0 | +74.3 |
| Personal Risk Insurance | 747 | 783 | -4.6 | -0.9 |
| Term Creditor Insurance | 2,042 | 2,001 | +2.0 | +4.5 |
| Health Insurance | 178 | 224 | -20.5 | -20.0 |
| Property & Casualty | 151 | 169 | -10.7 | +3.8 |
| Total | 16,283 | 11,492 | +41.7 | +21.8 |
Premium income by country and by segment
| (in € millions) | Savings | Pensions | Personal Risk Insurance |
Term Creditor Insurance |
Health Insurance |
Property & Casualty |
Total |
|---|---|---|---|---|---|---|---|
| France | 8,108 | 540 | 525 | 1,344 | 156 | 0 | 10,673 |
| Brazil | 9 | 2,395 | 177 | 277 | 5 | 123 | 2,985 |
| Italy | 1,801 | 5 | 19 | 68 | 0 | 0 | 1,892 |
| Germany | 0 | 0 | 7 | 223 | 0 | 0 | 230 |
| Cyprus | 37 | 0 | 7 | 0 | 17 | 28 | 90 |
| Spain | 19 | 0 | 2 | 50 | 0 | 0 | 71 |
| Luxembourg(1) | 247 | 0 | 0 | 0 | 0 | 0 | 247 |
| Poland | 0 | 0 | 5 | 35 | 0 | 0 | 40 |
| Austria | 0 | 0 | 0 | 10 | 0 | 0 | 11 |
| Norway | 0 | 0 | 0 | 12 | 0 | 0 | 12 |
| Denmark | 0 | 0 | 0 | 10 | 0 | 0 | 10 |
| Argentina | 3 | 0 | 4 | 1 | 0 | 0 | 8 |
| Portugal | 0 | 0 | 0 | 1 | 0 | 0 | 1 |
| Other International | 1 | 0 | 0 | 11 | 0 | 0 | 13 |
| Total International | 2,117 | 2,400 | 222 | 697 | 22 | 151 | 5,610 |
| Total | 10,225 | 2,940 | 747 | 2,042 | 178 | 151 | 16,283 |
Premium income by region and by partner/subsidiary
| (in € millions) | H1 2021 | H1 2020 | % change |
|---|---|---|---|
| La Banque Postale | 3,978 | 2,700 | +47.4 |
| BPCE | 3,270 | 2,145 | +52.5 |
| CNP Patrimoine | 1,737 | 667 | +160.6 |
| Social protection partners (France) | 1,014 | 1,011 | +0.3 |
| Financial institutions (France) | 523 | 558 | -6.3 |
| Amétis | 133 | 82 | +62.1 |
| Other France | 18 | 23 | -23.7 |
| Total France | 10,673 | 7,185 | +48.6 |
| Caixa Vida e Previdência (Brazil) | 2,668 | 1,537 | +73.5 |
| Other Brazilian entities | 317 | 625 | -49.3 |
| CNP UniCredit Vita (Italy) | 1,763 | 1,340 | +31.5 |
| CNP Luxembourg (Luxembourg) | 247 | 231 | +7.1 |
| CNP Santander Insurance (Ireland) | 373 | 385 | -3.3 |
| CNP Partners (Spain) | 119 | 69 | +71.6 |
| CNP Cyprus Insurance Holdings (Cyprus) | 92 | 87 | +5.9 |
| CNP Assurances Compañía de Seguros (Argentina) | 8 | 10 | -12.2 |
| Other International | 23 | 23 | +2.7 |
| Total International | 5,610 | 4,307 | +30.2 |
| Total | 16,283 | 11,492 | +41.7 |
Unit-linked sales
by region and by partner/subsidiary
| (in € millions) | H1 2021 | H1 2020 | % change |
|---|---|---|---|
| La Banque Postale | 1,034 | 493 | +109.9 |
| BPCE | 519 | 294 | +76.6 |
| CNP Patrimoine | 850 | 437 | +94.7 |
| Amétis | 44 | 22 | +100.5 |
| Other France | 18 | 25 | -26.4 |
| Total Unit-linked France | 2,467 | 1,271 | +94.1 |
| Caixa Vida e Previdência (Brazil) | 2,394 | 1,508 | +58.8 |
| CNP UniCredit Vita (Italy) | 1,376 | 1,014 | +35.8 |
| CNP Partners (Spain) | 77 | 34 | +123.5 |
| CNP Luxembourg (Luxembourg) | 121 | 188 | -35.8 |
| CNP Cyprus Insurance Holdings (Cyprus) | 37 | 32 | +15.7 |
| Total Unit-linked International | 4,005 | 2,776 | +44.3 |
| Total Unit-linked | 6,472 | 4,046 | +59.9 |
Unit-linked sales as a proportion of Savings/Pensions premiums
by region
| (in € millions) | Savings/Pensions | o/w Unit-linked | o/w Traditional | % Unit-linked |
|---|---|---|---|---|
| France | 8,648 | 2,467 | 6,182 | 28.5 |
| Latin America | 2,407 | 2,394 | 13 | 99.5 |
| Europe excl. France | 2,110 | 1,611 | 499 | 76.3 |
| Total | 13,165 | 6,472 | 6,694 | 49.2 |
Premium income from partnership with La Banque Postale
| (in € millions) | H1 2021 | H1 2020 | % change |
|---|---|---|---|
| Savings | 3,684 | 2,433 | +51.4 |
| Pensions | 179 | 157 | +13.5 |
| Personal Risk Insurance | 7 | 11 | -31.1 |
| Term Creditor Insurance | 108 | 98 | +10.3 |
| Total | 3,978 | 2,700 | +47.4 |
Premium income from partnership with BPCE
| (in € millions) | H1 2021 | H1 2020 | % change |
|---|---|---|---|
| Savings | 2,564 | 1,530 | +67.5 |
| Pensions | 80 | 41 | +93.6 |
| Personal Risk Insurance | 45 | 54 | -16.4 |
| Term Creditor Insurance | 582 | 519 | +12.1 |
| Total | 3,270 | 2,145 | +52.5 |
Caixa Seguradora premium income by segment in BRL
| (in BRL millions) | H1 2021 | H1 2020 | % change |
|---|---|---|---|
| Savings | 59 | 101 | -41.6 |
| Pensions | 15,541 | 8,162 | +90.4 |
| Personal Risk Insurance | 1,151 | 1,093 | +5.3 |
| Term Creditor Insurance | 1,795 | 1,536 | +16.9 |
| Health Insurance | 30 | 41 | -25.5 |
| Property & Casualty | 795 | 771 | +3.2 |
| Total | 19,373 | 11,703 | +65.5 |
CNP UniCredit Vita premium income by segment
| (in € millions) | H1 2021 | H1 2020 | % change |
|---|---|---|---|
| Savings | 1,709 | 1,300 | +31.5 |
| Pensions | 5 | 5 | -12.4 |
| Personal Risk Insurance | 17 | 13 | +36.3 |
| Term Creditor Insurance | 32 | 22 | +41.6 |
| Total | 1,763 | 1,340 | +31.5 |
CNP Santander Insurance premium income by country
| (in € millions) | H1 2021 | H1 2020 | % change |
|---|---|---|---|
| Germany | 229.8 | 234.4 | -2.0 |
| Poland | 40.4 | 45.6 | -11.6 |
| Spain | 39.2 | 40.7 | -3.5 |
| Italy | 19.6 | 20.4 | -3.5 |
| Austria | 10.8 | 12.6 | -13.8 |
| Norway | 11.7 | 11.0 | +6.6 |
| Denmark | 9.9 | 10.8 | -8.5 |
| Sweden | 6.5 | 5.7 | +13.9 |
| Finland | 2.9 | 2.4 | +20.6 |
| Belgium | 1.5 | 1.4 | n.m. |
| Netherlands | 0.2 | 0.1 | n.m. |
| Total | 373 | 385 | -3.3 |
Investor Calendar
- Nine-month 2021 results indicators: Friday, 19 November 2021 at 7:30 a.m.
This press release, along with all of CNP Assurances' regulated information published in accordance with Article L.451-1-2 of the French Monetary and Financial Code and Articles 222-1 et seq. of the Autorité des Marchés Financiers' General Regulations, is available on the Group's investor information website at www.cnp.fr/en/investor-analyst.
About CNP Assurances
A benchmark player in the French personal insurance market, CNP Assurances is active in 19 countries in Europe, notably in Italy, and in Latin America, with a significant presence in Brazil, its second largest market.
Acting as an insurer, co-insurer and reinsurer, it has more than 36 million personal risk/protection insureds worldwide and more than 12 million savings/pensions policyholders. In line with its business model, the Group's solutions are distributed by multiple partners. The solutions are aligned with each partner's physical or digital distribution model, while also being tailored to local clients' lifelong protection and support needs in each country.
CNP Assurances has been listed on the Paris Stock Exchange since October 1998 and is a subsidiary of La Banque Postale. The Group reported net profit of €1,350 million in 2020.
| Florence de Montmarin | +33 (0)1 42 18 86 51 |
|---|---|
| Tamara Bernard | +33 (0)1 42 18 86 19 |
| Caroline Ceintrey | +33 (0)1 42 18 85 73 |
| [email protected] |
Press contacts Investors and analysts
| Khalil Tabbi | +33 (0)1 42 18 65 95 |
|---|---|
| Jean-Yves Icole | +33 (0)1 42 18 86 70 |
| Typhaine Lissot | +33 (0)1 42 18 83 66 |
| [email protected] |
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Disclaimer:
Some of the statements contained in this presentation may be forward-looking statements referring to projections, future events, trends or objectives that, by their very nature, involve inherent risks and uncertainties that may cause actual results to differ materially from those currently anticipated in such statements. These risks and uncertainties may concern factors such as changes in general economic conditions and financial market performance, legal or regulatory decisions or changes, changes in the frequency and amount of insured claims, changes in interest rates and foreign exchange rates, changes in the policies of central banks or governments, legal proceedings, the effects of acquisitions and divestments, and general factors affecting competition. Further information regarding factors which may cause results to differ materially from those projected in forward-looking statements is included in CNP Assurances' filings with the Autorité des Marchés Financiers – AMF. CNP Assurances does not undertake to update any forward-looking statements presented herein to take into account any new information, future event or other factors.
Certain prior-period information may be reclassified on a basis consistent with current year data. The sum of the amounts presented in this document may not correspond exactly to the total indicated in the tables and the text. Percentages and percentage changes are calculated based on unrounded figures and there may be certain minor differences between the amounts and percentages due to rounding. CNP Assurances' final solvency indicators are submitted post-publication to the insurance supervisor and may differ from the explicit and implicit estimates contained in this document.
This document may contain alternative performance measures (such as EBIT) that are considered useful by CNP Assurances but are not recognised in the IFRSs adopted for use in the European Union. These measures should be treated as additional information and not as substitutes for the balance sheet and income statement prepared in accordance with IFRS. They may not be comparable with those published by other companies, as their definition may vary from one company to another.