CNP posts €542m profot for the...
July 30, 2010
FRENCH life insurer CNP posted a net profit of €542m in the first half of 2010, up 8% year-on-year, with a 3.9% increase in operating earnings, to €523m. CNP’s turnover grew by 2.4% in the first half, to €17.7bn, driven mainly by its international operations, offsetting a slight decline in French operations. The group’s turnover recovered in the second quarter in its home market, growing by 3.8% after a 5.3% decline in the first quarter, translating in a 1.2% contraction in the first half, to €14.1bn, underperforming the French life market, which grew by 8% over the period. CNP’s top line showed much stronger performance outside of France, with a 19.3% increase in turnover, to €3.6bn, driven mainly by a 14% growth rate in its Brazilian business, further helped by a positive exchange rate fluctuation, and the contribution of the partnership with Barclays...