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CNP Assurances: Oddo confirms rating before results

( - The insurance group will announce its Q1 2019 results on Thursday.

Oddo expects a slight increase in premiums to 8,754 million euros (+1.7%), with an expected decline in France (-0.8% e). The broker is looking for a 7.3% increase in international premium growth, particularly driven by organic growth in Brazil.

The group's revenues are expected to rise by 2.5%, with insurance and proprietary revenue rising, This growth in revenue, combined with sound cost control should enable CNP Assurances to report a 3.7% increase in its gross operating income, with its bottom line up 5.4%, Oddo says.

The broker also says that the fall in interest rates that occurred over the first quarter should result in a decline in the group's solvency margin to 184% according to its forecasts (consensus at 186%) against 187% at the end of 2018.

Oddo reiterates its Neutral rating on the share. Analysts believe that it has a limited upside potential relative to its target price of 20 euros, while other shares ​​in the insurance sector offer higher upside potential.

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