CNP Assurances: Q1 2020 net profit down 8.2%
(CercleFinance.com) - CNP Assurances has reported Q1 2020 attributable net profit of 299 million euros, down 8.
2% (-4.5% LFL), with EBITDA of 621 million euros, down 3% (+2.6% in organic terms).
Premium income fell by 17% to 6.9 billion euros (-14.4% at constant exchange rates), in particular with a decline in its savings and pensions business in France in the context of a falling market and a more selective underwriting policy.
Unit-linked premium income accounted for 48% of total premium income at the group level, with 1 billion euros in net new money in unit-linked savings/pensions, while savings/pensions saw a net outflow amounting to 1.7 billion euros.
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