CNP Assurances: First-Half 2009 Premium Income and Results

    - First-Half Premium Income: EUR17.6 Billion
    - First-Half Net Profit: EUR502 Million
    - Embedded Value Per Share: EUR70.90

CNP Assurances, the leading personal insurer in France, with operations in the rest of Europe and in South America, has announced its premium income and results for the first six months of 2009.

                                   Highlights
    - Premium income rose by 24.8% to EUR17.6 billion, with gains
      of 18.0% in France and 73.0% in the rest of the world.
    - Net profit declined by 12.5% to EUR502 million
    - Market consistent embedded value* (MCEV) was stable at
      EUR70.9 per share at 30 June 2009.
    - The solvency capital requirement under Solvency I* was
      covered 1.14 times by equity alone and 1.37 times including unrealised
      gains

    * MCEV and solvency have not been reviewed by auditors.

Gilles Benoist, Chief Executive Officer, said:

"In an environment shaped by margin compression, attributable especially to lower unit-linked sales, as well as to lower asset yields, CNP Assurances reported strong growth in business in the first half, both in France and abroad. The Group increased market share in its core operating regions, thanks to the vitality of its partner networks and the loyalty of its customers."

1. Business Review for the first six months of 2009(1)

In the first half of 2009, premium income rose 24.8% to EUR17.6 billion under IFRS or by 20.2% to EUR17.7 billion under French GAAP. This solid growth was driven by gains in the savings and pensions segments, which rose by 30% and 31% respectively. It also reflected significant contributions from operations in Italy (up 136%), France (up 18%) and Spain (up 66%).

                                      IFRS               French GAAP
      Premium income         First-half    % change   First-half    % change
      (in EUR millions)            2009                     2009

    Savings                    13,550.6      + 29.7     13,707.0      + 23.1
    Pensions                    1,537.9      + 30.7      1,547.8      + 31.5
    Personal risk(1)              744.9       - 9.0        744.9       - 9.0
    Loan insurance              1,294.4       + 1.6      1,294.4       + 1.6
    Health insurance              233.8      + 37.5        233.8      + 37.5
    Property & Casualty           196.0       + 9.3        196.0       + 9.3
           TOTAL               17,557.5      + 24.8     17,723.8      + 20.2

(1) The 9% decline was due to the termination of a death and disability contract with a mutual insurer.

Unit-linked sales fell by 57% under the weight of the financial crisis and the shift by clients into low-risk products. The decline was particularly sharp in France, down 76%, and Italy, down 82% for CNP Vita.

However, technical reserves continued to increase significantly, rising by 3.7% on average and 4.8% at period-end, with net new money structurally positive at EUR6.2 billion at 30 June 2009, versus EUR3.5 billion a year earlier.

    - France

With growth of 18% under IFRS and 18.1% under French GAAP, CNP Assurances strongly outperformed the French savings and pensions market, which grew by 6% over the period according to the industry federation (FFSA). Income from La Banque Postale and the Savings Banks increased by 21% and 16% respectively, confirming the positive trends seen in the first quarter.

Unit-linked sales plummeted 76% and represented 2.6% of total savings and pensions business generated by the three main distribution networks in France in first-half 2009.

Payouts rose a slight 6.6%, due to an increase in deaths early in the year. However, this did not affect the ratio between exits and technical reserves, which remained virtually unchanged. Net new money remained strongly positive at EUR5.6 billion, an increase of around 60%, and represented a total market share of more than 20%.

- International Operations

New money from operations outside France surged 73% under IFRS to EUR3.0 billion (30% under French GAAP(2)), led by operations in Italy, Brazil and Spain.

The Italian life insurance market grew by 19% between May 2008 and May 2009, driven mainly by bancassurers. Against this backdrop, CNP Vita increased its new money by 42% (French GAAP), mainly thanks to the non-unit-linked Unigarantito product in the savings segment.

In Brazil, Caixa Seguros reported growth of nearly 6% in euros and 21% in local currency (French GAAP), with new money driven by the pensions (up 25%), personal risk (up 33%) and loan insurance segments (up 30%). Property & Casualty premiums increased only slightly.

In Spain, CNP Vida reported revenue up 81%. In the savings segment, new money rose 66% in non-unit-linked products and 103% in unit-linked products.

                            IFRS                        French GAAP
    Premium     First-half     % change    First-half 2009      % change
    income         2009

    (in EUR
    millions)
    France       14,540.6        + 18.0        14,559.7             + 18.1
    Italy (1)     1,801.4       + 136.5         1,825.9             + 40.8
    Brazil (2)      827.7         + 8.2           950.4              + 5.6
    Spain (3)       157.7        + 65.6           157.7             + 65.6
    Portugal (4)    120.0        + 15.7           120.0              + 4.5
    Cyprus/Greece    90.1             -            90.1                  -
    Other (5)        20.0             -            20.0                  -
    TOTAL        17,557.5        + 24.8        17,723.8             + 20.2

    (1) Italian branches and Cofidis business in Italy since 2004 and CNP
        Vita.
    (2) Based on 30 June 2009 exchange rates.
    (3) Spanish branches, Cofidis Spain and CNP Vida.
    (4) Global, Global Vida and, since 2004, Cofidis Portugal.
    (5) Argentina, Ireland, Cofidis Belgium, Czech Republic, Ireland, Greece
        and Hungary.


    2. 2009 Interim Results

The financial statements for the six months ended 30 June 2008 included a non-recurring reversal of EUR222 million in surplus mathematical reserves for temporary disability risks. The following review indicates the year-on-year change before and after this adjustment.

Net insurance revenue amounted to EUR1,280 million, down 22.0% as reported and 9.8% excluding the reversal from mathematical reserves. The decrease reflected the decline in net insurance revenue from proprietary portfolios caused by the lower return on equities and the reduction in money market rates.

Administrative expenses increased overall by 6.6%, due to the consolidation of Marfin Insurance Holding, but edged up just 2.2% in France and decreased in Italy.

EBIT amounted to EUR877 million, down 30.6% as reported and 15.8% excluding the reversal from mathematical reserves. Operations outside France contributed EUR211 million, representing 24% of the total versus 18% in first-half 2008.

Attributable recurring profit before capital gains declined by 35.9% to EUR503 million, reflecting both the 3-point rise in the tax rate and the unfavourable comparison with first-half 2008 including the non-recurring reversal.

The items at the bottom of the income statement, such as net realised gains/losses on equities and investment property and fair value adjustments to trading securities, had virtually no impact on net profit attributable to equity holders of the parent, which contracted by 12.5% to EUR502 million. Adjusted for the non-recurring items in first-half 2008, attributable profit for the six months ended 30 June 2009 was up 17.1%.

                               Income Statement

                                                                   Change
                                                                (excluding
                                                               reversal of
                                                              mathematical
                                                              reserves for
                                  2009       2008                temporary
                               First-half First-half % change   disability
                                  EURm       EURm                    risks)

    Premium income                 17,558     14,063  + 24.8%            -
    Net insurance revenue           1,280      1,642  - 22.0%         -9.8%
       - Expenses                    (403)      (378)      -             -
    Gross operating profit (EBIT)     877      1,264  - 30.6%        -15.8%
       - Finance costs and share      (31)       (38)      -             -
         of profit of associates
       - Income tax expense          (281)      (366)      -             -
       - Minority interests           (61)       (74)      -             -
    Attributable recurring
    profit before capital
    gains                             503        785  - 35.9%        -21.3%
    Net realised gains                (77)       (29)      -             -
    (losses) on equities and
    investment property
    Fair value adjustments to
    trading securities                 76       (182)      -
    Attributable profit               502        574  - 12.5%        +17.1%


    3. Embedded Value

At 30 June 2009, market consistent embedded value (MCEV) was EUR70.9 per share. In-force business amounted to EUR15.7 per share, down a slight 1.8% due mainly to the deterioration of the economic environment. In Italy, however, the value of in-force business grew 11% over the period.

                               At 30 June 2009    At 31 Dec. 2008    % change
                               In EUR per share   In EUR per share

    Market consistent embedded
    value (MCEV)                   EUR70.9                EUR70.3     + 0.9%
                                                 (before dividends)
    Adjusted net asset value
    (ANAV)                         EUR55.3                EUR54.3     + 1.7%
                                                 (before dividends)
    Value-in-force (VIF)           EUR15.7                EUR15.9     - 1.8%

The value of new business came to EUR156 million or EUR1 per share at 30 June 2009. The Group's APE margin amounted to 9.3% versus 12.4% at 31 December 2008. The decline mainly came from France, where the fall-off in unit-linked sales dragged the margin down sharply to 7% in first-half 2009 from 10.9% as at 31-12-2008.

4. Solvency capital

CNP Assurances has maintained its solid financial position, with the solvency capital requirement under Solvency I covered 1.14 times by equity and quasi-equity at 30 June 2009. No intangible assets were taken into account to calculate solvency capital, which remained stable compared with 31 December 2008, when it was covered 1.15 times by equity and quasi-equity.

After taking into account unrealised capital gains(3), the solvency capital requirement was covered 1.37 times.

    APPENDICES

                            PREMIUM INCOME BY PARTNERSHIP CENTRE

                                           IFRS

                               First-half         First-half              %
                                     2009              2008
                                     EURm              EURm          change

    La Banque Postale             5,948.0           4,900.4          + 21.4
    Savings Banks                 5,848.5           5,037.9          + 16.1
    CNP Tresor                      352.2             364.9           - 3.5
    Financial institutions
    France (1)                      737.4             711.8           + 3.6
    Mutual insurers                 374.4             439.9          - 14.9
    Companies and local
    authorities                   1,173.1             816.7          + 43.6
    Other                           106.9              47.8         + 123.7
    TOTAL France                 14,540.6          12,319.3          + 18.0
    Global (Portugal)                97.9              82.3          + 19.0
    CNP Seguros de Vida
    (Argentina) (2)                   3.5               2.8          + 27.2
    CNP Vida (Spain)                138.2              76.5          + 80.6
    Caixa Seguros (Brazil) (2)      827.7             765.2           + 8.2
    CNP Vita (Italy)              1,788.5             739.7         + 141.8
    Marfin Insurance Holdings
    (Cyprus/Greece)                  90.1                 -               -
    Financial institutions           60.5              56.5           + 7.0
    outside France Branches          10.0              21.0          - 52.5
    Other (outside France)            0.5                 -               -
    TOTAL International           3,016.9           1,744.1          + 73.0
              TOTAL              17,557.5          14,063.5          + 24.8

    (Table Continued...)

                                                French GAAP
                               First-half        First-half               %
                                     2009              2008
                                     EURm              EURm          change

    La Banque Postale             5,949.7           4,904.1          + 21.3
    Savings Banks                 5,849.6           5,039.3          + 16.1
    CNP Tresor                      358.7             365.2           - 1.8
    Financial institutions
    France (1)                      737.4             711.8           + 3.6
    Mutual insurers                 374.4             439.9          - 14.9
    Companies and local
    authorities                   1,183.1             817.0          + 44.8
    Other                           106.9              47.8         + 123.7
    TOTAL France                 14,559.7          12,325.1          + 18.1
    Global (Portugal)                97.9              93.3           + 4.9
    CNP Seguros de Vida
    (Argentina) (2)                   3.5               2.8          + 27.2
    CNP Vida (Spain)                138.2              76.5          + 80.6
    Caixa Seguros (Brazil) (2)      950.4             900.4           + 5.6
    CNP Vita (Italy)              1,813.0           1,274.6          + 42.2
    Marfin Insurance Holdings
    (Cyprus/Greece)                  90.1                 -               -
    Financial institutions
    outside France                   60.5              56.5           + 7.0
    Branches                         10.0              21.0          - 52.5
    Other (outside France)            0.5                 -               -
    TOTAL International           3,164.1           2,425.3          + 30.5
              TOTAL              17,723.8          14,750.3          + 20.2

    (1) Excluding Cofidis outside France.
    (2) Average exchange rates
                                                Argentina: EUR 1 = ARS 5.135
                                                Brazil:    EUR 1 = BRL 3.046

La Banque Postale

La Banque Postale generated premium income of EUR5.9 billion in first-half 2009, representing a more than 21% increase, led by 23% growth in the savings segment and strong sales of the Cachemire contract. In line with the market, unit-linked sales fell sharply in the first half, to 2.4% of total savings and pensions business, but began to recover slightly during the second quarter.

Savings Banks

The Savings Bank network generated revenue of EUR5.8 billion in first-half 2009, up 16% thanks to the successful launch of the Livret Assurance Vie savings product and the impact of several advertising campaigns.

Weighed down by the financial crisis and customers' aversion to risk, unit-linked sales fell to 2.6% of total savings and pensions revenue.

The private banking business held up well, with sales of Nuances Privilege up 31%.

CNP Tresor

CNP Tresor reported premium income of EUR352 million, down a slight 3.5%. Business was held back by strong competition from the banking sector and the postponement of property sales.

Companies & Local Authorities

CNP was awarded the IRS Shell contract in the first half, when revenue of the Companies & Local Authorities partnership centre rose by a strong 44% to EUR1,173 million.

    FIRST-QUARTER PREMIUM INCOME BY BUSINESS SEGMENT

                                           IFRS
      Premium income   First-half First-half % change  First-half   % change
          (EURm)             2009       2008              2009 at         at
                                                         constant   constant
                                                         exchange   exchange
                                                            rates      rates
                                                       (pro forma)(pro forma)
                                                               (1)

    Savings              13,550.6   10,445.1   + 29.7    13,518.2     + 29.4
    Pensions              1,537.9    1,176.4   + 30.7     1,614.3     + 37.2
    Personal risk           744.9      818.2    - 9.0       747.1      - 8.7
    Loan insurance        1,294.4    1,274.4    + 1.6     1,303.3      + 2.3
    Health insurance        233.8      170.1   + 37.5       225.1     + 32.4
    Property &              196.0      179.3    + 9.3       178.7      - 0.3
    Casualty
          TOTAL          17,557.5   14,063.5   + 24.8    17,586.8     + 25.1


                                       French GAAP
      Premium income   First-half First-half % change First-half    % change
          (EURm)             2009       2008             2009 at          at
                                                        constant    constant
                                                        exchange    exchange
                                                           rates       rates
                                                      (pro forma) (pro forma)
                                                              (1)

    Savings              13,707.0   11 131.6   + 23.1   13,692.6      + 23.0
    Pensions              1,547.8    1 176.8   + 31.5    1,624.3      + 38.0
    Personal risk           744.9      818.2    - 9.0      747.1       - 8.7
    Loan insurance        1,294.4    1 274.4    + 1.6    1,303.3       + 2.3
    Health insurance        233.8      170.1   + 37.5      202.5      + 19.1
    Property &              196.0      179.3    + 9.3      201.3      + 12.3
    Casualty
          TOTAL         17,723.8   14 750.3   + 20.2    17,771.1      + 20.5


    Premium income in Cyprus has only been included since first-half 2009.
    (1) Based on 30 June 2008 exchange rates.
    Average exchange rates for Brazil:

                          At 30 June 2009               EUR1 =    BRL 3.04641
                          At 30 June 2008               EUR1 =    BRL 2.66095



                                             UNIT-LINKED SALES
                                                   IFRS
                             First-half      First-half            %
                                   2009            2008
                                   EURm            EURm       change
    La Banque Postale             142.1           458.7       - 69.0
    Savings Banks                 148.2           806.2       - 81.6
    CNP Tresor                     10.3            32.7       - 68.5
    Other                           6.4            11.3       - 43.8
    TOTAL individual
    unit-linked France            306.9         1,308.9       - 76.6
    Group unit-linked France       11.1            10.4        + 7.3
    TOTAL France                  318.1         1,319.2       - 75.9
    CNP Vita                      123.9           684.1       - 81.9
    Caixa Seguros                 524.4           479.7        + 9.3
    CNP Vida                       73.0            36.0      + 103.0
    Global Vida                     0.0             0.0            -
    Marfin Insurance Holdings
    (Cyprus/Greece)                33.6               -            -
    Other (outside France)          0.5               -            -
    TOTAL International           755.4         1,199.7       - 37.0
         TOTAL unit-linked      1,073.5         2,519.0       - 57.4

    (Table Continued...)

                                         UNIT-LINKED SALES
                                            French GAAP

                             First-half      First-half            %
                                   2009            2008
                                   EURm            EURm       change
    La Banque Postale             143.8           462.3       - 68.9
    Savings Banks                 149.2           807.6       - 81.5
    CNP Tresor                     16.7            33.0       - 49.3
    Other                           6.4            11.3       - 43.8
    TOTAL individual
    unit-linked France            316.1         1,314.3       - 75.9
    Group unit-linked France       21.1            10.7       + 96.8
    TOTAL France                  337.2         1,325.0       - 74.6
    CNP Vita                      152.7         1,218.9       - 87.5
    Caixa Seguros                 524.4           479.7        + 9.3
    CNP Vida                       73.0            36.0      + 103.0
    Global Vida                     -              11.1      - 100.0
    Marfin Insurance Holdings
    (Cyprus/Greece)                33.6               -            -
    Other (outside France)          0.5               -            -
    TOTAL International           784.2         1,745.7       - 55.1
         TOTAL unit-linked      1,121.4         3,070.6       - 63.5


                           FIRST-HALF PREMIUM INCOME BY INSURANCE CATEGORY

                              IFRS                       French GAAP
                  First-half First-half       %  First-half First-half     %
                        2009       2008                2009       2008
                        EURm       EURm  change        EURm       EURm change
    Individual
    insurance       14,622.1   11,497.9  + 27.2    14,778.4   12,184.4 + 21.3
    Group insurance  2,935.5    2,565.6  + 14.4     2,945.4    2,565.9 + 14.8
         TOTAL      17,557.5   14,063.5  + 24.8    17,723.8   14,750.3 + 20.2


        FIRST-HALF PREMIUM INCOME BY COUNTRY AND BY BUSINESS SEGMENT

                                     IFRS
                             Savings          Pensions        Personal Risk
          EURm        First-half   %     First-half   %   First-half     %
                            2009  chg.         2009  chg.       2009    chg.
    France              11,586.2  19.9        994.9  47.6      608.1   -14.7
    Italy (1)            1,747.9 154.8         10.1 -17.8        4.5    21.9
    Portugal (2)            26.1 192.3          0.0    NS        1.4     1.2
    Spain (4)              133.1  85.1          3.3 -22.6        0.0   -80.6
    Cyprus/Greece           34.8    NS          0.0    NS       14.4      NS
    Other Europe (3)         0.5    NS          0.0    NS        0.0      NS
    Brazil                  20.7  61.1        529.5   9.0      114.4    15.9
    Argentina                1.3   3.1          0.0    NS        2.0    33.3
       Sub-total         1,964.4 151.5        543.0   8.1      136.7    29.8
    International
         TOTAL          13,550.6  29.7      1,537.9  30.7      744.9    -9.0

    (Table Continued...)
    IFRS

                       Loan          Health      Property &          Total
                    Insurance      Insurance      Casualty
          EURm   First-half  %  First-half  %  First-half  %  First-half   %
                      2009  chg.     2009  chg.    2009  chg.      2009  chg.
    France         1,127.6   2.6    223.8  32.6     0.0    NS  14,540.6  18.0
    Italy (1)         38.9 -34.9      0.0    NS     0.0    NS   1,801.4 136.5
    Portugal (2)      22.1   3.1      1.4   6.7    69.0  -2.3     120.0  15.7
    Spain (4)         21.2  12.4      0.0    NS     0.0    NS     157.7  65.6
    Cyprus/Greece      1.0    NS      8.6    NS    31.3    NS      90.1    NS
    Other Europe (3)  16.0   4.0      0.0    NS     0.0    NS      16.5   4.0
    Brazil            67.3  13.4      0.0    NS    95.7 -11.9     827.7   8.2
    Argentina          0.3 540.4      0.0    NS     0.0    NS       3.5  27.2
       Sub-total     166.8  -4.6     10.0 675.6   196.0   9.3   3,016.9  73.0

    International
       TOTAL       1,294.4   1.6    233.8  37.5   196.0   9.3  17,557.5  24.8


                           CNP Vita Premium Incomes

         EURm                      IFRS             French GAAP
    MARKET SEGMENT        First-half % change First-half % change
                                2009                2009
    Savings                  1,747.9  + 154.8    1,772.4   + 45.2
    Pensions                    10.1   - 17.8       10.1   - 17.8
    Personal Risk                4.2   + 31.0        4.2   + 31.0
    Loan Insurance              26.3   - 31.1       26.3   - 31.1
        TOTAL                1,788.5  + 141.8    1,813.0   + 42.2



                          Caixa Seguros Premium Income

           BRLm                    IFRS             French GAAP
      MARKET SEGMENT    First-half % change First-half  % change
                              2009                2009
    Savings                   62.5  + 83.0        437.1   + 10.9
    Pensions               1,612.7  + 24.9      1,612.7   + 24.9
    Personal Risk            348.7  + 32.6        348.7   + 32.6
    Loan Insurance           205.5  + 30.0        205.5   + 30.0
    Property & Casualty      292.1   + 1.0        292.1    + 1.0
           TOTAL           2,521.4  + 23.8      2,896.0   + 20.9


    Investor Calendar

    Third-quarter 2009 premium report               Friday, 6 November 2009

This press release is available in French and in English on the website of CNP Assurances, http://www.cnp.finances.fr, as well as the consolidated accounts and the management report.

Disclaimer Some of the statements contained in this press release may be forward-looking statements referring to projections, future events, trends or objectives which, by their very nature, involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated in such statements by reason of factors such as changes in general economic conditions and conditions in the financial markets, legal or regulatory decisions or changes, changes in the frequency and amount of insured claims, particularly as a result of changes in mortality and morbidity rates, changes in surrender rates, interest rates, foreign exchange rates, the competitive environment, the policies of foreign central banks or governments, legal proceedings, the effects of acquisitions and the integration of newly-acquired businesses, 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 Autorite des Marches Financiers. 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.

---------------------------------

(1) Unless otherwise indicated, all of the figures and growth rates are under IFRS.

(2) The difference in growth rates was mainly due to the operations in Italy, where the application of IAS39 and the successful market launch of the new Unigarantito product (which is not covered by IAS39) have led to major differences in growth rates under IFRS and French GAAP.

(3) The introduction of unrealised capital gains has resulted from an analysis of solvency company by company rather than on a consolidated basis as previously.

SOURCE CNP Assurances