EMERGING MARKET GROWTH HELPS FRANCE'S CNP

Growth in emerging markets more than counterbalanced the economic doldrums in the eurozone for France-based life assurer CNP Assurances during the first half of 2013. First-half profit at the French assurer was up 7.9% year on year to €583m ($773m), despite a 3.8% year on year decline in premium income at home to €10.37bn. This was more than compensated for by a significant level of growth in Latin America. Brazil led the way, generating 32% year on year premium growth to €1.57bn. There was also a rebound in Italy after a poor H1 2012. Premiums were up 65% year on year to €14bn. Despite the decline in France, a shift towards higher-margin business saw the new business margin improve to 15.8%, from 11.6% in H1 2012. Operating earnings increased 4.6% year on year to €1.15bn. There was a 15.3% increase in the contribution from Latin American operations to €396m, while France generated 2% profit growth to €344m. However, the contribution to earnings from other European businesses dropped 41.4% year on year to €48m. This was attributed to “lower technical reserves and a slowdown in term creditor insurance business in southern Europe".