CNP Assurances

CNP Assurances is an insurance company. Co. designs, develops, distributes and manages savings, pension & personal risk, and term creditor products. Co. offers savings products and insurance against the risks of everyday life to its customers. Co.'s operations are organized along three business segments. The Savings business concerns products enabling policyholders to build up capital which they can cash in. The Pensions business concerns products designed to enable policyholders to receive an annuity or lump sum on retirement. The Personal Risk business includes products enabling policyholders to insure against the risks of death, accident or illness, property damage or liability claims.
  • TickerCNP
  • ISINFR0000120222
  • ExchangeEuronext Paris
  • SectorLife Insurance
  • CountryFrance

Analysts

Alex Koagne ...
  • Alfred Glaser
  • Benoit Valleaux
  • Bruno Cavalier
  • Delphine Brault
  • François Maury
  • Georges Dieng
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/19/2018

...

Alex Koagne ...
  • Alfred Glaser
  • Benoit Valleaux
  • Bruno Cavalier
  • Delphine Brault
  • François Maury
  • Georges Dieng
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 19/11/2018

...

Benoit Valleaux

CNP Assurances : Results just short of expectations

>New agreement in Brazil undermines new business margin - CNP Assurances posted premium income of € 24.6bn, up 3.1% in reported terms and 6.6% l-f-l, close to forecasts. Note particularly a slight dip in premiums in France of 3.4% in reported terms and 1.3% l-f-l to € 16.6bn. The share of sales from unit-linked contracts increased to 23.1% (vs 20.4%). The new business margin improved in France to 23.2% (vs 21.5% for FY 2017). In international markets, premiums saw gr...

Benoit Valleaux

CNP Assurances : Un résultat légèrement inférieur aux attentes

>Le nouvel accord au Brésil impacte la marge sur affaires nouvelles - CNP Assurances a enregistré des primes de 24,6 Md€, en hausse de 3,1% en publié et de 6,6% à données comparables, proches des attentes. On note en particulier, une légère baisse des primes en France de 3,4% en publié et de 1,3% à données comparables à 16,6 Md€. La part des ventes de contrats en unités de compte a augmenté à 23,1% (vs 20,4%). La marge sur affaires nouvelles est en hausse en France à ...

Henry Heathfield

Morningstar | Lacklustre Nine Months From CNP

CNP Assurances reported net profit of EUR 955 million for the first nine months of 2018, for 3% growth. The press release was pretty scant of information, and we aren't particularly enamoured of what has been provided. We are therefore maintaining our EUR 23 fair value estimate and no-moat and stable moat trend ratings. Premium growth was strong at 6.5% on a like-for-like basis, mainly driven by sales of unit-linked contracts. Geographically, the two key markets for the business are France and Brazil. In France, unit-linked contracts represented nearly one fourth of the savings and pensions b...

Carine Maciol

CNP assurance : We reiterate our Buy recommendation on a selection of bonds

Monday 27 March 2017 - - - - CNP Assurances outperformed expectations in 2016, prompting it to raise its 2018 EBIT target, with the group now aiming to deliver average annual organic EBIT growth of at least 5% over the 2017-18 period compared with the 2016 baseline (vs. its forecast in 2015 for average annual organic EBIT growth of at least 5% over three years). - Many of the indicators monitored by S&P to warrant a possible upgrade have been further improved, such as: 1/ a product mix comprising more unit-linked contracts, with sales of unit-linked contracts representing 26.7% of savings...

Carine Maciol

CNP : Recommandation maintenue à l’Achat sur une sélection de souches

CNP Assurances a surperformé les attentes en 2016, ce qui l’a conduit à revoir à la hausse son objectif de RBE à horizon 2018 en affichant un objectif de croissance organique annuelle moyenne d’au moins 5% sur la période 2017-2018, à partir du niveau atteint en 2016 (vs. une estimation en 2015, d’un taux de croissance organique annuel moyen du RBE d’au moins 5% sur 3 ans). - Beaucoup d’indicateurs surveillés par S&P pour justifier un possible upgrade sont en cours d’amélioration à savoir (i) un mix-produits contenant plus d’UC, avec une part d’UC de 26.7% du CA épargne/retraite, (ii) un RN su...

Benoit Valleaux

CNP Assurances : Results just short of expectations

>New agreement in Brazil undermines new business margin - CNP Assurances posted premium income of € 24.6bn, up 3.1% in reported terms and 6.6% l-f-l, close to forecasts. Note particularly a slight dip in premiums in France of 3.4% in reported terms and 1.3% l-f-l to € 16.6bn. The share of sales from unit-linked contracts increased to 23.1% (vs 20.4%). The new business margin improved in France to 23.2% (vs 21.5% for FY 2017). In international markets, premiums saw gr...

Benoit Valleaux

CNP Assurances : Un résultat légèrement inférieur aux attentes

>Le nouvel accord au Brésil impacte la marge sur affaires nouvelles - CNP Assurances a enregistré des primes de 24,6 Md€, en hausse de 3,1% en publié et de 6,6% à données comparables, proches des attentes. On note en particulier, une légère baisse des primes en France de 3,4% en publié et de 1,3% à données comparables à 16,6 Md€. La part des ventes de contrats en unités de compte a augmenté à 23,1% (vs 20,4%). La marge sur affaires nouvelles est en hausse en France à ...

Henry Heathfield

Morningstar | Lacklustre Nine Months From CNP

CNP Assurances reported net profit of EUR 955 million for the first nine months of 2018, for 3% growth. The press release was pretty scant of information, and we aren't particularly enamoured of what has been provided. We are therefore maintaining our EUR 23 fair value estimate and no-moat and stable moat trend ratings. Premium growth was strong at 6.5% on a like-for-like basis, mainly driven by sales of unit-linked contracts. Geographically, the two key markets for the business are France and Brazil. In France, unit-linked contracts represented nearly one fourth of the savings and pensions b...

Henry Heathfield

Lacklustre Nine Months From CNP

CNP Assurances reported net profit of EUR 955 million for the first nine months of 2018, for 3% growth. The press release was pretty scant of information, and we aren't particularly enamoured of what has been provided. We are therefore maintaining our EUR 23 fair value estimate and no-moat and stable moat trend ratings. Premium growth was strong at 6.5% on a like-for-like basis, mainly driven by sales of unit-linked contracts. Geographically, the two key markets for the business are France and B...

Olivier Pauchaut

CNP ASSURANCES: Solid Q3 numbers, yet we remain cautious on the stock | SELL | EUR19

CNP ASSURANCES - SELL | EUR19(-6%) Solid Q3 numbers, yet we remain cautious on the stock Solid operating trends New financial terms in Brazil weighting on the NBV margin… … and the solvency margin (but it remains at a satisfactory level) Still cautious on the stock

Alex Koagne ...
  • Alfred Glaser
  • Benoit Valleaux
  • Bruno Cavalier
  • Delphine Brault
  • François Maury
  • Georges Dieng
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/19/2018

...

Alex Koagne ...
  • Alfred Glaser
  • Benoit Valleaux
  • Bruno Cavalier
  • Delphine Brault
  • François Maury
  • Georges Dieng
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 19/11/2018

...

Alexandre Iatrides ...
  • Benoit Valleaux
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jerôme Bodin
  • Manuel Martin
  • Olivier Lebrun
  • Sven Edelfelt
  • Thomas Effler
  • Vincent Maulay
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/30/2018

A number of recent indicators in France have disappointed and the upturn in Legrand’s activity there (16% of sales) has not been as robust as hoped, prompting concerns about underlying difficulties. But we think Legrand’s business in France is in line with market trends and, importantly, the group has found alternative sources of growth. We reiterate our Buy recommendation. Cf. report published today. - - ...

Alexandre Iatrides ...
  • Benoit Valleaux
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jerôme Bodin
  • Manuel Martin
  • Olivier Lebrun
  • Sven Edelfelt
  • Thomas Effler
  • Vincent Maulay
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 30/08/2018

...

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Jean Sassus
  • Jerôme Bodin
  • Olfa Taamallah
  • Olivier Lebrun
  • Oussema Denguir
  • Pierre Corby
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/31/2018

...

CNP ASSURANCES sees a downgrade to Neutral on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of CNP ASSURANCES (FR), active in the Life Insurance industry. As regards its fundamental valuation, the title now shows 1 out of 4 stars while market behaviour can be considered moderately risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Neutral. As of the analysis date September 14, 2018, the closing price was EUR 19.33 and its target price was estimated at EUR 18.26.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Carine Maciol

CNP Assurances : First issuance of subordinated RT1

Publication date 19/06/2018 16:58 - Writing date 19/06/2018 16:57 - - - - - - - /Interim results on 30 July - - - - - - - - - - - - - - - - - - - CNP Assurances is due to issue shortly its first perpetual Restricted Tier 1 (RT1) note callable in 2028 and of benchmark size, rated 'Baa3/BBB-'. - We discuss in this report the key points for understanding and monitoring this new bond issue, including the distances to each trigger of non-payment of coupons and/or writedown of the princip...

Carine Maciol

CNP Assurances : Première émission de subordonnée RT1

CNP Assurances devrait émettre très prochainement sa première RT1 – Restricted Tier 1 – perpétuelle callable 2028 de taille benchmark, notée Baa3/BBB-. - Nous développons dans ce document les éléments clés de compréhension et monitoring de cette nouvelle émission, avec les distances aux différents triggers enclenchant les non-paiements de coupon et/ou dépréciation du nominal et les moyens mobilisables par CNP Assurances pour remédier à toute faiblesse. - Enfin, nous avons appréci...

MarketLine Department

Assicurazioni Generali SpA - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Assicurazioni Generali SpA - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments Summary Marketline's Assicurazioni Generali SpA Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Assicurazioni Generali SpA since January2007. Synopsis Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensi...

MarketLine Department

AXA SA - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

AXA SA - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments Summary Marketline's AXA SA Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by AXA SA since January2007. Synopsis Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity un...

Jehanne Leroy

Proxy Report - 27/04/2018

Items 13-19: We regret that CNP Assurances did not take advantage of the mandate renewal of several of its directors in order to increase the independence rate on its Board Items 20-21: We welcome the fact that the Company decided to exclude the authorisation to repurchase shares and to issue shares with pre-emptive rights during a public takeover period and hence recommend that shareholders vote for said resolutions. Item 22: CNP requests the authorisation to issue contingent convertible securities (CoCos). Given that the potential dilution of 10% does not exceed the maximum in our guideline...

Jehanne Leroy

Proxy Report - 27/04/2018

Proxinvest regrette que lors des nombreux renouvellements proposés cette année, la société n'ait pas décidé d'en profiter pour obtenir une majorité d'indépendance dans son conseil (Résolutions 13 à 19). Cependant Proxinvest salue le fait que la société décide à partir de cette assemblée général l'exclusion des délégations financières lors d'offres publiques. Cette amélioration permet à Proxinvest de recommander leur approbation (résolutions 20 à 22).

Jehanne Leroy

Etude de l'AG du 13/04/2017

Note : Proxinvest ne fournit aucun conseil à la société hors l'assistance pour la gestion de la politique de vote des actions détenues La documentation relative à l'assemblée générale n'a été rendue disponible sur le site de la société que vendredi 24 mars 2017, soit 20 jours avant l'assemblée, ce qui ne respecte pas le délai légal de 21 jours. De plus, à la date de publication de la présente étude, lundi 27 mars 2017, la rapport spécial des commissaires aux comptes sur les conventions n'est toujours pas publié. Nous recommandons donc l'opposition aux résolutions 1, 4, 5 et 6.La société a gran...

Matthieu DRIOL

Analyse court terme - CNP ASSURANCES : La tendance est baissière.

La tendance est baissière. La reprise est une consolidation. La baisse risque de reprendre jusqu'à 19,18 €. La tendance de fond serait remise en cause en cas de franchissement de 21,16 €.

Matthieu DRIOL

Short term view - CNP ASSURANCES : The trend is bearish.

The trend is bearish. The recovery is a consolidation. The fall might resume toward €19.18. The background trend would be questioned should prices rise above €21.16.

Matthieu DRIOL

Analyse court terme - CNP ASSURANCES : Les prix baissent.

La tendance est baissière. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 19,18 €. La tendance baissière serait remise en cause au-dessus de 21,16 €.

Matthieu DRIOL

Short term view - CNP ASSURANCES : Falling prices.

The trend is bearish. Prices are falling again, but the movement has become hesitant. The next support is at €19.18. The bearish trend would be challenged above €21.16.

Matthieu DRIOL

Analyse moyen terme - CNP ASSURANCES : La tendance est haussière.

La tendance est haussière. La baisse récente gagne en vigueur. Le prochain support est à 17,60 €. La tendance serait remise en cause par la rupture de 17,60 €.

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