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

Matthieu DRIOL

Short term view - CNP ASSURANCES : The movement goes on.

The trend is bearish. The movement goes on. The next target is at €19.18, then €18.58. Passing €21.16 would question the continuation of the fall.

Matthieu DRIOL

Analyse court terme - CNP ASSURANCES : Le mouvement se poursuit.

La tendance est baissière. Le mouvement se poursuit. Le prochain objectif est à 19,18 €, puis 18,58 €. Le franchissement de 21,16 € remettrait en cause la suite de la baisse.

Matthieu DRIOL
Matthieu DRIOL

Medium term view - CNP ASSURANCES : The background trend is clearly bullish.

The background trend is clearly bullish. Prices are still making progress. The following targets are at €21.16 and €22.79. The trend would be invalidated below the support at €17.60.

Matthieu DRIOL

Short term view - CNP ASSURANCES : Prices are still making progress.

The background trend is clearly bullish. Prices are still making progress. The following targets are at €21.16 and €22.30. The trend would be invalidated below the support at €18.58.

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 ...
  • Roland Pfaender

ODDO : Positive momentum should boost sector performance

We believe the insurance sector will continue to generate positive earnings momentum based on improving technical profits, gradual interest rate hikes and ongoing share buybacks. In light of these considerations the sector valuation seems undemanding and we expect a decrease in the cost of capital applied to the sector. Our Top Picks are AXA, Generali, Munich Re and Talanx. - >Favourable operating trends - Moderate price improvements coupled with expense management and...

Benoit Valleaux ...
  • Roland Pfaender

ODDO : La dynamique positive devrait soutenir la performance du secteur

Le secteur devrait continuer de bénéficier d’une croissance de ses résultats basée sur l’amélioration des résultats techniques, de la hausse graduelle des taux d’intérêt et des programmes de rachat d’actions. Compte tenu de ces éléments, la valorisation du secteur apparaît faible, et nous anticipons une baisse du coût du capital appliqué au secteur. Nos valeurs préférées sont AXA, Generali, Munich Re et Talanx. - >Tendances opérationnelles favorables - La poursuite des...

Benoit Valleaux

CNP Assurances : More likely increase of La Poste’s stake in the capital

>Government due to launch its reorganisation plan today - According to the press, French finance minister, Bruno Le Maire, is due to meet with management teams from CDC and La Poste, in order to launch his link-up project between La Poste and CNP Assurances. The structure reported in the press, is that same that has already been alluded to over recent weeks/months. CDC (which currently owns 26% of La Poste), will increase its stake to around 50-60% via the transfer to...

Benoit Valleaux

CNP Assurances : La montée de La Poste au capital semble se préciser

>Le gouvernement lancerait aujourd’hui son projet de réorganisation - Selon la presse, M. Le Maire, le ministre des Finances, devrait recevoir aujourd’hui les managements de la CDC et de La Poste, afin de lancer son projet de rapprochement entre La Poste et CNP Assurances. Le schéma évoqué par la presse est le même que celui qui avait déjà été mentionné il y a plusieurs semaines/mois. La CDC (qui détient actuellement 26% de La Poste) monterait au capital de La Poste à...

Henry Heathfield

Morningstar | CNP Assurances and French life insurers are geared to French government funding

CNP Assurances is a partnership business that distributes its life insurance products through third-party distribution agreements. These partners are in turn economically interested in the success of these relationships via large shareholdings in CNP Assurances. One of these partners is the French government, through Caisse des Depots, which owns around 40% of the business. We believe this makes CNP, and French life insurance in general, a largely government-incentivised entity.Life insurance savings and investment products carry good tax benefits in France, and the strong state pension system...

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

...

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 – COMMENTAIRES DETAILLES 31/07/2018

...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Christophe Chaput
  • Delphine Brault
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • François Maury
  • Georges Dieng
  • Jean-François Granjon
  • Johanna Jourdain
  • Laurence Hofmann
  • Léopold Authié
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Nicolas Kieffer
  • Nicolas David
  • Olfa Taamallah
  • Olivier Lebrun
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Corby
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Salma Bouraoui
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Thomas Zlowodzki
  • Vincent Maulay
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/27/2018

Which stocks should be picked over the summer? We have sought to answer this question by screening the Stoxx 600 using simple criteria: buy stocks with positive 1m, 3m and 6m EPS revision and that are not expensive (maximum premium of 20% on P/E and P/B) relative to their respective sectors. We have selected stocks on which our analysts have Buy recommendations and our chart analyst (Rémy Colombero) has a positive opinion: Ahold, Aegon, Alten, Arkema, Eiffage and Ipsen. Applying a sym...

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...

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

Short term view - CNP ASSURANCES : The movement goes on.

The trend is bearish. The movement goes on. The next target is at €19.18, then €18.58. Passing €21.16 would question the continuation of the fall.

Matthieu DRIOL

Analyse court terme - CNP ASSURANCES : Le mouvement se poursuit.

La tendance est baissière. Le mouvement se poursuit. Le prochain objectif est à 19,18 €, puis 18,58 €. Le franchissement de 21,16 € remettrait en cause la suite de la baisse.

Matthieu DRIOL
Matthieu DRIOL

Medium term view - CNP ASSURANCES : The background trend is clearly bullish.

The background trend is clearly bullish. Prices are still making progress. The following targets are at €21.16 and €22.79. The trend would be invalidated below the support at €17.60.

Matthieu DRIOL

Short term view - CNP ASSURANCES : Prices are still making progress.

The background trend is clearly bullish. Prices are still making progress. The following targets are at €21.16 and €22.30. The trend would be invalidated below the support at €18.58.

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