Results as at 31 December 2011
Gross written premiums for 2011 totalled 23.3 billion euros, a decline of 8%(1) compared with 2010, a year that experienced strong business levels. The decline in business, despite good trends in international markets and the protection segment, reflected greater aversion to risks among policyholders, who preferred short-term investments during periods of uncertainty.
Positive net savings assets amounted to 2.4 billion euros.
Assets under management during 2011 totalled 151 billion euros, an increase of 2% year-on-year.
Net Banking Income (NBI)(2) was stable versus 2010 at 1.6 billion euros. This performance amidst a financial crisis demonstrates the resilience of BNP Paribas Cardif’s business model, based on diversification and future growth potential from international markets and protection insurance.
Pre-tax net profit was 476 million euros, a decline of 41%, reflecting a complex economic environment and impairment charges on Greek bonds representing a 75% haircut on book value, impacting subsidiaries AG Insurance in Belgium and BNL Vita in Italy in particular. Excluding these factors, the operating performance of BNP Paribas Cardif stable compared with 2010 as Gross operating income reached 716 million euros.
In January 2012, Standard & Poor’s confirmed the AA- rating for operating entities Cardif Assurance Vie and Cardif Assurances Risques Divers, one of the best ratings among European insurance companies. This rating further confirms the solid financial foundations of BNP Paribas Cardif.
Eric Lombard, Chairman and Chief Executive Officer of BNP Paribas Cardif, said: “Amidst a significant slowdown of the global economy in 2011 linked to the sovereign debt crisis, BNP Paribas Cardif delivered stable operating results. This performance reflects our sound business model anchored in diversification and balance, coupled with the general resilience of the insurance sector. BNP Paribas Cardif is a solid, efficiently structured enterprise that is currently Europe’s tenth-largest insurer. We continue to work towards becoming the global benchmark in insurance partnerships.”
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About BNP Paribas Cardif
BNP Paribas Cardif (www.bnpparibascardif.com) is the Life, Property & Casualty insurance subsidiary of BNP Paribas. It develops savings and protection products and services which are distributed via diverse channels. Present in 36 countries, and with a diversified geographic footprint, BNP Paribas Cardif has strong positions in Europe, Latin America and Asia.
BNP Paribas Cardif is one of the top 10 European insurers. Its life and non-life insurance units have received an AA- rating from Standard & Poor's.
In 2011, it had gross written premiums of 23.3 billion euros and 53% of its gross written premiums are generated outside France. It counts nearly 10,000 employees, 70% of which outside France.
In its commitment in Corporate Social Responsibility, BNP Paribas Cardif develops responsible products and services, supports diversity in the company, puts in place an internal environmental policy and commits itself into the economic and financial education.
Adeline Jacques – 01 41 42 65 61 – 06 62 63 73 87 - firstname.lastname@example.org
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