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

[1] To be submitted for the approval of the Annual Shareholders¡¯ Meeting of 25 May 2010.

(Paris ¨C 24 February 2010) - CNP Assurances, the leading personal insurer in France, with operations in the rest of Europe and in South America, has announced its 2009 premium income and results.

Gilles Benoist, Chief Executive Officer, said:

¡°Thanks to all of our partners, we have expanded our business in every operating region. In a persistently difficult environment, we have created value and maintained clear earnings visibility. CNP Assurances intends to pursue its value creation strategy in coming years.¡±

1 -2009BUSINESS REVIEW

In 2009, premium income rose by 15.1% to €32.6 billion under IFRS or by 14.5% to €33.4 billion under French GAAP. The robust growth was led by the sharp 19.8% increase in savings premium income in France and Italy.

(1) The 6.3% decline is mainly attributable to a mutual insurer¡¯s decision to in source management of  its death and disability contract, partly offset by a new reinsurance treaty.

The financial crisis led to a 30.6% drop in unit-linked sales, with a slightly more pronounced 51.3% decline in France. However, this negative trend reversed in the fourth quarter, when unit-linked sales rebounded both in France ¨C by 92.2%, including a 127.3% increase for the Savings Banks ¨C and internationally. In all, unit-linked sales rose by 87.1% year-on-year in the last quarter of 2009.

Buoyed by positive net new money, technical reserves rose by an average 6.1% in 2009, to end the year up 9.6% compared with 31 December 2008.

 
FRANCE

Premium income rose 4.9% in 2009 to €26.3 billion (up 6.1% under French GAAP). While below-market, this performance was nonetheless in line with the long-term trend [3] observed since 2007 (€24.5 billion) and 2006 (€26.6 million). 2008 was an unusual year, when CNP Assurances served as a haven for clients seeking security during a severe financial crisis.

Unit-linked premium income ended 2009 down 51.3% year-on-year, with the result that unit-linked contracts accounted for just 4.6% of total savings and pensions premium income for the three main distribution networks. However, this portion improved sharply in the fourth quarter, rising to 8.3%.

Net new money in France remained significantly positive at €9.5 billion (up 32.4%), representing a market share of 18.6% comparable to that of previous years. Claims and benefits expense fell 4.9%, and therefore improved considerably as a percentage of technical reserves.

[3] Premium income in France under IFRS, excluding Fourgous transfers.

La Banque Postale

2009 was shaped by the successful launch of the Cachemire life insurance product and sustained strong premium income, at €11 billion for the year. This was down 6.3% from 2008, when La Banque Postale saw exceptional growth in a very depressed market. In the still uncertain economic environment, clients tended to prefer non-unit-linked products, although unit-linked demand picked up towards the year-end. La Banque Postale Pr¨¦voyance went from strength to strength, crossing the 2-million contract threshold.

Savings Banks

Premium income generated through the Savings Banks amounted to €10.3 billion in 2009, up 27.2%. Business was fuelled by the launch of a new Livret Assurance Vie product, as well as by two campaigns advertising promotional rates. Private banking contributed to the strong performance, led by strong sales of Nuances Privil¨¨ge contracts. The personal risk business continued to grow, rising 8.3% for the year.

 INTERNATIONAL OPERATIONS

In 2009, premium income outside France surged 93.4% to €6.3 billion (up 65.8% under French GAAP). Growth was led by CNP Vita in Italy, Caixa Seguros in Brazil and CNP Vida in Spain. Recent acquisitions began to make a significant contribution, particularly in Cyprus, where Marfin Insurance Holdings Ltd (MIH) [4] reported premium income of €214.4 million for the year.

[4] MIH was consolidated as from 1 January 2009.

2 - 2009 RESULTS

EBIT amounted to €1,756 million for 2009, a 25.8% decline that was mainly due to a reduction in investment income (reflecting lower returns on cash and cash equivalents and smaller realised gains on equities, partly offset by realised gains on investment property) as well as the high level of provision reversals in 2008.

In line with the guidance given in the first-half results press release, net profit attributable to equity holders of the parent topped the one million euros mark, at €1,004 million, up 37.5%.

 
3- SOLVENCY CAPITAL