For him CNP Assurances has two advantages

Saving the CNP Assurances soldier... While Natixis project has strongly relaunched speculation over the fate of the first French life insurer, a consensus seems to emerge on the virtues of a status quo preserving its "stability" and "sustainability". Yesterday ahead of the questions about the side effects of a possible marriage between the Banques Populaires and Caisses d'Epargne, the President of the Executive Board of CNP Assurances, Gilles Benoist, that he was "not pessimistic".

And to clarify that the Supervisory Board, which brings together representatives of its shareholders, including stopped its position, summarized in "terms of reference" explaining, once again the scope of the Covenant between them and force distribution agreements: "None of the interested parties expressed the willingness to break the agreements before their term." On the contrary, the activities of NOC (including squirrel life) were presented publicly by stakeholders as being excluded from the Natixis project. The Council, unanimous, particularly through the interventions of each of its three major shareholders, reaffirmed the commitment of all its members to the stability and sustainability of CNP Assurances, as well as its determination to continue in the future to grow the value of the company.

Recognizing "speculative effect" project Natixis on the course of CNP Assurances, which took more than 30 since the beginning of the year, Gilles Benoist has sought to defend what is, inherently, the value of the company. A way to respond to those who consider that his main weakness is not to be owner of two major networks, the Caisses d'Epargne (37 of the turnover) and mail (33), with which the distribution agreements are respectively until December 2008 and December 2009.

"Good price-quality ratio".

Why are the networks loyal Because it is "of interest", replied the President of the Executive Board. For him, CNP Assurances has two advantages. First, it is "a good quality-price ratio", the manufacture of the products and the management of the contracts being "at a ratio of management fees on stocks among the best in the market." It is then "a formidable system of resistance to the market crises", an "active and prudent" financial strategy, including in terms of provision and consumption of capital gains.

Finally, Gilles Benoist recalled that networks of benefit to several levels commissions, the results consolidated share dividends the good performance of the company. With a net result of 952 million last year, an increase of 46.2, it did not default. Excluding revaluations of securities imposed by standards IFRS, the net result would have been of 752 million and the progression of 18.2, and the operating profit of 1.4 billion, an increase of 9.6. A dividend of 1.91 euro, an increase of 15, will be proposed to the General Assembly.

In doing so, the insurer reached last year's four goals that it was set. The stock market value far exceeds the "embedded value" European, reaching EUR 59.4 per share.

Market share was maintained in France (collection net increase of 21 when the market was 14). The international weight has increased and now accounts for 12.8 of the activity. Finally, the unit of account collection grew by 35 in France, where these higher margin products now account for 15 of the turnover in savings and retirement.