CNP Assurances' net profit fell 15% in the first half, to 758 million euros

“The strength of our diversified, multi-partner and international model is a guarantee of serenity to look forward to the months and years to come,” welcomed General Director Marie-Aude Thépaut at a press conference.

“It’s a bit of a return to normal” after “exceptional elements last year”, underlined deputy general director Thomas Béhar, in charge of finances.

At 1,2 billion euros, the insurance margin is eroding, particularly in France, but remains higher than that of the first half of 2022.

Turnover fell slightly by 2% between January and June, to 19 billion euros.

Significantly, the public insurer approached Mutuelle Générale at the start of the year. The agreement signed between the two companies is “particularly important and will allow us to become a leading player in the social protection market,” declared Ms. Thépaut, appointed in January.

Since June 2022, CNP Assurances has been a 100% subsidiary of La Banque Postale, itself owned by the La Poste group, controlled by the Caisse des Dépôts et Consignations (CDC) within a large public financial center.

The good health of CNP Assurances is crucial: in 2023, its good results made it possible to offset the difficulties of the bank but also of the core activity of La Poste, whose model changed with the reduction in mail.

In 2023, CNP Assurances generated a net profit of 1,55 billion euros, but that of La Banque Postale was only 995 million euros, and that of the La Poste group, 514 million.

The retail banking business in France of La Banque Postale is a financial chasm which widened last year: it shows a net loss of 707 million euros in 2023, according to La Banque Postale's annual report, after a hole of 335 million euros the previous year, or more than a billion euros in two years.

La Banque Postale and La Poste will publish their first half results on Thursday.

CNP Assurances has more than 7.000 employees. Very present in Brazil and Italy, the insurer claims first place in real estate borrower insurance in France - a particularly lucrative activity - and second in life insurance.