PARIS, May 13 /PRNewswire-FirstCall/ --

- Premium Income for First-Quarter 2009 up 18.8% to EUR9.6 Billion

- Significant Growth in Main Operating Regions

- Net new Money in France Strongly Positive at EUR3.4 billion

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

Highlights

- Premium income for first-quarter 2009 up 18.8% to EUR9,659

million, confirming the positive trend observed in the fourth quarter

of 2008.

- Strong 19.3% growth in France in a market up 3.0%, led by La

Banque Postale and the Savings Banks.

- Robust international growth with a recovery in Italy (CNP

Vita new money up 17.3%).

- Net new money in France strongly positive at EUR3,433

million.

- Further growth in technical reserves, up by around 4% at 31

March 2009.

______________

Gilles Benoist, Chief Executive Officer, said:

"As indicated during the Annual General Meeting, CNP Assurances put in a very solid performance in the first quarter, in terms of both gross and net new money. This is a reflection of our clients' confidence and the effectiveness of our partner networks in an economic environment that remains challenging."

1 - First-Quarter 2009 Business Review

1.1 - Consolidated revenue

Premium income under French GAAP rose by 18.8% to EUR9,659.4 million in first-quarter 2009. The solid performance was led by a sharp upturn in France and Italy, after several difficult months, as well as by growth in Spain and Brazil. Currency effects, mainly in Brazil, and changes in scope (consolidation of operations in Greece and Cyprus) had a limited impact, as growth versus pro forma first- quarter 2008 at constant exchange rates was 19.3%.

Revenue under IFRS amounted to EUR9,581.2 million, representing a significant 25.4% increase compared with first-quarter 2008.

Technical reserves at 31 March 2009 were around 4% higher than a year earlier.

1.2 - Revenue by business segment

Growth under French GAAP was mainly driven by the savings business, which rose by 28.1% in France and 19.3% in Italy.

Unit-linked sales dropped sharply, dragged down by the difficult situation on the financial markets and a shift by CNP clients towards low risk products.

The reported 27.0% decline in personal risk premiums reflects a change in accounting methods rather than an underlying trend. Whereas previously annual premiums were immediately recognized in the accounts in full, part of the income from local authorities in France is now recognized on a quarterly basis. Total premiums for the segment amounted to EUR409 million in first-quarter 2009, compared with EUR1,587 million for the whole of 2008.

The pensions segment contracted by 1.3% despite further strong growth in

Brazil.

IFRS__ French GAAP

Premium income__ Q1 2009__ %__ Q1 2009__ %

(in EURm)__ change__ change

Savings__ 7,748.5 + 36.4 7,826.3 + 26.7

Pensions__ 575.2__ - 1.3__ 575.5__ - 1.3

Personal risk__ 408.7 - 27.0__ 408.7 - 27.0

Loan insurance__ 644.4__ + 1.4__ 644.4__ + 1.4

Health insurance__ 109.2 + 26.0__ 109.2 + 26.0

Property & Casualty__ 95.2__ + 5.3__ 95.2__ + 5.3

TOTAL__ 9,581.2 + 25.4 9,659.4 + 18.8

1.3 - By country and partner network

Business grew in all of CNP's main host countries, with premium income for the first quarter up 19.3% in France, 16.3% in Italy[1] and 25% Brazil, in local currency (5.5% in euros).

IFRS__ French GAAP

Premium__ Q1 2009__ %__ Q1 2009__ %

income__ change__ change

(in EURm)

France__ 7,907.6__ + 19.3__ 7,912.7__ + 19.3

Italy (1)__ 1,093.3__ + 102.0__ 1,106.9__ + 16.3

Brazil (2)__ 382.6__ + 8.7__ 442.1__ + 5.5

Spain (3)__ 81.3__ + 40.0__ 81.3__ + 40.0

Portugal (4)__ 64.7__ + 24.3__ 64.7__ + 2.5

Cyprus__ 43.0__ -__ 43.0__ -

Other (5)__ 8.7__ -__ 8.7__ -

TOTAL__ 9,581.2__ + 25.4__ 9,659.4__ +18.8

(1) Italian branches and Cofidis business in Italy since 2004 and CNP

Vita

(2) Based on 31 March 2008 exchange rates

(3) Spanish branches, Cofidis Spain, and CNP Vida

(4) Global, Global Vida and Cofidis Portugal since 2004

(5) Argentina, Cofidis Belgium, Czech Republic, Greece and Hungary__

France

According to estimates published by the industry federation (FFSA), the French savings and pensions market represented EUR37.5 billion in new money under French GAAP, an increase of 3% compared with first-quarter 2008. This included a 9% increase in the bancassurance segment. Mathematical reserves edged up 1%, reflecting 2% growth in reserves for non-unit-linked contracts and a 4% decline in linked liabilities. Net new money came to EUR14.4 billion, representing an 8% increase over the year-earlier period.

CNP Assurances outperformed the market in the savings and pensions segment, with first-quarter new money in France up 19.3% under both French GAAP and IFRS. This solid performance was due to a strong 49% increase in premium income from La Banque Postale and a 6.4% rise in premiums from the Savings Banks. Income generated by CNP Tresor was up 5.5%. As in previous periods, very little revenue (EUR34 million) was derived from Fourgous transfers, which no longer have a material impact on the Group's top line.

Net new money in France was strongly positive at EUR3.4 million, an increase of 67% over first-quarter 2008. Market share in terms of net new money was virtually stable at nearly 24% as of 31 March 2009, compared with 25% as of 31 December 2008. Payouts were up a slight 6.6%, due mainly to an increase in deaths. However, the ratio between exits and technical reserves remained stable.

Reflecting the challenging conditions in the financial markets and a shift by clients towards low-risk products, unit-linked sales (EUR158 million) represented just 2% of total savings and pensions revenue generated by the three main distribution networks in France. According to the FFSA, unit-linked sales declined by 34% across the French market.

AA La Banque Postale

After growing strongly in the fourth quarter of 2008, La Banque Postale's insurance business continued to expand in the first quarter of 2009, rising 49% to EUR3,791 million.

All of the contracts marketed by the network contributed to this solid performance, with unit sales up 12%. A leading example was Cachemire, La Banque Postale's new high-end contract, which continued to build on its initial success.

AA Savings Banks

The Savings Banks generated premium income of EUR2,916 million in first-quarter 2009, up 6.4%, with demand increasing strongly towards the end of the period. Several marketing initiatives supported the upturn including the launch of a new Livret Assurance Vie product, a radio/press campaign promoting life insurance and a promotional rate available until 30 April 2009.

Personal risk business grew by 12.6%.

AA CNP Tresor

CNP Tresor generated premium income of EUR177 million in first- quarter 2009, an increase of 5.5%. Growth was driven by a guaranteed yield promotional campaign that ran until the end of April. The new savings range accounted for more than one-third of total new money.

AA Financial Institutions

Premium income from Financial Institutions climbed 1.5% to EUR368 million in the first quarter. The co-insurance programme with Banques Populaires now involves 13 partner banks, five more than at 1 January 2009.

AA Mutual Insurers

Premium income from Mutual Insurers amounted to EUR194 million, representing an 8.8% decline due to the loss of a re-insurance treaty. Excluding this impact, underlying premium income was up 12%. CNP Assurances is strengthening its marketing ties with civil service and multi-sector mutual insurers.

International operations

New money from operations outside France rose 16.7% to EUR1,747 million, representing 18% of the consolidated total. Under IFRS, revenue expanded 66.0% to EUR1,674 million[2], primarily reflecting strong gains in Italy.

Europe

AA Italy - CNP Vita

After a particularly difficult year for the Italian life insurance market, signs of a recovery have been evident since January 2009.

Over the first three months of the year, the market as a whole grew by 11% and the bancassurance segment by 20%. Bancassurers refocused on traditional non-unit-linked products, as clients shied away from unit-linked products and, above all, index-linked contracts, which have virtually disappeared from the market.

CNP Vita benefited from the trend, generating EUR1.1 billion in revenue, a 17.3% increase over first-quarter 2008.

At 31 March 2009, CNP Vita had a 7.8% share of the total life insurance market and 10.5% of the bancassurance segment.

The Unigarantito product drove a 19.4% increase in the savings segment.

Net new money remained virtually unchanged from first-quarter 2008 at EUR568 million versus EUR560 million, thanks to the sustained level of premium income and the favourable effect of contract maturities in the first quarter.

CNP Vita Premium Income for First-Quarter 2009

EURm__ IFRS__ French GAAP

MARKET SEGMENT Q1 2009 Q1 2008 % change Q1 2009 Q1 2008 % change

Savings__ 1,068.8 496.6__ + 115.2 1,082.4__ 906.8__ + 19.4

Pensions__ 5.5__ 6.5__ - 15.0__ 5.5__ 6.5__ - 15.0

Personal risk__ 0.7__ 1.6__ - 54.9__ 0.7__ 1.6__ - 54.9

Loan insurance__ 11.2__ 22.7__ - 50.6__ 11.2__ 22.7__ - 50.6

TOTAL__ 1,086.3 527.4__ + 106.0 1,099.8__ 937.5__ + 17.3__

AA Spain - CNP Vida

The subsidiary's premium income rose 46.5% to EUR72 million. The solid performance was driven by growth in the savings segment, both in non-unit-linked and unit-linked products, which accounted for 52% and 48% of revenue respectively. Net new money improved but remained slightly negative for the period.

AA Portugal - Global and Global Vida

The Global group reported premium income up 2.4% to EUR53.7 million. Global Vida climbed 13% to EUR18.5 million, while the non- life segment contracted by 2.5% to EUR35.2 million, dragged down by a 4.8% decline in automobile insurance.

Latin America

AA Brazil - Caixa Seguros

The Brazilian insurance market expanded 14% (excluding health insurance) in 2008. For the first quarter of 2009, Caixa Seguros reported BRL 1,406 million in new money, up 25.1% in local currency and 5.5% in euros.

Caixa Seguros Premium Income for First-Quarter 2009

BRLm__ IFRS__ French GAAP

MARKET SEGMENT__ Q1 2009 Q1 2008 % change Q1 2009 Q1 2008 % change

Savings__ 24.1__ 16.6 + 44.6__ 213.2__ 197.0__ + 8.2

Pensions__ 772.4__ 557.7 + 38.5__ 772.4__ 557.7__ + 38.5

Personal risk__ 170.6__ 143.8 + 18.7__ 170.6__ 143.8__ + 18.7

Loan insurance__ 103.3__ 78.2 + 32.1__ 103.3__ 78,2__ + 32.1

Property & Casualty__ 146.7__ 147.5__ - 0.5__ 146.7__ 147.5__ - 0.5

TOTAL__ 1 217.1__ 943.8 + 29.0 1 406.2 1 124.2__ + 25.1__

Premiums increased across most business segments (growth rates are shown in local currency):

- The pensions business surged by 38.5%.

- Savings premium income rose 8.2% under French GAAP.

- Loan insurance business expanded by 32.1% thanks to strong growth in the volume of home loans extended by the Caixa Economica Federal banking network. This was part of a step-up in the implementation of government programs to stimulate the economy, which was accompanied by a reduction in interest rates.

2. General business environment

2.1 Financial environment in the first quarter

The CAC 40 index lost 12.76% in the first quarter of 2009, falling to 2807.34 points. In January and February, equity markets were weighed down by uncertainties in the banking sector and doubts about the effectiveness of the fiscal and budgetary measures taken by governments to combat the recession. They recovered in March, thanks to an improved performance by the big American banks and the announcement of the Geithner plan in the United States, which involves the purchase of banks' toxic assets by a public-private partnership.

The European Central Bank reduced its benchmark rate from 2.50% to 2% in mid-January and then to 1.50% in early March. After rising sharply in January, the 10-year OAT rate settled at 3.553% at the end of March, 14 bps higher than at 31 December 2008. Over the same period, the 3-month Euribor dropped 138 bps to 1.51%.

The Livret A passbook savings account rate was cut to 1.75% in early May 2009 from 4% at 31 December 2008, a move that should boost sales of life insurance products in France.

Since the beginning of the year, the euro has lost 4.38% against the US dollar.

Financial market indicators

31 March__ 30 June__ 31 Dec. 31 March

2008__ 2008__ 2008__ 2009

CAC 40__ 4,707__ 4,435__ 3,218__ 2,807

Eurostoxx 50__ 3,628__ 3,353__ 2,451__ 2,071

3-month Euribor__ 4.727%__ 4.947%__ 2.892%__ 1.510%

10-year OAT__ 4.101%__ 4.807%__ 3.412%__ 3.553%

EUR1 in $1.581__ 1.576__ 1.392__ 1.331

EUR1 in BRL__ 2.757__ 2.528__ 3.259__ 3.103

2.2 Regulatory and tax environment

- Financing for the Revenu de Solidarite Active (RSA)

Act no. 2008-1249 of 1 December 2008, which entered the statute books on 3 December 2008, established an additional 1.1% tax on unearned income to finance the RSA, which allows unemployed people taking on lower-paid jobs to continue to receive some benefits. As a result, revenue from life insurance contracts is subject to a 12.1% tax rate since 1 January 2009. This rate only applies to interest and not to the capital itself.

3. Significant events of the first quarter

- February: Publication of the 2008 results

On 25 February 2009, CNP Assurances announced 2008 recurring profit before fair value adjustments up 13%, which was slightly better than the target set by the Group. Net profit was down 40% to EUR731 million. The dividend recommended by the Board remained stable at EUR2.85 per share. Market consistent embedded value (MCEV) was EUR70.3 per share and solvency capital at 31 December 2008 represented 1.15 times the regulatory minimum.

- February: Banques Populaires/Caisse d'Epargne Merger: Ties with CNP Assurances to Continue Unchanged

On 24 February 2009, Caisse Nationale des Caisses d'Epargne (CNCE) informed the Company that the CNCE had decided to transfer its CNP Assurances shares to the new central body of the merged Caisses d'Epargne and Banques Populaires groups.

Noting that the two banking groups viewed the stake in CNP Assurances as a long-term strategic asset and that they had no intention of selling it, CNCE's representative stated that the transfer of the shares to the new central body would in no way alter the contractual relationship between the Savings Banks and CNP Assurances, or the balance of shareholders' interests in CNP Assurances' capital.

- April: CNP Assurances and Malakoff Mederic in talks to set up new pensions business

CNP Assurances and Malakoff Mederic are in talks to set up a new pensions business with Caisse des Depots. The Boards of Directors of CNP Assurances and Malakoff Mederic have agreed to pursue negotiations to set up the partnership. The project has been presented to employee representatives from both companies for review before a final decision is made, probably in September.

- April: CNP Assurances' Annual General Meeting

At the Annual General Meeting, held in Paris on 21 April 2009 under the chairmanship of Edmond Alphandery, Chairman of the Board of Directors, shareholders approved the financial statements of the Company and the Group for the year ended 31 December 2008. Shareholders approved all of the proposed resolutions, including the payment of a dividend of EUR2.85 per share - unchanged from the previous year - to be paid as from 29 April 2009.

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France's No. 1 personal insurer, CNP Assurances will consolidate its leadership position in 2009 by maintaining its disciplined approach to financial management, and will focus its efforts on building its mathematical reserves and controlling costs.

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This financial press release is available for consultation, in French and English on the CNP Assurances web site, www.cnp.fr.

Disclaimer

Some of the statements contained in this press release may be forward-looking statements referring to projections, future events, trends or objectives which, by their very nature, involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated in such statements by reason of factors such as changes in general economic conditions and conditions in the financial markets, legal or regulatory decisions or changes, changes in the frequency and amount of insured claims, particularly as a result of changes in mortality and morbidity rates, changes in surrender rates, interest rates, foreign exchange rates, the competitive environment, the policies of foreign central banks or governments, legal proceedings, the effects of acquisitions and the integration of newly-acquired businesses, and general factors affecting competition.

Further information regarding factors which may cause results to differ materially from those projected in forward looking statements is included in CNP Assurances' filings with the Autorite des Marches Financiers. CNP Assurances does not undertake to update any forward- looking statements presented herein to take into account any new information, future event or other factors.

FIRST-QUARTER 2009 PREMIUM INCOME

FIRST-QUARTER CONSOLIDATED PREMIUM INCOME BY PARTNERSHIP CENTRE

IFRS

Q1 2009__ Q1 2008__ %

EURm__ EURm__ change

La Banque Postale__ 3,790.1__ 2,541.7__ + 49.1

Savings Banks__ 2,915.6__ 2,738.6__ + 6.5

CNP Tresor__ 176.8__ 167.3__ + 5.7

Financial Institutions

France(1)__ 367.9__ 362.4__ + 1.5

Mutual Insurers__ 194.1__ 212.7__ - 8.8

Companies and Local

Authorities__ 425.9__ 579.9__ - 26.6

Other (France)__ 37.2__ 27.4__ + 35.9

TOTAL France__ 7,907.6__ 6,629.9__ + 19.3

Global (Portugal)__ 53.7__ 41.3__ + 29.9

CNP Seguros de Vida

(Argentina)(2)__ 1.7__ 1.3__ + 27.4

CNP Vida (Spain)__ 72.1__ 49.2__ + 46.5

Caixa Seguros (Brazil)(2)__ 382.6__ 351.9__ + 8.7

CNP Vita (Italy)__ 1,086.3__ 527.4__ + 106.0

Marfin Insurance Holdings

(Cyprus)__ 43.0__ -__ -

Financial Institutions

outside France__ 29.3__ 24.5__ + 19.7

Branches__ 5.0__ 12.7__ - 60.4

TOTAL International__ 1,673.7__ 1,008.3__ + 66.0

TOTAL__ 9,581.2__ 7,638.2__ + 25.4

Table Continued Below

French GAAP

Q1 2009__ Q1 2008__ %

EURm__ EURm__ change

La Banque Postale__ 3,791.0__ 2,544.0__ + 49.0

Savings Banks__ 2,916.1__ 2,739.5__ + 6.4

CNP Tresor__ 176.9__ 167.6__ + 5.5

Financial

Institutions

France(1)__ 367.9__ 362.4__ + 1.5

Mutual Insurers__ 194.1__ 212.7__ - 8.8

Companies and

Local Authorities__ 426.2__ 580.2__ - 26.5

Other (France)__ 40.5__ 27.4__ + 48.1

TOTAL France__ 7,912.7__ 6,633.7__ + 19.3

Global (Portugal)__ 53.7__ 52.4__ + 2.4

CNP Seguros de

Vida

(Argentina)(2)__ 1.7__ 1.3__ + 27.4

CNP Vida (Spain)__ 72.1__ 49.2__ + 46.5

Caixa Seguros

(Brazil)(2)__ 442.1__ 419.1__ + 5.5

CNP Vita (Italy)__ 1 099.8__ 937.5__ + 17.3

Marfin Insurance

Holdings (Cyprus)__ 43.0__ -__ -

Financial

Institutions

outside France__ 29.3__ 24.5__ + 19.7

Branches__ 5.0__ 12.7__ - 60.4

TOTAL

International__ 1,746.7__ 1,496.8__ + 16.7

TOTAL__ 9,659.4__ 8,130.5__ + 18.8

(1) Excluding Cofidis outside France

(2) Average exchange rates

Argentina: EUR1 = ARS 5.01015

Brazil: EUR1 = BRL 3.181

FIRST-QUARTER PREMIUM INCOME BY BUSINESS SEGMENT

IFRS

Premium income__ Q1 2009 at % change

(in EURm)__ constant__ at

exchange__ constant

rates (1) exchange

rates

Q1 2009 Q1 2008 % change__ (pro

forma

Q1 2008)

Savings__ 7,748.5 5,682.6__ + 36.4__ 7,749.9__ + 36.1

Pensions__ 575.2__ 582.8__ - 1.3__ 620.4__ + 6.4

Personal risk__ 408.7__ 559.9__ - 27.0__ 418.7__ - 26.6

Loan insurance__ 644.4__ 635.8__ + 1.4__ 650.4__ + 2.2

Health insurance__ 109.2__ 86.7__ + 26.0__ 109.2__ + 21.1

Property &__ 95.2__ 90.4__ + 5.3__ 103.8__ - 1.4

Casualty

TOTAL__ 9,581.2 7,638.2__ + 25.4__ 9,652.4__ + 25.8

French GAAP

Premium income__ Q1 2009 at % change

(in EURm)__ constant__ at

exchange constant

rates (1) exchange

Q1 2009 Q1 2008 % change__ rates

(pro

forma Q1

2008)

Savings__ 7,826.3 6,174.7__ + 26.7__ 7,838.8__ + 26.7

Pensions__ 575.5__ 583.1__ - 1.3__ 620.7__ + 6.4

Personal risk__ 408.7__ 559.9__ - 27.0__ 418.7__ - 26.6

Loan insurance__ 644.4__ 635.8__ + 1.4__ 650.4__ + 2.2

Health insurance__ 109.2__ 86.7__ + 26.0__ 109.2__ + 9.1

Property &__ 95.2__ 90.4__ + 5.3__ 103.8__ + 10.1

Casualty

TOTAL__ 9,659.4 8,130.5__ + 18.8__ 9,741.6__ + 19.3

Le Premium income in Cyprus was included only in the

first quarter of 2009.

(1) Based on exchange rates at 31 March 2008

Average exchange rates for Brazil:

At 31 March 2009__ EUR1 =__ BRL 3.18100

At 31 March 2008__ EUR1 =__ BRL 2.68225

FIRST-QUARTER UNIT-LINKED SALES

IFRS__ French GAAP

Q1 2009 Q1 2008__ %__ Q1 2009 Q1 2008__ %

EURm__ EURm__ change__ EURm__ EURm change

La Banque Postale__ 73.5__ 264.6 - 72.2__ 74.4__ 266.9 - 72.1

Savings Banks__ 65.8__ 473.0 - 86.1__ 66.3__ 473.9 - 86.0

CNP Tresor__ 4.3__ 20.3 - 78.9__ 4.4__ 20.6 - 78.8

Other__ 3.2__ 8.3 - 62.2__ 6.5__ 8.3 - 22.1

TOTAL individual__ 146.7__ 766.2 - 80.9 151.5__ 769.7 - 80.3

unit-linked France

Group unit-linked France__ 6.5__ 6.5__ - 0.3__ 6.8__ 6.8__ - 0.3

TOTAL France__ 153.2__ 772.7 - 80.2 158.3__ 776.5 - 79.6

CNP UniCredit Vita (Italy)__ 66.8__ 495.5 - 86.5__ 80.3__ 905.7 - 91.1

Caixa Seguros (Brazil)__ 240.2__ 204.9 + 17.2 240.2__ 204.9 + 17.2

CNP Vida (Spain)__ 41.2__ 27.8 + 48.0__ 41.2__ 27.8 + 48.0

Global Vida__ 0.0__ 0.0__ -__ -__ 11.1 - 100.0

Marfin Insurance Holdings__ 14.9__ -__ -__ 14.9__ -__ -

(Cyprus)

TOTAL International__ 363.1__ 728.3 - 50.1 376.6 1 149.5 - 67.2

TOTAL UNIT-LINKED__ 516.3 1,501.0 - 65.6 534.9 1 926.1 - 72.2

FIRST-QUARTER PREMIUM INCOME BY INSURANCE CATEGORY

IFRS__ French GAAP

Q1 2009 Q1 2008__ %__ Q1 2009 Q1 2008__ %

EURm__ EURm__ change__ EURm__ EURm__ change

Individual

insurance__ 8,279.5 6,188.9 + 33.8 8,357.3 6,680.9 + 25.1

Group insurance__ 1,301.7 1,449.3 - 10.2 1,302.0 1,449.6 - 10.2

TOTAL__ 9,581.2 7,638.2 + 25.4 9,659.4 8,130.5 + 18.8

FIRST-QUARTER PREMIUM INCOME BY COUNTRY AND BY BUSINESS SEGMENT

IFRS

Savings__ Pensions__ Personal

risk

EURm__ Q1 09__ %__ Q1 09__ %__ Q1 09__ %

chg. chg. chg.

France__ 6,569.2__ 28.1 324.6 -11.2__ 344.5 -31.5

Italy(1)__ 1,068.8 115.2__ 5.5 -15.0__ 0.7 -61.2

Portugal(2)__ 17.7 298.4__ 0.0__ -__ 0.8 -1.0

Spain(4)__ 69.1__ 49.5__ 2.3 -20.2__ 0.0__ -

Cyprus__ 15.5__ -__ 0.0__ -__ 8.1__ -

Other (Europe)(3)__ 0.0__ -__ 0.0__ -__ 0.0__ -

Brazil__ 7.6__ 22.0 242.8 16.8__ 53.6__ 0.1

Argentina__ 0.6__ 6.3__ 0.0__ -__ 1.0 36.9

Sub-total International 1,179.3 112.8 250.6 15.3__ 64.2 12.5

TOTAL__ 7,748.5__ 36.4 575.2 -1.3__ 408.7 -27.0

Table Continued Below

IFRS

Loan__ Health__ Property &__ Total

insurance__ insurance__ Casualty

EURm__ Q1 09__ %__ Q1 09__ %__ Q1 09__ %__ Q1 09__ %

chg. chg. chg. chg.

France__ 565.1__ 3.3__ 104.2 21.1__ 0.0__ - 7,907.6 19.3

Italy(1)__ 18.3 -49.6__ 0.0__ -__ 0.0__ - 1,093.3 102.0

Portugal(2)__ 11.0__ 2.7__ 0.7 10.3__ 34.5 -2.7__ 64.7 24.3

Spain(4)__ 9.9 11.6__ 0.0__ -__ 0.0__ -__ 81.3 40.0

Cyprus__ 0.5__ -__ 4.3__ -__ 14.7__ -__ 43.0__ -

Other (Europe)(3)__ 7.0 88.2__ 0.0__ -__ 0.0__ -__ 7.0 88.2

Brazil__ 32.5 11.4__ 0.0__ -__ 46.1 -16.1__ 382.6__ 8.7

Argentina__ 0.1 331.4__ 0.0__ -__ 0.0__ -__ 1.7 27.4

Sub-total

International__ 79.3 -10.7__ 5.0 682.5__ 95.2__ 5.3 1,673.7 66.0

TOTAL__ 644.4__ 1.3__ 109.2 26.0__ 95.2__ 5.3 9,581.2 25.4

(1) Loan insurance in Italy comprises the Italian branches and Cofidis

business in Italy.

(2) Global, Global Vida and, under "Loan Insurance", Cofidis Portugal.

(3) Corresponds to Cofidis business in Europe, excluding Italy, Portugal

and Spain

(4) Spanish branches, Cofidis Spain and CNP Vida

Investor Calendar

First-half 2009 premium income and results__ Friday, 31 July 2009

Third-quarter 2009 Quarterly Information__ Thursday, 6 November 2009__

---------------------------------

[1] Under IFRS, revenue in Italy grew by 102% in first-quarter 2009. The difference between the 16.3% growth under French GAAP and the 102% growth under IFRS is due to a strong distortion that appeared in the 2008 accounts as a result of a shift in CNP Vita's product mix, part of which comes under IAS39. The Unigarantito product, on the other hand, is accounted for in accordance with IFRS4.

[2] The differences between percentage change under IFRS and under French GAAP is mainly due the application of IAS39 in Italy.

SOURCE CNP Assurances

Originally published by CNP Assurances.

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