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BNP Paribas Assurance: 2004 results

Earnings: up 23%
Net Profit Group Share: up 21%

On March 24, 2005, under the chairmanship of Paul Villemagne, the meeting of the BNP Paribas Assurance Board of Directors closed the accounts for Financial Year 2004.

Business up 23%
In 2004, insurance inflow of BNP Paribas Assurance totalled Euro BN 11.4, up 23% versus last year, confirming a long-term trend: 13% average annual growth rate since 1998.

The share of earnings through distribution channels other than those of BNP Paribas and its subsidiaries, reaches 46% and represents products distributed in France and abroad through partner networks, brokers and IFAs, as well as through financial and credit institutions.

Assets gathered and under management have increased by 10% to attain Euro BN 75.9 at 31 December 2004, of which Euro BN 13.7 collected by Cardif Asset Management, the asset management arm of BNP Paribas Assurance.

All BNP Paribas Assurance business lines contributed to this strong growth: savings distributed in 11 countries, protection in 28 countries and P&C insurance in France.

Savings: earnings up 24% to Euro BN 9
Savings inflow in France (85% of total results) is up 20%, to Euro BN 7.7.

In individual savings, savings gathered have grown by 23%. This above-market growth rate (+12%) is attributed to:
. increased earnings in the BNP Paribas branch network (+31%),
. sales operations of the Cardif Network, based on high-performance Cardif Asset Management UCITS, such as Cardif Action Rendement.

In individual savings in France, the share of assets gathered through UCITS levels at 30%, outperforming the 19% market high.

Abroad, earnings total Euro BN 1.3, up 52%. The largest contributors are the U.K. (insurance bond product development) and Taiwan, where market share reached 4% after only one year of sales.

Protection and P§C insurance : earnings up 19% at Euro BN 2.4
In Protection in France, premiums reach Euro M 682, up 16%, thanks to the performance of Cardif Garantie Emprunteur in the Cardif Network and to the success of creditor insurance in the BNP Paribas branch network.

In Protection abroad, premiums attain Euro BN 1.7, i.e. up 21%.
The results of this business line stem from the large volumes of inflow in Europe (U.K., Netherlands, Italy, Germany), and from the strong growth recorded in Central Europe (Czech Republic, Poland, Slovakia +82% for these three countries), in Asia (Taiwan +27%, Japan + 45%) and Chile (+ 61%).

The French P&C Insurance business shows growth at 6.1%, with revenue at Euro M 69.4.
2004 was also the year of the launching of the new motor insurance contract, distributed through BNP Paribas branches.

Growth in net profit Group share
The BNP Paribas Assurance net profit Group share is up 21% vs. 2003, at Euro M 297.3, i.e. an increase of Euro M 51.4.
Net profitability on consolidated equity is at 18.3% for 2004.

Leader positions in France and abroad
In 2004, BNP Paribas Assurance increased market share in France by one point to 8.1%, consolidating its 4th position in Life Insurance.

Present in over 30 countries and with Euro BN 3 in earnings abroad, BNP Paribas Assurance is the 2nd most global French insurer.

The performance in Protection in 2004 ranks BNP Paribas Assurance 3rd in Creditor Insurance.

BNP Paribas Assurance ( is the Life and P&C arm of BNP Paribas. It designs and sells products and services under two commercial brands: BNP Paribas, in the case of products distributed through the BNP Paribas branch network in France, and Cardif, for the other French Networks and abroad.

BNP Paribas Assurance ranks 4th in Life Insurance in France and 3rd worldwide in Creditor Insurance. It posts earnings of Euro BN 11.4, in 2004, of which 46% were realized outside the BNP Paribas Group and 26% abroad.

BNP Paribas ( is a leading European financial services group, with significant presence and growth in the U.S. and strong positions in Asia. It has one of the largest international networks, working in over 85 countries and employing 94,900 staff, including 70 ,400 in Europe. The Group is a major player in Finance and Investment Banking, Asset Management & Services and Retail Banking.