PARIS (Reuters) - French insurer CNP Assurances SA (CNPP.PA: Quote, Profile, Research) reported a 22 percent fall in first-quarter revenue on Tuesday, becoming the latest insurer whose sales have been affected by the tough market conditions caused by the global credit crisis.

Sales fell to 7.64 billion euros ($11.8 billion), compared with an average forecast of 7.95 billion according to Reuters Estimates.

CNP's lower revenue comes after larger French rival AXA (AXAF.PA: Quote, Profile, Research) also reported a drop in sales. AXA, which is Europe's second-biggest insurer behind Allianz (ALVG.DE: Quote, Profile, Research), last week posted a 2.7 percent fall in first-quarter turnover.

CNP said in a statement sales of savings products had been affected by the global stock market fall. Insurers are sensitive to the swings of the stock market since many of their products invest in equities.

However CNP kept its 2008 financial outlook unchanged. The company expects a rise of at least 10 percent for its 2008 recurring profit.

French state-owned bank Caisse des Depots (CDC), the country's Post Office and mutually owned bank Groupe Caisse d'Epargne together control approximately 75 percent of CNP's share capital.

CNP shares closed down 1 percent at 76.71 euros before the statement, giving the company a stock market value of around 11.4 billion euros.

The stock has fallen around 14 percent since the start of 2008, compared with a 10 percent decline in the DJ Stoxx European insurance sector .

(Reporting by Sudip Kar-Gupta; Editing by David Holmes)