July 30, 2018 / 5:52 AM / 3 months ago

French insurer CNP's H1 net profit rose 2.3 percent

PARIS, July 30 (Reuters) - French insurer CNP Assurances , which has been the subject of recent merger speculation, said on Monday that its net profit rose 2.3 percent to 672 million euros ($783.4 million), buoyed by its main domestic business.

The company said first-half earnings before interest and taxes (EBIT) rose 1.5 percent from a year ago to 1.5 billion euros. Its EBIT had risen 1.8 percent in the first quarter.

CNP said a depreciation in the Brazilian real currency had impacted its first-half results, but the company nevertheless reiterated its 2018 financial targets. CNP expects its organic EBIT to grow 5 percent in 2018 from the previous year.

“CNP Assurances performed very well during the first half despite the unfavourable currency effect in Brazil, thanks to the improved product mix in all our markets,” CNP’s outgoing chief executive Frederic Lavenir said in a statement.

$1 = 0.8579 euros Reporting by Inti Landauro; Editing by Sudip Kar-Gupta

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