Dynamic business in CAA's three core businesses: property & casualty, personal protection and savings & retirement, very high result and solid solvency
04 Août 2023 - 7:59AM
Dynamic business in CAA's three core businesses: property &
casualty, personal protection and savings & retirement, very
high result and solid solvency
Press Release
Paris, August 4th 2023
Dynamic business in CAA's three core
businesses: property & casualty, personal protection and
savings &
retirement, very
high result and solid
solvency
Key figures H1
2023:
- Total
revenue1 of
20.8 billion
euros, up 6%2
-
Unit-linked net inflows
of +3.9 billion euros
- Net income group
share that double, amounting
9508
million euros
vs 1st semester 2022 pro
forma IFRS 17
- Solvency 2 prudential ratio
of
222%
Philippe Dumont, Chief Executive Officer of
Crédit Agricole Assurances, said: "The first half of the year was
marked by buoyant business in our three main lines of business:
property-casualty insurance, personal risk insurance and savings
& retirement, despite an uncertain and changing economic and
financial environment. The growth in our premium income, coupled
with the increase in our net profit Group share, is further proof
of our solidity. During the urban riots in France, as a local
universal bancassurer, we have once again been there to support all
our customers - individuals, professionals and businesses - who
have suffered claims, illustrating the usefulness and relevance of
our business model”.
In the first half of 2023, Crédit Agricole
Assurances generated record premium income of €20.8 billion, up 6%1
compared with the first half of 2022. In a complex economic and
financial backdrop, this increase in premium income reflects the
growth generated by our portfolio policies.
Property and casualty insurance
business is very buoyant, with premium income up
by 10%1 compared with the end of June 2022, to €3.5
billion, including a 13% increase for international subsidiaries
(+18% for Italy). Crop insurance3
posts strong
growth, with premium income of €208m at end-June 2023, up
54% year-on-year. At the end of June 2023, the non-life insurance
portfolio stand at almost 15.6 million policies,
up 3.5%1 year-on-year, with a net inflow of more than
343,000 policies in the first half of the
year.Equipment rates of retail customers keep on growing in French
Regional Banks (42.8%4 at end-June 2023, up 0.5 point
year-on-year), LCL (27.4%3 at end-June 2023, up 0.5 point
year-on-year) and CA Italia (17.9%5 at end-June 2023, up 2.3 points
year-on-year).
The combined
ratio6
stand at 97.8%
at end-June 2023, an improvement of 3.9 points thanks in particular
to a favourable claims experience in the first half of the
year.
In personal protection, premium
income amounts to €2.5 billion at the end of June 2023, up
6%1 year-on-year, with strong
performances in personal risk (up 11%1) and group insurance (up
17%). Creditor insurance is up 3%1, benefiting from a stock
effect.
In savings and retirement,
gross inflows reach €14.8 billion at end-June 2023, up
5% year-on-year. In France, they amount to €12.9 billion,
up 13.3% compared with end-June 2022. Gross unit-linked inflows
remain high at €6.8 billion, representing a unit-linked
ratio of 45.6%. Total net inflows amount to +0.4 billion
euros, with record net unit-linked inflows of +3.9 billion
euros.Life insurance outstandings has increased by
2.2% to €326.3 billion7 at the end of
June 2023, of which €91.1 billion in unit-linked products (+13.2%
vs December 2022) and €235.2 billion in euro-denominated products.
Unit-linked outstandings represent 27.9% of total assets at
end-June 2023.The policyholder participation
reserve (PPE) amounts
11.9
billion euros at the end of June 2023,
representing
5.6%8 of
Euro outstandings.
IFRS 17 RESULTS
For this first publication of Crédit Agricole
Assurances' results under IFRS 17, the net income group
share amounts to €9509
million at 30 June 2023, x2 compared with the
first half of 2022 pro forma under IFRS 17, and +22% compared with
the result published for the first half of 2022 under IFRS 4.
Contractual Service Margin (CSM) stands
at €23.6 billion at end-June 2023, up 8%
on the first half thanks to the impact of new business, which is
greater than the CSM amortisation for the first half, and to the
positive effect of the market environment on the valuation of
inventory.
Crédit Agricole Assurances also demonstrates its
solidity with a Solvency 2 prudential
ratio of
222% at 30 June
2023. It is 18 percentage points higher than at 31
December 2022, boosted by favourable market conditions.
About Crédit Agricole
AssurancesCrédit Agricole Assurances, France’s largest
insurance Group, unites together Crédit Agricole’s insurance
subsidiaries. The Group offers a range of savings, retirement,
health, personal protection and property insurance products and
services. They are distributed by the Crédit Agricole’s banks in
France and in nine other countries around the world by financial
advisers and multi-line insurance agents. The Crédit Agricole
Assurances companies serve individuals, professionals, farmers and
businesses. Crédit Agricole Assurances has 5,700 employees. Its
premium income at the end of 2023 amounted to €35.3 billion (IFRS).
www.ca-assurances.com
Press
contactsFrançoise
Bololanik +33 (0)1 57 72 46 83 / 06 25 13 73 98Nicolas Leviaux +33
(0)1 57 72 09 50 / 06 19 60 48
53service.presse@ca-assurances.fr |
Investor Relations contactsVictoire-Emmanuelle
Prud’homme +33 (0)1 43 23 90 66Valentin Lecomte +33 (0)1 43 23 59
76relations.investisseurs@ca-assurances.fr |
1 Revenue « non GAAP »2 Constant perimeter excluding
La Médicale3 Climate hazards, Multi-risk climate, Grassland4
Percentage of customers having at least one contract in automotive,
multi-risk household, healthcare, legal, all mobiles or accident
insurance.5 Percentage of CA Italia’s customers having at least one
contract marketed by CA Assicurazioni, non-life insurance
subsidiary of Crédit Agricole Assurances.6 Ratio of (claims +
operating expenses + commissions) to premium income, net of
reinsurance, Pacifica scope7 Savings, Retirement and Death and
Disability8 Life France scope
9 The contribution to the net income group share
of Crédit Agricole S.A. amounts to €907 million. The difference
with Crédit Agricole Assurances' net income group share, including
the tax effect, is mainly due to subordinated (RT1) debt coupons
for €37 million.
Credit Agricole SA 4.5% ... (EU:CAAA)
Graphique Historique de l'Action
De Août 2024 à Sept 2024
Credit Agricole SA 4.5% ... (EU:CAAA)
Graphique Historique de l'Action
De Sept 2023 à Sept 2024