Good business dynamics
Release
Paris, May
3rd 2024
Good business dynamics
KEY FIGURES Q1-2024:
- Total
revenue1 of 12.3 billion euros,
up 5.2%
- Net inflows of +1,0 billion
euros
- Property & casualty
portfolio growth of 3.4% year-on-year
“In the 1st quarter, Crédit Agricole Assurances
achieved good results in France and abroad, driven by a growth
dynamic in all its business lines. We are pleased to report that
the measures taken in Italy and Luxembourg, in life insurance, have
led to a significant activity improvement. The beginning of the
year was also marked by the continued development of our societal
project, which aims in particular at acting for the transition to a
low-carbon economy, as illustrated by the launch of the first
Article 9 Euro fund on the market, and by our investment in Murfy,
a social and solidarity company specializing in the repair and
reconditioning of household appliances, through Pacifica, our
property-casualty insurance subsidiary. These two innovations
confirm our actions in favor of the environment and the climate,
while creating added value for our customers and for society. I
would like to thank all our team members and partners for the very
good start of the year, as well as for their mobilization and
commitment”.Nicolas Denis, Chief Executive Officer of
Crédit Agricole Assurances
ROBUST BUSINESS GROWTH WITH A REBOUND IN
INTERNATIONAL SALES
In the first quarter of 2024, Crédit Agricole
Assurances posted premium1 of €12.3 billion, up +5.2% compared to
the end of March 2023, driven by the recovery in international life
insurance (+52.5%), mainly in Italy and Luxembourg, and by growth
in non-life insurance in France (+8.0%), partially offset by the
decline in life insurance in France (-2.7%).
In savings and retirement,
gross inflows reached €8.6 billion at the end of March 2024, up
+4.3% compared to the end of March 2023. Payment bonus
campaigns, launched during the first quarter, contributed to a
strong level of gross inflows on the General Account at €5.2
billion (+17.2%). This momentum was partly offset by a decline
in unit-linked gross inflows by -11.1% to €3.3 billion in
connection with less favorable market conditions, in particular a
weaker attractiveness of unit-linked bonds. Consequently, the
share of unit-linked within gross inflows dropped to 39.1% (-6.7
points year-on-year).
Net inflows were +€1.0
billion, a strong improvement compared to the first quarter of
2023, mainly driven by lower outflows on the General
Account. Net inflows amounted to +€1.5 billion on unit-linked
products and -€0.5 billion in General Account.
Life insurance
outstandings2 set a new high of
€334.9 billion at the end of March 2024 thanks to a positive market
effect and net inflows. They include €98.7 billion in
unit-linked (+3.4% over three months) and €236.2 billion in General
Account (+0.6% over three months). Unit-linked reserves
represented 29.5% of total life insurance outstandings at the end
of March 2024 (+0.6 points compared to the end of December
2023).
In property and casualty,
momentum continued with revenue1 up +7.9% compared to the end
of March 2023, reaching €2.4 billion. The portfolio grew by
+3.4% to nearly 16.0 million contracts, representing a net
contribution of more than 530,000 contracts over one year; the
average premium increases due to pricing revisions and evolution of
the product mix.
Equipment rates in the Crédit Agricole Group's
banking networks continued to grow in French Regional Banks
(43.4%3 at end-March 2024, i.e. +0.5 points year-on-year), LCL
(27.8%3 in March 2024, i.e. +0.4 points year-on-year), and CA
Italia (19.3%4 in March 2024, i.e. +2.0 points
year-on-year).
In personal protection (death and
disability/creditor/group insurance), gross written
premiums1 was up +6.0% compared to the end of March 2023, to €1.3
billion. With a slight decline of -0.1%, creditor insurance
activity remained resilient thanks to a stock effect that offset
the decline in new business.Individual death & disability
insurance (+15.2% year-on-year) and group insurance5 (+21.8%
year-on-year) recorded strong performance.
GROWING EARNINGS DRIVEN BY THE ACTIVITY,
AND FAVORABLE MARKET AND WEATHER CONDITIONS
Crédit Agricole Assurances
contribution to Crédit Agricole S.A.'s Net Income Group
share was €494 million, up +4.1% year-on-year. This is driven by a
good performance in the insurance business (notably with a rise in
the CSM allocation arising from increased outstandings) and a
favorable tax effect, despite a decline in financial income due to
a base effect related to the transition to IFRS 17 as of January 1,
2023.
The combined
ratio6 stood at
93.8%, down -0.9 points year-on-year thanks to a favorable impact
of discounting, while the climatic loss ratio was
stable. Excluding the discounting effect, the net combined
ratio was stable at 96.2% (-0.1 point year-on-year).
The Contractual Service
Margin7 stood at €23.9 billion at
the end of March 2024, slightly up compared to December 31, 2023
(+0.2%), benefiting from the contribution of new business in a
market context favorable to savings and retirement.
RATING
Rating agency |
Date of last decision |
Main operating subsidiaries |
Crédit Agricole Assurances |
Outlook |
Subordinated debt |
S&P Global Ratings |
November 29, 2023 |
A+ |
A |
Stable |
BBB+ |
HIGHLIGHTS SINCE THE LAST
PUBLICATION
- Spirica, the 1st insurer to launch
a euro fund dedicated to the fight against global warming: the
"Fonds Euro Objectif Climat"
- Pacifica, Crédit Agricole
Assurances' property and casualty insurance subsidiary, announces
that it has acquired a stake in Murfy, an expert in the repair and
refurbishment of household appliances
- Availability of Crédit Agricole
Assurances' 2023 Universal Registration Document
- Publication of Crédit Agricole
Assurances' 2023 group SFCR
About Crédit Agricole
AssurancesCrédit Agricole Assurances, France's largest
insurer, is the company of the Crédit Agricole group, which brings
together all the insurance businesses of Crédit Agricole S.A.
Crédit Agricole Assurances offers a range of products and services
in savings, retirement, health, personal protection and property
insurance products and services. They are distributed by Crédit
Agricole’s banks in France and in 9 countries worldwide, and are
aimed at individual, professional, agricultural and business
customers. Crédit Agricole Assurances has 5,800 employees. Its
premium income (“non-GAAP") to the end of 2023 amounted 37.2
billion euros.www.ca-assurances.com
Press contactsNicolas Leviaux +33 (0)1 57 72 09 50
/ 06 19 60 48 53Julien Badé +33 (0)1 57 72 93 40 / 07 85 18 68
05service.presse@ca-assurances.fr |
Investor Relations contactsYael Beer-Gabel +33
(0)1 57 72 66 84Gaël Hoyer +33 (0)1 57 72 62
22relations.investisseurs@ca-assurances.fr |
1 « Non-GAAP » revenue2 Savings, Retirement and Protection
(funeral)3 Share of customers having at least one contract in
automotive, household, health, legal, all mobiles or accident
insurance4 Share of CA Italia’s customers having at least one
contract marketed by CA Assicurazioni, non-life insurance
subsidiary of Crédit Agricole Assurances5 Excluding savings /
retirement6 P&C insurance combined ratio (Pacifica scope)
including discounting and excluding undiscounting, net of
reinsurance: (claims + operating expenses + commissions) to premium
income7 CSM or Contractual Service Margin : corresponds to the
profits expected by the insurer on the insurance activity, over the
duration of the contract, for profitable contracts, for Savings,
Retirement, Death and Disability and Creditor products
- CAA_CP_Activité_2024_T1_EN - VDEF
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