Released in Paris on May 3, 2024
good business dynamics
Key numbers for Q1 2024:
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total income1 12.3 billion euros, up 5.2%
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Net inflows +1 billion euros
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Non-life insurance portfolio grew 3.4% YoY
“In the first quarter, Crédit Agricole Assurance performed well both in France and abroad, due to the growth drivers in all business areas. The measures taken in the life insurance industry in Italy and Luxembourg resulted in a significant improvement in activity. We are pleased to report that the beginning of this year saw the continued development of social projects specifically aimed at the transition to a low-carbon economy, as evidenced by the launch of the market's first Article 9 Euro Fund. This is due to our investment in Murphy, a social solidarity company specializing in the repair and refurbishment of household appliances, through our non-life insurance subsidiary Pacifica. Our innovations underpin our actions in favor of the environment and climate, while creating added value for our customers and society.
I would like to thank all our team members and partners for a great start to the year and for their mobilization and contributions. ”
Nicolas Denis, CEO of Crédit Agricole Assurance
Steady business growth due to recovery in overseas sales
In the first quarter of 2024, Crédit Agricole Assurance recorded premiums1 Sales increased +5.2% compared to end-March 2023 to €12.3 billion, mainly due to the recovery of international life insurance in Italy and Luxembourg (+52.5%) and the growth of non-life insurance in France (+8.0%). %), partially offset by a decline in life insurance in France (-2.7%).
About savings and retirement benefits, total inflows amounted to EUR 8.6 billion at the end of March 2024, an increase of +4.3% compared to the end of March 2023. The payment bonus campaign launched during the first quarter resulted in a significant increase in total inflows into the general account compared to his end of March 2023. 5.2 billion (+17.2%). This momentum was partially offset by a -11.1% decline in total unit-linked inflows to €3.3 billion, related to deteriorating market conditions and, in particular, the reduced attractiveness of unit-linked bonds. As a result, the unit-linked ratio of total inflows decreased to 39.1% (down 6.7 percentage points).
Net inflow amount was +1 billion euros, a significant improvement compared to the first quarter of 2023, mainly due to lower outflows from the general account. Net inflows were +1.5 billion euros for unit-linked products and -0.5 billion euros for the general account.
Life insurance balance2 Positive market effects and net inflows led to a new high of EUR 334.9 billion at the end of March 2024. This includes unit-related €98.7 billion (up 3.4% over three months) and general account €236.2 billion (up 0.6% over three months). Unit-linked reserves account for 29.5% of the total life insurance balance as of the end of March 2024 (an increase of 0.6 points compared to the end of December 2023).
In property damage accidentsearnings momentum continues1 Compared to the end of March 2023, it increased by +7.9% and reached 2.4 billion euros. The portfolio increased by +3.4% to bring him nearly 16 million contracts, which equates to a net contribution of over 530,000 contracts for him in one year. Average premiums will rise due to price changes and product mix evolution.
Capacity ratios in Crédit Agricole Group's banking network continued to rise in French regional banks (43.4%)3 End of March 2024 (+0.5 points compared to the previous year), LCL (27.8%)3 March 2024, i.e. +0.4 points YoY), CA Italy (19.3%)Four In March 2024, it will be +2.0 points compared to the previous year).
For individual compensation (death, residual disability, creditors, group insurance), gross premium written1 increased by +6.0% compared to the end of March 2023 to €1.3 billion. Despite a slight decrease of -0.1%, creditor insurance activity remained resilient thanks to stock effects that offset the decline in new business.
Individual death and residual disability insurance (15.2% increase compared to the previous year) and group insuranceFive (up 21.8% compared to the same period last year).
Increased revenue from activities, favorable market and weather conditions
Contribution to Crédit Agricole Assurance Crédit Agricole SA's net profit group share amounted to 494 million euros, an increase of +4.1% compared to the same period last year. This was driven by the strong performance of the insurance business (in particular the increase in CSM allocation due to higher balances) and favorable tax effects, despite lower financial income due to base effects related to the transition to IFRS 17. It has been. January 1, 2023.
of combined ratio6 Although the climate loss rate remained stable, it decreased by 0.9 points year-on-year to 93.8% due to the discount effect. The net combined ratio excluding discount effects remained stable at 96.2% (down 0.1 points from the same period last year).
of Contractual service margin7 At the end of March 2024, sales amounted to €23.9 billion, a slight increase (+0.2%) compared to December 31, 2023. This benefits from the contribution of new business in market conditions favorable to savings and retirement.
evaluation
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rating company |
Final decision date |
Main operating subsidiaries |
Credit Agricole Guarantee |
Outlook |
subordinated debt |
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S&P Global Ratings |
November 29, 2023 |
A+ |
a |
Stable |
BBB+ |
Highlights since the last publication
About Crédit Agricole Assurance
Crédit Agricole Assurance, France's largest insurance company, is a company of the Crédit Agricole Group, which integrates all insurance activities of Crédit Agricole SA. Crédit Agricole Assurance offers a wide range of products and services, including savings, retirement, health, personal protection and property insurance. products and services. They are distributed by Crédit Agricole banks in France and nine countries around the world, and are aimed at private, professional, agricultural and corporate customers. Crédit Agricole Assurance has 5,800 employees. Premium income (“non-GAAP”) through the end of 2023 was €37.2 billion.
www.ca-assurances.com
1 « nonGAAP » Revenue
2 savings, retirement funds, protection (funeral))
3 Percentage of customers who have at least one policy for auto insurance, home insurance, health insurance, legal insurance, all mobile insurance, or accident insurance
Four Percentage of CA Italia customers who hold at least one policy sold by CA Assicurazioni, the non-life insurance subsidiary of Crédit Agricole Assurance
Five Excluding savings and retirement allowances
6 P&C Combined Ratio (Pacifica Range) including discounts and exclusions remove discount, Net reinsurance: (Insurance money + operating expenses + commission) ～ Insurance premium income
7 CSM or Contract Service Margin: For profitable contracts in savings, retirement, death and disability, and creditor products, it represents the return the insurance company expects on its insurance activities over the life of the contract.
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