After an excellent first quarter 2013, Crédit Agricole Assurances confirms its good performance in the second quarter
Crédit Agricole Assurances reported revenue of €6 billion in the second quarter and €14.1 billion for the first half of 2013, 21.9% more than in the first half of 2012.
Life insurance enjoyed an excellent start to the year, both in France and at international level. Revenue came to €9.8 billion in the first half of 2013, up by 22.3% in France compared with the first half of 2012 and substantially outpacing market growth (7% at end-June 2013 according to FFSA data). Crédit Agricole Assurances’ international life insurance revenue grew by 42.1% over the same period.
Assets under management in life insurance increased to €229.2 billion at the end of first half 2013, up by 4.9% year on year. Assets under management in euro totalled €188.3 billion, up by 5.1% year on year while unit-linked assets managed increased by 4.3% to €40.9 billion over the same period, accounting for 17.9% of total assets under management. The net inflow into life insurance in the first half came to €3.2 billion, of which €2.5 billion in France.
Non-life insurance in France continued to outperform the market, with revenue up by 7.4% in the first half of 2013 versus the first half of 2012 to €1.6 billion compared with overall market growth of 2.5% over the same period. The loss ratio (net of reinsurance) remained under control at 70.6% compared with 70.7% in the first half of 2012, despite the weather-related events in June.
With revenue of €460 million for the first half of 2013 compared with €474 million in the same period the previous year, the creditor insurance business showed firm resilience despite the slowdown in consumer credit.
Crédit Agricole Assurances is a major contributor to Crédit Agricole SA’s net income, contributing €514 million for the first half of 2013.
Lastly, Crédit Agricole Assurance continues to invest in the French economy, with investments totalling €4 billion in the first half of 2013, including €1.4 billion of innovative financing for non-rated companies and local authorities.