Crédit Agricole Assurances: strong earnings growth for the third quarter of 2013
· Revenues came to €6.1 billion for the third quarter of 2013, up 20.4% on the third quarter of 2012.
· The life insurance business has continued to perform well, both in France and internationally. In France, premium income totalled €4.3 billion for the third quarter of 2013, an increase of 22.1% compared with the third quarter of the previous year, outpacing the overall market's growth (+9% according to the French federation of insurance companies, FFSA). Internationally, premium income rose 34.3%* over the same period.
o For life insurance, in-force business represented €232.4 billion at end-September 2013, up 4.8% year-on-year. The level of in-force business in euros climbed 5.3% year-on-year to €190.1 billion, with unit-linked business up 2.7% over the same period to €42.3 billion. Since the start of the year, net inflows represent €4.8 billion, including €3.6 billion in France.
· Non-life insurance in France has continued to see a sustained rate of growth, with premium income up 5.5% in the third quarter of 2013 to €513 million, while the market grew 2.5% over the same period (source: FFSA). The loss ratio - all years and net of reinsurance - came to 71.2%, versus 70.6% for the third quarter of 2012.
· Loan insurance recorded a good level of mortgage lending, but a slowdown in consumer credit. Premium income came in at €225 million for the third quarter of 2013, compared with €246 million over the same period in 2012.
· Crédit Agricole Assurances makes a significant contribution to the earnings of Crédit Agricole SA, with €251 million in net income (group share) for the third quarter of 2013.
· The Group is continuing to move forward with its innovative investments to support unrated companies and municipalities, investing €2 billion during the first nine months of the year.