2014 first-quarter earnings: good performance driven by all Crédit Agricole Assurances' business lines
Crédit Agricole Assurances is reporting €8.3 billion in revenues at 31 March 2014, up 3.2% on the first quarter of 2013. Net inflows for savings-retirement and personal risks came to €2.3 billion, including €1.5 billion generated in France.
The savings-retirement business has continued to perform well, with gross inflows climbing 2.3% compared with the first quarter of 2013 to €6.3 billion. International business made a significant contribution, with gross inflows up 33.1??????%, including excellent performances in Italy.
The personal risks-health-loan insurance business recorded €1 billion in premium income, an increase of 4.7??????% compared with the first quarter of 2013. Loan insurance achieved an excellent performance internationally, with premium income growth of 30??????% for Poland and 15??????% for Italy versus the first quarter of 2013.
For non-life insurance, premiums came to €900 million, with a very strong rate of growth (+??????7.8??????% versus the first quarter of 2013), particularly in France, where the Group does most of its business. The combined ratio* (net of reinsurance) has been kept effectively under control, coming in at 96.3% for the first quarter of 2014, despite the weather-related events seen at the start of this year.
Crédit Agricole Assurances contributed €260 million to Crédit Agricole S.A.'s net income for the first quarter of 2014, up 2.4% on the first quarter of 2013. The cost-to-income ratio has been kept at 26.3%, thanks to Crédit Agricole Assurances' strong operational integration with the Crédit Agricole Group's retail banking networks.
Savings-retirement assets under management represented €238.6 billion at end-March 2014, with 18.5% based on unit-linked products, up 4.6% year-on-year.