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Crédit Agricole Assurances posts 18.6% growth in revenues in Q3 2014

Crédit Agricole Assurances recorded €7.2 billion in revenues for the third quarter of 2014, up 18.6% on the third quarter of 2013. Revenues for the first nine months of 2014 came to €22.7 billion, 12.4% more than for the same period in 2013.

In savings and retirement, Crédit Agricole Assurances achieved dynamic growth with €5.9 billion in premium income, up by 22% compared with Q3 2013. Premium income for the period from 1 January to 30 September 2014 came to €18.0 billion, up by 14.3% compared with €15.7 billion for the same period in 2013.

In France, premium income grew 6.5% compared with the same quarter the previous year. International premium income increased by 77.1%. Italy made a particularly strong contribution with Q3 2014 premium income up by 109.1% relative to Q3 2013, and up 78.3% for the first nine months versus the same period in 2013. This compares with growth of 33% for the Italian market as a whole in the first eight months of 2014, according to IAMA.

Net inflows for the first nine months of the year came to €6.7 billion, including €3.8 billion in France.

Assets under management were up 5.5% year-on-year to €245.1 billion at end-September 2014, including €198.8 billion for euro-based policies (+4.6% year-on-year) and €46.3 billion for unit-linked policies (+9.4% year-on-year), representing 18.9% of the total (+0.7 points year-on-year).

For the personal risks, health and loan business, premium income totalled €844 million for the third quarter of 2014, an increase of 3.7% compared with €814 million in Q3 2013. Over the first nine months of 2014, it climbed 4.3% to €2.8 billion.

Personal risk/health premium income continued to grow, up 5.3% versus Q3 2013. The loan insurance business grew by 2.3% thanks to the good performances on mortgage lending.

Premium income for the non-life insurance business stayed on a dynamic growth trend, reaching €485 million in Q3 2014, up by 8.3% versus Q3 2013, and totalling €1.9 billion for the first nine months of 2014, i.e. 7.4% more than for the same period in 2013.

The combined ratio[1] (net of reinsurance) remains well under control at 95.6% for the first nine months of 2014, despite repeated weather-related events since the beginning of the year.

[1]  Ratio (claims experience + overheads) / Premiums. Concerns Pacifica.

Finances
Crédit Agricole Assurances
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