Crédit Agricole Assurances: dynamic commercial performance for the second quarter of 2014
Crédit Agricole Assurances recorded €7.1 billion in revenues for the second quarter of 2014, up 18.4% on the second quarter of 2013. For the first half of 2014, revenues came to €15.4 billion, 9.7% higher than the first half of 2013.
On savings and retirement, Crédit Agricole Assurances achieved outstanding performances, with €5.7 billion in premium income for the second quarter and €12.1 billion for the first half of the year. In France, premium income grew 14% between the second quarters of 2013 and 2014, and 3.5% between the first halves of 2013 and 2014, while the market in general contracted by -1% (source: FFSA). Internationally, premium income increased by 51.5% between the second quarter of 2013 and the second quarter of 2014, including a particularly strong rate of growth for Italy (+60.7%), significantly outpacing the market (+25% at end-May according to the IAMA).
Assets under management are up 5.6% year-on-year to €242 billion at end-June 2014, including €196.5 billion for euro-based policies (+4.4% year-on-year) and €45.5 billion for unit-linked policies (+11.1% year-on-year), representing 18.8% of the total (+0.9 points year-on-year).
Since the start of the year, net inflows represent €4.3 billion, including €2.6 billion in France.
For the personal risks, health and loan business, premium income totalled €864 million for the second quarter of 2014, an increase of 4.5% in relation to the second quarter of 2013. Over the first half of 2014, it climbed 4.6% to reach €1.9 billion. Between the second quarters of 2013 and 2014, personal risk / health premium income increased by 6.5%, with 2.6% growth for the loan insurance business, thanks to the good performances on mortgage lending.
Non-life insurance has continued to build on its dynamic commercial development, with €543 million in premium income for the second quarter and €1.5 billion for the first half of 2014. In France, where the Group does most of its business, premium income growth came to 5.6% compared with the second quarter of 2013. The combined ratio[1] (net of reinsurance) has been kept well under control, coming in at 95.9% for the first half of 2014, despite the weather-related events seen during this half-year period.
Crédit Agricole Assurances makes a significant contribution to the earnings of Crédit Agricole S.A., with €268 million in net income (group share) for the second quarter of 2014 and €528 million for the first half of 2014, up 3% on the second quarter of 2013 and 2.7% versus the first half of 2013, despite the systemic tax (taxe systémique[2]) and the 1.9 point rise in the corporation tax rate.
[1] Ratio (claims experience + overheads) / Premiums. Concerns Pacifica.
[2] French systemic tax on the minimum regulatory capital requirements for Crédit Agricole S.A. due to its ownership of CAA
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