Results for the fourth quarter and full year 2013

February 19 2014

Crédit Agricole Assurances is announcing €6.2 billion in revenues for Q4 2013, with a full-year figure of €26.4 billion for 2013, up 13.9% on 2012.

Life insurance achieved stronger growth than the market in 2013, after business picked up again significantly during Q4 2012 and Q1 2013. In France, premium income totalled €18.6 billion for the full year in 2013, up 14.9% compared with 2012, outpacing the overall market’s growth (+6% according to the French federation of insurance companies (FFSA) at end-December 2013). Internationally, premium income increased by 20.4% over the same period.

In-force business for life insurance represented €235 billion at the end of December 2013, up 4.6% year-on-year. The level of in-force business in euros climbed 4.7% year-on-year to €191.8 billion, with unit-linked business up 3.9% over the same period to €43.2 billion, representing 18.4% of total in-force business. Since the start of the year, net inflows represent €5.4 billion, including €4.3 billion in France.

Non-life insurance in France has continued to outperform the market, with premium income growth of 6.2% for the year in 2013, up to €2.6 billion, compared with 2012, while the market grew by 2% over the same period (source: FFSA, December 2013). At the end of December 2013, the loss ratio – all years and net of reinsurance – was effectively under control, coming in at 70.9% despite the weather-related events seen during the summer and at the end of 2013.

With €932 million of premium income for 2013, compared with €964 million one year earlier, the loan insurance business has remained stable despite the slowdown affecting the consumer credit market.             

Crédit Agricole Assurances makes a significant contribution to the earnings of Crédit Agricole S.A., with €992 million in net income (group share) at end-December 2013.

Lastly, the Group has continued to move forward with its investments in the French economy, with €9 billion for 2013, including €2.1 billion of financing to support unrated companies and municipalities.

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