Crédit Agricole Assurances : Record activity, +32% increase in income
10 Maio 2023 - 2:53AM
Crédit Agricole Assurances : Record activity, +32% increase in
income
Release
Paris, May 10th 2023
Record activity, +32% increase in
income
Key figures T1-23:
- Total revenue of 11.7 billion
euros, up 7% (excuding La Médicale)
- Unit-linked rate of gross
inflows at historic level 45.8%
- P&C net contribution +18%
vs Q1-22, representing more than 177,000 contracts
- +32% increase in CAA's
contribution to Crédit Agricole S.A income
Philippe Dumont, Chief Executive Officer of
Crédit Agricole Assurances, says: « This first quarter has been
marked by a record activity and a strong increase in our income.
Beyond the very good performance of all our activities and in
particular our retirement and savings activities, it stands out for
several significant commercial events, in particular the signing of
a strategic partnership with Mobilize Financial Services, a
subsidiary of Renault, the commercial success of our new young
housing formula, accessible to all, and that of the new crop
insurance offer, in total coherence with the Societal Project of
the Crédit Agricole group. The good results recorded this quarter;
for the first time calculated in the IFRS 17 accounting standard;
confirms once again the solidity of our universal bank-insurer
model, serving all of our customers ».
In savings/retirement, gross inflow reached 8.2
billion euros at the end of March 2023. In France, it amounted to
7.3 billion euros, up +16.9% compared to the end of March 2022.
Gross unit-linked inflows remain high at 3.8 billion euros, i.e.
representing a record unit-linked rate of 45.8%. Total net inflows
amounted to +€657 million, with unit-linked net inflows at +€2.4
billion.
Outstandings managed in life insurance amounted
to 3251 billion euros at the end of March 2023, including 88
billion euros in unit-linked, and 236 billion euros of
Euro-denominated. Unit-linked products outstandings represented
27.2% of total outstandings at the end of March 2023.
In property and casualty insurance, activity
remained dynamic with premium income up +9%2 compared to the end of
March 2022, to reach 2.2 billion euros, with a good increase in
crop insurance (147m € in revenues vs €84m in Q1-22), and +18% for
international subsidiaries (+28% for CA Assicurazioni). At the end
of March 2023, the portfolio of property and casualty contracts
stood at nearly 15.5 million contracts, up +3.7%2 over one year,
with a net contribution over the first three months of the year of
nearly 177,000 contracts, representing an increase of +18% compared
to the first quarter of 2022.
Equipment rate of retails customer is slightly
up in French regional bank (42.9%3 at the end of March 2023, +0.5
points over one year), at LCL (27.4%3 at the end of March 2023,
+0.9 points over one year), and at CA Italia (17.3%4 at the end of
March 2023, +2.2 points over one year). The combined ratio5 amounts
97,0% at the end of march 2023, -0,7 pp year on year thanks to a
favorable claims trend in the first quarter.
This quarter, Crédit Agricole Assurances also
recorded very good growth in crop insurance (+75% Q1/Q1), as well
as in the new home insurance6 offer for young tenants with +30% new
business comparing to the end of march 2022, on target
customers.
In personal insurance, revenue stood at 1.2
billion euros at the end of March 2023, up +6% year-onyear, in
France and internationally, supported by a favorable stock
effect.
CONTRIBUTING INCOME UNDER IFRS 17
STANDARDS
While Crédit Agricole Assurances will publish
for the first time its accounts under IFRS 17 standards on the
basis of the accounts closed on 30 June 2023, the contributive
income of the insurance business in the Q1-23 accounts of Crédit
Agricole S.A has been published.
As of 31 March 2023, the Contractual Service
Margin (CSM), which represents the discounted value of the future
benefits expected in Retirement Savings and Personal Protection,
and the Risk Adjustment (RA), bearing the uncertainty on cash flow
amount and timing, recorded in the balance sheet under IFRS 17,
increased in the first quarter thanks to the impact of new business
and the positive effect of the market environment on the valuation
of inventory.
Q1-23 insurance net banking income reached 711
million euros, including 621 million euros from the amortization of
CSM and RA stock, and 83 million from property and casualty
insurance7 and reinsurance.
Net income group share is at 474 million euros,
representing an increase of +32.5%8 compared to the first quarter
of 2022, due in particular to a base effect linked to the
unfavorable market conditions of the first quarter of 2022 , and to
the increase in activity, particularly in unit-linked savings.
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