Growth across all business lines for the first half of 2016 with strong commercial development for death & disability
Crédit Agricole Assurances reports €16.8 billion of revenues[1] for the first half of 2016, up 4.6% compared with the first half of 2015.
For savings and retirement, revenues[1] are up 4.0% to €13 billion, with unit-linked products[2] generating 20.2% of gross inflows.
Net inflows[2] amounts to €3.9 billion, of which €2.4 billion for France.
Assets under management show year-on-year growth of 3.4%, up to €264.2 billion at end-June 2016, of which 18.8% for unit-linked policies.
Property & casualty revenues[1] represent €2.1 billion, 5.3% higher than the first half of 2015.
Despite the weather-related events from the past few months, the combined ratio[4] remains under control at 96.6%.
For the death & disability, creditor and group insurance, revenues[1] are up 8.7% compared with the first half of 2015 to €1.6 billion. This growth has been driven by the death & disability business, which increased by 10.0% over the same period.
In June this year, Crédit Agricole Assurances and Amundi announce that they are setting up an integrated commercial partnership and will now be able to offer a unique global approach for major businesses with savings, retirement and death & disability solutions for their employees.
At 30 June 2016, Crédit Agricole Assurances reports €650 million in half-year net income (group share), up 16.7% year-on-year excluding non-recurring items[3].
The consolidated financial statements at 30 June 2016 are available on the Crédit Agricole Assurances website (www.ca-assurances.com/espace-investisseurs).
The Standard & Poor’s rating is A- / outlook stable.
[1] IFRS revenues broken down for each new business line with individual health and personal accident cover transferred from the “death & disability/health/creditor” business to “property & casualty ”
[2] Under French standards
[3] Cash balance of €62 million net of tax paid in the first quarter of 2015 linked to early repayment of subordinated debt to Crédit Agricole S.A.
[4] Ratio (claims + operating expenses + commissions) / premiums, net of reinsurance. Scope: Pacifica
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