Dynamic recovery in business on Crédit Agricole Assurances' priority lines
May 07 2021 - 1:10AM
Dynamic recovery in business on Crédit Agricole Assurances'
priority lines
The first quarter of 2021 was marked by a
strong rebound in business, particularly in Crédit
Agricole Assurances' priority lines, despite the continuing health
crisis. Crédit Agricole Assurances continued the
diversification of its product mix towards
protection of assets and individuals and unit-linked
products in early 2021. At the end of March 2021, the
Group recorded a growth of 13.0%1 in its
priority lines of business2 compared with the first
quarter of 2020. Including euro-denominated inflows, Crédit
Agricole Assurances posted revenues of €10.6
billion, up 17.7%2 compared with the first quarter of
2020, thus returning to the very high level of the first quarter of
2019.
In Property and Casualty, the
upturn in business seen in 2020 has been confirmed and
growth remains very dynamic. Crédit Agricole
Assurances reported premium income of €2.0 billion
at the end of March 2021, up 6.4%2 compared with
the end of March 2020, with a 9.3% increase in the quarter outside
France, particularly in Italy (+18.8% compared to the end of March
2020). Thanks to a net contribution of more than 200,000
contracts in the first three months of the year, the
number of P&C contracts reached nearly
14.8 million at the end of March 2021, up 4.2%
year-on-year.Equipment rates of retail customers
continued to rise, in France in the
Regional Banks (42.1%3 at the end of March 2021,
up 1.1 point year-on-year) and LCL (25.9%3, up 0.7
point year-on-year), and in Italy in CA Italia
(17.7%4, up 2.0 points year-on-year).The combined
ratio5 remains well under control at 96.1% at the end of
March 2021.
Death and disability, Creditor, and
Group insurance written premiums amounted to €1.3
billion, up 5.0%2
year-on-year, driven by all three business segments.
In Savings / Retirement, Crédit
Agricole Assurances continued to shift its business towards
unit-linked products. At the end of March 2021,
unit-linked gross inflows accounted for
€3.0 billion1, up
22.0% from the high inflows in the first quarter of 2020,
and reached its highest quarterly level ever,
demonstrating the success of the inflow policy
initiated in the last quarter of 2019. Savings / Retirement
written premiums rose by 23.9% year-on-year to
€7.3 billion, and the share of unit-linked
products in gross inflows remained at the high level of
40.7%1, stable year-on-year. International
activities in this business line rose by 42.4%, including an 18.7%
increase in Italy.
With a very high level of unit-linked
net inflows, at +€2.0 billion at the end
of March 2021, up 15.2% compared to the first
quarter of 2020, and net outflows of -€0.3 billion
on Euro contracts, total net inflows for the first
quarter amounted to +€1.7 billion, up sharply
(x2.2) compared to the first quarter of 2020.Life insurance
outstandings increased by 4.6% year-on-year to
€312.3 billion6, including €78.5 billion
in unit-linked products, and €233.8 billion of
Euro-denominated contracts (-0.3% compared to the end of March
2020). Unit-linked products
outstandings thus increased by €14.5
billion year-on-year, or 22.7%, and represented
25.1% of total outstandings, up 3.7 percentage
points compared to the end of March 2020.
*******
French participating loan
programme
To enable businesses to finance their
development and support the economic recovery, Crédit
Agricole Assurances has announced that it will provide
€2.25 billion under the French participating loan
programme, which will be distributed by banks, including
those of the Crédit Agricole network. This comes on top of all the
other measures taken by the Crédit Agricole Group to help
its professional clients in this difficult period.
Partnerships
Crédit Agricole Assurances and Europ
Assistance finalised the agreement concerning the
acquisition by Pacifica (Crédit Agricole
Assurances’ property & casualty insurance subsidiary) of a
50% stake in Europ Assistance France, the main
services entity of Europ Assistance, in relation to the Group’s
expertise and resources in the French market. As of
January 2022, Crédit Agricole Assurances and its
subsidiaries will assign all their assistance activities in France
to Europ Assistance, which will become the assistance
partner of the Crédit Agricole Group’s insurance companies
(Predica, Pacifica, CAMCA, La Médicale). Crédit Agricole Assurances
is therefore expanding its range of services, with
assistance activities fitting in fully with the Crédit
Agricole Group’s ambitions including in particular helping
customers at all times of their life.
1 In local GAAP.
2 Growths restated of an accounting
methodological correction; excluding the restatement, growth was
15.6% in priority business lines, 19.4% in Crédit Agricole
Assurances revenues, 6.6% in Property & Casualty and 16.7% in
Death and disability, Creditor, and Group insurance.
3 Percentage of customers having at least one
contract in automotive, multi-risk household, healthcare, legal,
all mobiles or accident insurance.
4 Percentage of CA Italia’s customers having at
least one contract marketed by CA Assicurazioni, non-life insurance
subsidiary of Crédit Agricole Assurances.
5 Ratio of (claims + operating expenses + commissions) to
premium income, net of reinsurance, Pacifica scope.
6 Savings, retirement and death and
disability.
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