Sustained activity on priority lines of Crédit Agricole Assurances
Key figures Q1 2022:
- Total revenue of €11.2 billion euros
- Priority lines of business revenue1 increasing by
+6.5%2
Philippe Dumont, CEO of Crédit Agricole
Assurances: “Once again, Crédit Agricole Assurances' sustained
activity in the first quarter of 2022 illustrates our solidity and
confirms our model as a local universal bancassurer, despite a
difficult market context and a tense international situation. At
the same time, we are proud to announce our membership of the
Net-Zero Insurance Alliance. As part of the Crédit Agricole Group's
social project, we are continuing our actions to reduce the carbon
footprint of our products and services and enable our customers to
contribute to the fight against climate change.”
In the first quarter of 2022, Crédit Agricole
Assurances generated premium income of 11.2 billion euros,
up 5.8% compared with the first quarter of
2021. The diversification of its business model
continued through the development of its priority lines of
business1 (property and personal
protection, and unit-linked life
insurance), with good growth in premium income of
+6.5%2 compared with the first quarter of 2021. In
a complex economic and financial environment, this increase in
turnover reflects the growth generated by our portfolio
contracts.
In Property & Casualty, the
activity remains very dynamic with a growth in the revenue
by +6.7% to reach €2.1 billion of premium
income at the end of March 2022, with an increase of +16.1% in
Italy, despite a slowdown in activity observed in the first
quarter. At the end of March 2022, the number of P&C contracts
reaches more than 15.3 million, up +3.4% year on
year, thanks to a net contribution of more than 146 000
contracts. On January 1st, 2022, the transfer of 10
million assistance contracts to Europ Assistance France was
successfully completed.Equipment rates of retail
customers continued to rise, in French
Regional Banks (42.4%3 at the end of March 2022,
up +0.3 point year-on-year) and LCL (26.5%3 at the
end of March 2022, up +0.6 point year-on-year), and in Italy in
CA Italia (19.2%4 at the end of March 2022, up
+1.5 points year-on-year). The combined ratio5
stood at 97.7% at the end of March 2022, marked by
climatic events in the first quarter.
In Savings /
Retirement, Crédit Agricole Assurances has a very high UL
share in gross inflows at 40.9%. At the end of
March 2022, unit-linked gross inflows accounted
for €3.2 billion, up +5.8%
compared to the end of March 2021. Savings / Retirement
written premiums rose by +5.2% year-on-year to
€7.7 billion, with a very high level of
net inflows at +€2.0 billion at the end
of March 2022, including a historical unit-linked net
inflows at +€2.1 billion up +3.9%
compared to the end of March 2021.Life insurance
outstandings increased by +3.2% year-on-year to
€322.3 billion6, including €84.5 billion
in unit-linked, and €237.8 billion of Euro-denominated.
Unit-linked products outstandings thus
increased by +€6.1 billion year-on-year, or +7.7%,
and represent 26.2% of total outstandings, up +1.1
percentage points compared to the end of March 2021.
In death & disability, creditor, and
group insurance premiums written amounts to
€1.4 billion, up
+7.8% year-on-year, driven by all the three business
segments, in France and abroad. We observed a good performance of
creditor insurance, supported by a favourable real estate market
(+10%). Group insurance shows an increase of +15% of business
revenue. In death & disability benefits from the good
performance of the funeral cover (+11%).
**********
HIGHLIGHTS
By announcing its membership of the Net-Zero
Insurance (NZIA) Alliance on 28th April, Crédit Agricole Assurances
is committed to continuing its climate action by reducing the
carbon footprint of its products and services, thereby enabling its
customers to limit their impact on the environment. This
endorsement complements the commitments already made by CAA, which
is a member of the Net Zero Asset Owner Alliance (NZAOA) and
adheres to the Principles for Sustainable Insurance (PSI).
At the same time, Crédit Agricole Assurances has
revised upwards its target for the production capacity of renewable
energy facilities financed in equity. It will reach 14 GW by 2025,
compared with 5.2 GW at the end of 2020, thus ensuring the
electricity consumption of more than 5 million homes in France. The
announcement on 28th March 2022 that Crédit Agricole Assurances had
signed an agreement to acquire 25% of the 1.3 GW Ørsted, Hornsea 2,
offshore wind farm project in the UK will contribute to achieving
this objective. Hornsea 2 will be the world's largest offshore wind
farm when it comes on stream in 2022.
Crédit Agricole Assurances has also maintained
its position as France's leading bancassurer in the 2022
French Bancassurance ranking7. In addition, Crédit
Agricole Assurances is ranked No. 1 bancassurer in France in motor,
home, health and pensions.
Finally, on February 1st 2022, Crédit
Agricole Assurances and Generali signed the sale
agreement for La Médicale, the subsidiary providing
insurance for healthcare professionals, by Crédit Agricole
Assurances to Generali, following the announcement to enter into
exclusive negotiations on 24th November 2021. The completion of
this transaction remains subject to the approval of the relevant
regulatory and competition authorities.
About Crédit Agricole
AssurancesCrédit Agricole Assurances, France’s largest
insurance Group, unites together Crédit Agricole’s insurance
subsidiaries. The Group offers a range of savings, retirement,
health, personal protection and property insurance products and
services. They are distributed by the Crédit Agricole’s banks in
France and in eight other countries around the world by financial
advisers and multi-line insurance agents. The Crédit Agricole
Assurances companies serve individuals, professionals, farmers and
businesses. Crédit Agricole Assurances has 5,300 employees. Its
premium income at the end of 2021 amounted to €36.5 billion (IFRS).
www.ca-assurances.com
Press contactsFrançoise Bololanik + 33 (0)1 57 72
46 83 / 06 25 13 73 98service.presse@ca-assurances.fr |
Investor Relations contactsMarie-Isabelle
Marcellesi + 33 (0) 1 57 72 12 84Victoire-Emmanuelle Prud’homme +33
(0) 1 43 23 90 66Valentin Lecomte +33 (0) 1 43 23 59
76relations.investisseurs@ca-assurances.fr |
1 Priority lines of activity correspond to all
premiums excluded Euro-denominated contracts.
2 In local GAAP
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
7 Argus de l’assurance April 22th 2022, data end of 2021
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