Dynamic business in property and casualty insurance and high
solvency
Key figures S1 2022:
- Total revenue of 20.0 billion euros, up
2,8%
- Priority lines of business revenue1 increasing by
+4.2%2
- Net income group share of 806 million euros9, up 1%,
excluding the tax effect of the exceptional dividend payment of
€2bn
- Solvency 2 prudential ratio of 224% end of June
2022
Philippe Dumont, CEO of Crédit Agricole
Assurances : « Despite a complex economic environment, Crédit
Agricole Assurances posted solid financial results, with rising
revenues, a high solvency ratio and strong business momentum. The
first half of 2022 was marked by the announcement of our social
project and the publication of Crédit Agricole SA's ambitions for
2025, which illustrate our determination to accelerate the energy
transition, new responsible offerings in both savings and
property-casualty insurance, as well as in the areas of health and
ageing well. The sale of La Médicale to Generali, which took effect
on 1 July, reflects our determination to strengthen our universal
bancassurance model, which will generate significant synergies with
the other Crédit Agricole Group entities »
In the first semester 2022, Crédit Agricole
Assurances generated a turnover of €20.0 billion,
up 2.8% compared to the first half of 2021. The
diversification of its business model continues through the
development of its priority business lines1
(protection of assets and individuals and
unit-linked products in savings and retirement),
which are recording a growth in turnover of +4.2%2
compared to the first half 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 +8.0% compared to the first half of 2021, to reach
€3.3 billion of premium income, with an increase
of +20.7% in Italy. At the end of June 2022, the number of P&C
contracts reaches more than 15.5 million, up +3.5%
year on year, thanks to a net contribution of more than
334,000 contracts. Pacifica maintains its position
as the second largest home insurer in France and rises from fourth
to third place in the cumulative ranking of the number of car +
home insurance policies3. In addition, Pacifica, one of the few
insurers to offer crop insurance, launched the Crop Insurance offer
in July 2022, enabling farmers to secure their crop yields against
the main climate risks. January 1st, 2022, the transfer of 10
million assistance contracts to Europ Assistance France was
successfully completed.Equipment rates of retail
customers is stable, in French Regional
Banks (42.3%4 at the end of June 2022, -0.1 pt
year-on-year), and increases in
LCL (26.9%3 at the end of June 2022, up +0.7 pt
year-on-year), and in Italy in CA Italia (20.1%5,
up +1.7 pt year-on-year). The combined ratio6
reaches 98.7% at the end of June 2022, marked by
the climatic events of the first half-year.
In Savings /
Retirement, Crédit Agricole Assurances has still a very
high UL share in gross inflows at 40.9%. At the
end of June 2022, unit-linked gross inflows
accounted for €5.8 billion,
stable compared to the end of June 2021. Savings /
Retirement written premiums reached €14.1
billion, with net inflows at
+€3.3 billion at the end of June 2022.Life
insurance outstandings accounted €319.4
billion7 at the end of June 2022, including €80.4
billion in unit-linked, and €239.0 billion of
Euro-denominated. Unit-linked products
outstandings represent 25.2% of total
outstandings, at the end of June 2022.Furthermore, Crédit
Agricole Assurances continues to set up its policyholder
participation reserve (PPE), which stood at €13.8
billion at the end of June 2022 (+€0.7 billion yoy),
representing 6.5% of Euro outstandings8.
In death & disability, creditor, and
group insurance premiums written amounts to
€2.6 billion, up
+7.8%1 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
(+8.5%). Group insurance shows an increase of +15.1% of business
revenue. And death & disability benefited from the good
performance of funeral cover (+5.1%).
At the end of June 2022, the net income
group share of Crédit Agricole Assurances has
increased by +1% to reach €806
million9, excluding the tax effect of the exceptional €2bn
dividend payment..
Crédit Agricole Assurance also demonstrated its
solidity and resilience, with a solid
Solvency II prudential ratio of 224% at 30 June
2022, after the exceptional €2bn dividend payment, in addition to
the €1.4 bn of dividend already paid for the year 2021.
**********
HIGHLIGHTS
On 28th April, Crédit Agricole Assurances
presented its social project in which it announced its commitments
to the climate, inclusion and the agricultural and agri-food
transitions. In terms of the energy transition in particular,
Crédit Agricole Assurances is aiming for a renewable energy
production capacity of 14 GW by 2025, compared with 5.2 GW at the
end of 2020, which is equivalent to the electricity consumption of
more than 5 million homes in France. The signing of an agreement to
acquire 25% of the Ørsted offshore wind farm project, Hornsea 2,
the participation in the Clean Hydrogen Infrastructure fund managed
by Hy24, the world's largest fund dedicated to decarbonised
hydrogen infrastructure, and the acquisition of 25% of Repsol
Renovables will contribute to achieving this objective.
On 1st July 2022, Crédit Agricole
Assurances finalised the sale of La Médicale, Crédit
Agricole Assurances' insurance subsidiary for healthcare
professionals, to Generali. The sale will have a positive impact of
€100 million on the Crédit Agricole Assurances group's
earnings.
Crédit Agricole Assurances maintains its
number one position as the leading life insurer in France
in the 2022 ranking of the top 30 life insurers in
France10.
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. 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 98 Nicolas Leviaux +33(0)1 57 72 09 50 / 06 19
60 48 53service.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 Source : Argus de l’assurance ; 2022 ranking on the
basis of the number of car and property policies
4 Percentage of customers having at least one contract in
automotive, multi-risk household, healthcare, legal, all mobiles or
accident insurance.
5 Percentage of CA Italia’s customers having at least one
contract marketed by CA Assicurazioni, non-life insurance
subsidiary of Crédit Agricole Assurances.
6 Ratio of (claims + operating expenses + commissions) to
premium income, net of reinsurance, Pacifica scope
7 Savings, retirement and death and disability
8 Life France scope
9 The Group's share of net income amounts to 779
million euros, including the tax effect of -26.8 million euros at
the end of June 2022, linked to the exceptional dividend payment of
2 billion euros dividend from Predica to CAA. The contribution to
the net income group share of Crédit Agricole S.A. amounts to €737
million. The difference with Crédit Agricole Assurances' net income
group share, including the tax effect, is mainly due to
subordinated (RT1) debt coupons for €37 million.
10 Argus de l’assurance April 22th 2022, data
end of 2021
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