Excellent performance across all our business lines
Press release
Paris, August
1st 2024
Excellent performance across all our
business lines
KEY FIGURES H1 2024:
- Total
revenue1 of 23.1
billion euros, up +11.2%2
- Net
inflows of +2.5 billion euros with euro funds back in positive
territory
- Net
Income Group Share3
over 1 billion euros
(+8.8%4 compared to H1
2023)
- Solvency II prudential
ratio estimated at 200%
“The dynamic performance of all our business
lines has enabled us to report strong growth in revenue and Net
Income Group Share, which exceeded €1 billion as of the first
semester for the first time. Concurrently, the satisfaction of our
customers and the trust they place in us have continued to grow.
These results commit us and comfort our strategy of responsible
development to serve our customers, our partner banks and, more
broadly, society. The start of the year has shown the very good
take-off of our new home insurance offering, which is more
inclusive and promoting the circular economy, the roll-out of our
new voluntary payment journey in Life insurance and the launch of
the first Article 9 Euro fund on the market by Spirica. I would
like to thank all our team members at Crédit Agricole Assurances,
Crédit Agricole's Regional Banks and LCL for their
commitment”.
Nicolas Denis, Chief Executive Officer
of Crédit Agricole Assurances
DYNAMIC GROWTH ACROSS ALL BUSINESS
LINES
In the first half of 2024, Crédit Agricole
Assurances generated premium income1 of €23.1 billion,
up +11.2%2 compared to the first half of 2023, driven by
confirmation of the recovery in international life insurance
business and a very good performance in France (particularly in
life insurance, thanks to payment bonus campaigns).
In savings and retirement,
gross inflows reached €16.7 billion at the end of June 2024, up
+12.7% compared to the end of June 2023. The commercial campaigns
launched during the first quarter contributed to a strong level of
gross inflows on the General Account of €10.7 billion (+32.9%).
This momentum was partly offset by a decline in unit-linked gross
inflows by -11.8% to €6.0 billion, due to less favorable market
conditions, notably a reduced attractiveness of unit-linked bond
products. Consequently, the share of unit-linked within gross
inflows fell to 35.7% (down -9.9 points year-on-year).
Net inflows amounted to +€2.5
billion, with growth compared to the first half of 2023 driven by
the return to positive territory of General Account funds. By
product, net inflows amounted to +€2.2 billion on unit-linked
products and +€0.3 billion on General account.
Life insurance
outstandings5 reached €337.9
billion at the end of June 2024, up +2.3% over six months, driven
by a positive market effect and net inflows. This encompassed €99.8
billion in unit-linked products (+4.5% over six months) and €238.2
billion in General Account (+1.4% over six months). Unit-linked
reserves represented 29.5% of total life insurance outstandings at
the end of June 2024 (+0.6 point compared to the end of December
2023).
Policyholder participation reserve (PPE) amounted
to €9.2 billion at 30 June 2024, corresponding to
4.2%6 of the Euro
outstandings.
In property and
casualty7, gross written
premiums1 reached €3.7 billion, up +7.3% compared to the end of
June 2023. Following the first consolidation of CATU, a Polish
non-life insurance subsidiary, the portfolio grew by +5.2% to 16.4
million policies, representing a net addition of 525,000 policies
over the year. In line with the 1st quarter, average premium rose
as a result of price increases and changes in the product mix.
Equipment rates within the Crédit Agricole
Group's banking networks kept growing year-on-year, at the Regional
Banks (43.5%8 at the end of June 2024, up +0.7 point),
LCL (27.8%8, up +0.4 point) and CA Italia
(19.7%9, up +1.8 points).
In personal protection (death and
disability/creditor/group
insurance10),
gross written premiums1 was up by +7.5% compared to the
end of June 2023, at €2.7 billion, driven by creditor insurance
(+4.3%), which has seen a rebound abroad, group
insurance10 (+28.8%) and individual protection
(+7.7%).
RESULTS GROWTH DRIVEN BY BUSINESS
ACTIVITY
Crédit Agricole Assurances' Net
Income Group Share for the first half of
2024 topped the €1 billion mark at €1,033 million, up
+8.8%4 year-on-year, reflecting the strong performance
across all business lines.
The combined
ratio11 stood to 94.6%, an
improvement by -1.3 points over the year, driven by positive prior
year reserve development. As the discounting effect was stable, the
net combined ratio excluding discounting also fell by -1.3 points
year-on-year to 97.3%.
The Contractual Service
Margin12 stood at €23.7
billion at the end of June 2024, broadly stable since 31 December
2023 (-0.8%). It included €1.6 billion contribution from new
business, driven by an increased turnover exceeding the CSM release
through net income (€-1.1 billion), as well as an unfavorable
economic variance of €-0.7 billion notably due to the rise in
interest rates over the first half of the year.
The annualized CSM allocation factor stood at 8.7%13 for
the first half of 2024.
SOLVENCY
At the end of June 2024, Crédit Agricole
Assurances once again demonstrated its strength, with a Solvency II
prudential ratio estimated at 200%.
RATINGS
Rating agency |
Date of last review |
Main operating subsidiaries |
Crédit Agricole Assurances |
Outlook |
Subordinated debt |
S&P Global Ratings |
November 29, 2023 |
A+ |
A |
Stable |
BBB+ |
KEY EVENTS SINCE THE LAST
PUBLICATION
- Crédit Agricole Assurances
announces the acquisition of a stake in Clariane as part of
Clariane's capital increases
- Crédit Agricole Assurances launches
a new socially responsible home insurance policy
- Measuring CO₂ emissions from motor
claims management
- Pacifica has teamed up with
mobility pioneer UCAR to provide nationwide cover for rental
vehicles, offering optimum protection for our customers'
mobility.
About Crédit Agricole Assurances
Crédit Agricole Assurances, France’s largest
insurer, is the company of the Crédit Agricole group, which brings
together all the insurance businesses of Crédit Agricole S.A.
Crédit Agricole Assurances offers a range of products and services
in savings, retirement, health, personal protection and property
insurance products and services. They are distributed by Crédit
Agricole’s banks in France and in 9 countries worldwide, and are
aimed at individual, professional, agricultural and business
customers. Crédit Agricole Assurances has 5,800 employees. Its
premium income (“non-GAAP”) to the end of 2023 amounted 37.2
billion euros.
www.ca-assurances.com
Press contacts
Nicolas Leviaux +33 (0)1 57 72 09 50 / 06 19 60 48 53
Julien Badé +33 (0)1 57 72 93 40 / 07 85 18 68 05
service.presse@ca-assurances.fr |
Investor relations contacts
Yael Beer-Gabel +33 (0)1 57 72 66 84
Gaël Hoyer +33 (0)1 57 72 62 22
Sophie Santourian +33 (0)1 57 72 43 42
Cécile Roy +33 (0)1 57 72 61 86
relations.investisseurs@ca-assurances.fr |
Appendix – Revenue analysis by
geographic area
Geographic area |
H1 2024 revenue (1)
In billion euros
|
H1 2023 revenue (1)
In billion euros |
Change over 1 year
At constant scope |
France |
18.9 |
18.1 |
+4,4% |
Italy |
3.0 |
1.9 |
+60,1% |
Other countries |
1.2 |
0.8 |
+52,6% |
Geographic area |
H1 2024 revenue(1)
In billion euros |
H1 2023 revenue(1)
In billion euros |
Change over 1 year
At constant scope |
France |
18.9 |
18.1 |
+4.4% |
Italy |
3.0 |
1.9 |
+60.1% |
Other countries |
1.2 |
0.8 |
+52.6% |
1 Non-GAAP revenue
2 On a like-for-like basis, excluding the
1st consolidation of CATU (Crédit
Agricole Towaraystow Ubezpieczeń, property and casualty insurance
subsidiary in Poland) on 30 June 2024 with retroactive effect from
1 January 2024: +11.1%.
3 The contribution to the Net Income Group share of Crédit
Agricole S.A. amounts to €989 million. The difference with Crédit
Agricole Assurances' net income group share is mainly due to
consolidation restatements, including subordinated (RT1) debt
coupons for €27 million.
4 On a like-for-like basis: +8,7%
5 Outstandings in savings, retirement and death and disability
(funeral)
6 Life France scope
7 On a like-for-like basis, excluding the 1st consolidation of
CATU on 30 June 2024 with retroactive effect from 1 January 2024:
+7.0% growth in non-life premium income, +3.2% increase in the
portfolio; at the end of June 2024, CATU’s portfolio comprised
310,000 policies including net addition of +19,000 policies over
the year
8 Percentage of customers with at least one motor, personal
accident, health, legal, mobile/portable or personal accident
insurance policy
9 Percentage of CA Italia network customers with at least one
policy marketed by CA Assicurazioni, Crédit Agricole Assurances'
non-life insurance subsidiary
10 Excluding savings/retirement
11 Combined ratio non-life in France (Pacifica) including
discounting and excluding undiscounting, net of reinsurance:
(claims + operating expenses + commissions) to premium
income
12 CSM or Contractual Service Margin: corresponds to the
profits expected by the insurer from the insurance business over
the term of the contracts, for profitable contracts, for Savings,
Retirement, Death & Disability and Creditor products.
13 CSM allocation factor = CSM allocation in P&L / (opening
CSM stock + reevaluation of stock + new business)
- CAA_CP_Activité_2024_T2_ENG
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