Revenue growth driven by property & casualty, and personal
insurance; resilience in savings and retirement
Release
Paris, November 8th 2023
Revenue growth driven by property &
casualty, and personal insurance; resilience in savings and
retirement
Key figures 9M 2023:
- Total
revenues1 of 27.7 billion euros,
up 3%2
- Gross inflows in France of
16.7 billion euros, up 8%
- P&C gross revenues of
4.6 billion euros, up 9%2
- Personal insurance revenues
of 3.8 billion euros, up 7%2
Philippe Dumont, Chief Executive Officer of
Crédit Agricole Assurances, said: "In an economic environment that
remains uncertain, Crédit Agricole Assurances posted solid Q3
financial results. In addition to the solid performance of all our
businesses, notably property and casualty insurance and personal
insurance, this quarter was marked by the success of our home
insurance offer for young tenants, which found its audience thanks
to the accelerated digitization of our underwriting processes, and
by the acquisition of stakes in Innergex and Verkor, which are
fully in line with Crédit Agricole Group’s commitment to a
low-carbon economy.”
Over the first nine months of 2023, Crédit
Agricole Assurances generated gross
revenues1 of €27.7 billion,
up 3%2 compared to September 2022.
In savings and retirement,
gross inflows reached €19.4 billion at the end of September 2023,
up 1% year-on-year. In France, they amounted to
€16.7 billion, up 8% compared with the end of September 2022. Since
the beginning of the year, unit-linked gross inflows have increased
by 12% to €8.6 billion, representing a unit-linked share of 44.3%
(+4.2 p.p. year-on-year). Unit-linked net inflows are very high at
€4.3 billion.Year-on-year, life insurance outstandings have
increased by 2% to €324.3 billion3 at the
end of September 2023, of which €89.6 billion in unit-linked
products (+14% vs September 2022) and €234.6 billion in
euro-denominated products. Unit-linked outstandings represented 28%
of total assets at end-September 2023 (+3 p.p. year-on-year).
In property and casualty, gross
written premium stood at €4.6 billion at the end of September 2023,
up 9%2 year-on-year. In France,
gross written premium increased by 9%2, with growth in all
activities, mainly driven by home insurance (+8%) and motor (+7%),
and by the sharp rise in crop insurance (+53%). Outside France,
gross written premium increased by 11% notably in Italy (+15%).At
the end of September 2023, the non-life insurance portfolio
represented almost 15.8 million policies, nearly
542k additional policies over one year. In the first nine months of
the year, the net inflow represented more than 468k
policies.Our home insurance offer for young
tenants recorded a good performance, with almost 72k
contracts underwritten by the end of September 2023, about 36k
additional contracts compared to June, 30th 2023. Nearly
20% of new business was initiated online,
illustrating the success of new digital paths, in
line with the Group's digital transformation strategy.Equipment
rates of retail customers kept growing in French Regional Banks
(43.1%4 at end-September 2023, up 0.5 point year-on-year), LCL
(27.6%4 at end-September 2023, up 0.5 point year-on-year) and CA
Italia (18.3%5 at end-September 2023, up 2.2 points
year-on-year).The combined ratio6 stood at
95.2% at the end of September 2023, an improvement
of 5.0 points in one year, thanks in particular to a favourable
claims experience in the first nine months of 2023.
In personal insurance, gross
written premium amounted to €3.8 billion at the end of September
2023, up 7%2 year-on-year. Group
insurance and personal risk respectively increased by 22% and 13%.
Creditor insurance was up 5%2, benefiting from single premiums
outside of France, in particular in Italy, and an increasing
backing rate in France.
CSM
The Contractual Service Margin (CSM) stood at
€23.2 billion at the end of September 2023, up 6% compared to 31
December 2022, driven by an increased turnover combined with the
good performance of financial markets. It included €1.0 billion
revaluation of existing business – excluding new business.Over nine
months, the impact of new business was €2.0 billion, driven by 2
points UL/Euro mix improvement compared to the end of December
2022, and a good business momentum.
HIGHLIGHTS
Successful placement of a 10-year €500m
issue of subordinated Tier 2 notes and the tender offers relating
to tranches of undated subordinated notes Tier 1 benefiting from a
grandfather clauseAs part of its active capital management
policy, Crédit Agricole Assurances announced:
- on 17 October 2023:
- the successful placement of a
10-year fixed rate of 5.875% Tier 2 Subordinated Notes issue for a
principal amount of €500m; and
- to set the maximum acceptance
amount of its tender offers relating to two tranches of undated
subordinated notes issues in 2014 and 2015 launched on 16 October
2023 at €500m.
- on 24 October 2023:
- the success of its tender offers
launched on 16 October 2023 relating to the two series of
above-mentioned notes;
- to confirm the final acceptance
amount of its tender offers at €500m;
- the final results for each of the
series of notes.
S&P affirms its “A” issuer credit
ratings on Predica and PacificaOn 9 October 2023, S&P
affirmed its “A” long-term insurer financial strength and issuer
credit ratings on the core operating subsidiaries of
France-domiciled Credit Agricole Assurances, as well as the “A-”
long-term issuer credit rating on CAA. The outlook on all entities
are stable.
Acquisition of a 30% minority equity
participation in Innergex Renewable Energy’s portfolio in
FranceOn 7th August 2023, a long-term partnership
agreement was signed between Innergex Renewable Energy and Crédit
Agricole Assurances regarding Innergex’s assets and development
portfolio in France. The transaction also provides funding
commitments from the partners to accelerate the development of wind
and solar projects in France. The transaction is expected to close
in the second half of 2023.
Verkor secures more than €2 billion in
financing following the signing of a minimum of €850m Series C
funding, approval of European Investment Bank for €600m debt
support and French subsidies for an amount around €650m, subject to
final approval by the European Commission.This equity
round highlights Crédit Agricole Assurances, which supports green
re-industrialisation.This financing will accelerate:
- the construction of Verkor’s first
gigafactory, in Dunkerque, and the manufacture of high-performance
low-carbon battery cells,
- ongoing technological developments
at the Verkor Innovation Centre (VIC) for new manufacturing
technologies and new state-of-the-art product,
- strategic investments across the
battery value chain, thereby generating thousands of direct and
indirect long-term jobs.
Pacifica, P&C subsidiary of Crédit
Agricole Assurances, inaugurates its 1st
low-carbon Claims Management Unit, in Caen.In line
with the Crédit Agricole Group’s social project to fight against
global warming, this first Claims Management Unit has been awarded
a low-carbon label and certification. It meets the following labels
and certifications: BBCA (low-carbon building) excellent level, HQE
(High Environmental Quality) excellent level, and E+C- (Positive
Energy and Carbon Reduction) label.The next low-carbon sites will
open in 2024, in the cities of Saint-Etienne, Dijon and Pau, with
the creation of around a hundred jobs for each of them.
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 nine 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 5,700 employees. Its
premium income at the end of 2023 amounted to €35.3 billion (IFRS).
www.ca-assurances.com
Press contactsNicolas Leviaux +33 (0)1 57 72 09 50
/ 06 19 60 48 53Julien Badé +33 (0)1 57 72 93 40 / 07 85 18 68
05service.presse@ca-assurances.fr |
Investor Relations contactsYael Beer-Gabel +33
(0)1 57 72 66 84Victoire-Emmanuelle Prud’homme +33 (0)1 43 23 90
66Valentin Lecomte +33 (0)1 43 23 59
76relations.investisseurs@ca-assurances.fr |
1 « Non GAAP » revenues2 At constant scope excluding
La Médicale3 Savings, Retirement and Protection4 Share of customers
having at least one contract in automotive, household, health,
legal, all mobiles or accident insurance5 Share of CA Italia’s
customers having at least one contract marketed by CA
Assicurazioni, non-life insurance subsidiary of Crédit Agricole
Assurances6 P&C insurance combined ratio (Pacifica scope)
including discounting and excluding unwind of discount: (claims +
operating expenses + commissions) to premium income, net of
reinsurance; Undiscounted combined ratio: 98.1%
- CAA_CP_Activite_2023-Q3_vDEF
Credit Agricole SA 4.5% ... (EU:CAAA)
過去 株価チャート
から 5 2024 まで 6 2024
Credit Agricole SA 4.5% ... (EU:CAAA)
過去 株価チャート
から 6 2023 まで 6 2024