Release
Paris, May 10th 2023
Record activity, +32% increase in income
Key figures T1-23:
-
Total revenue of 11.7 billion euros, up 7% (excuding La Médicale)
-
Unit-linked rate of gross inflows at historic level 45.8%
-
P&C net contribution +18% vs Q1-22, representing more than 177,000 contracts
-
+32% increase in CAA's contribution to Crédit Agricole S.A income
Philippe Dumont, Chief Executive Officer of Crédit Agricole Assurances, says: « This first quarter has been marked by a record activity and a strong increase in our income. Beyond the very good performance of all our activities and in particular our retirement and savings activities, it stands out for several significant commercial events, in particular the signing of a strategic partnership with Mobilize Financial Services, a subsidiary of Renault, the commercial success of our new young housing formula, accessible to all, and that of the new crop insurance offer, in total coherence with the Societal Project of the Crédit Agricole group. The good results recorded this quarter; for the first time calculated in the IFRS 17 accounting standard; confirms once again the solidity of our universal bank-insurer model, serving all of our customers ».
In savings/retirement, gross inflow reached 8.2 billion euros at the end of March 2023. In France, it amounted to 7.3 billion euros, up +16.9% compared to the end of March 2022. Gross unit-linked inflows remain high at 3.8 billion euros, i.e. representing a record unit-linked rate of 45.8%. Total net inflows amounted to +€657 million, with unit-linked net inflows at +€2.4 billion.
Outstandings managed in life insurance amounted to 3251 billion euros at the end of March 2023, including 88 billion euros in unit-linked, and 236 billion euros of Euro-denominated. Unit-linked products outstandings represented 27.2% of total outstandings at the end of March 2023.
In property and casualty insurance, activity remained dynamic with premium income up +9%2 compared to the end of March 2022, to reach 2.2 billion euros, with a good increase in crop insurance (147m € in revenues vs €84m in Q1-22), and +18% for international subsidiaries (+28% for CA Assicurazioni). At the end of March 2023, the portfolio of property and casualty contracts stood at nearly 15.5 million contracts, up +3.7%2 over one year, with a net contribution over the first three months of the year of nearly 177,000 contracts, representing an increase of +18% compared to the first quarter of 2022.
Equipment rate of retails customer is slightly up in French regional bank (42.9%3 at the end of March 2023, +0.5 points over one year), at LCL (27.4%3 at the end of March 2023, +0.9 points over one year), and at CA Italia (17.3%4 at the end of March 2023, +2.2 points over one year). The combined ratio5 amounts 97,0% at the end of march 2023, -0,7 pp year on year thanks to a favorable claims trend in the first quarter.