In the first quarter of 2019, Crédit Agricole Assurances generated premium income of €10.6 billion, up 15.5% compared to the first quarter of 2018. It was driven by strong inflows in savings and retirement business, continued gains of market shares in property & casualty insurance and a sustained strong momentum in death & disability / creditor / group insurance business.
Premium income in savings and retirement business reached €7.9 billion, up 18% versus the first quarter of 2018. Unit-linked gross inflows remained high at €2 billion[1], steady compared to the first and fourth quarters of 2018, and accounted for 25% of total gross inflows at 31 March 2018.
The partnership with Creval made a good start with a premium income of €143 million over the first quarter of 2019 (including 31% of unit-linked products).
Quarterly net inflows amounted to €2.8 billion, of which €1.2 billion of unit-linked products, slightly down 4.2% compared to the first quarter of 2018, and €1.6 billion of euro products.
Life insurance assets under management increased by 4.3% year-on-year to €292 billion[2], of which €64 billion of unit-linked products, up 5.9% compared to the end of March 2018.
Property & casualty insurance business recorded sustained growth of its activities. Premium income amounted to €1.7 billion, a growth by 8.6% compared to the same period of 2018, with approximately 212,000 net new contracts over the quarter.
In France, the growth in the equipment rates of retail customers in the Regional Banks (36.6% at the end of March 2019, or +1.6 point year on year) and LCL's networks (24.1% at the end of March 2019, or +1.3 point year on year) illustrates the very good business momentum and the still significant growth potential.
Combined ratio[3] remained under control at 94.6%, improving by 3.5 points compared to the first quarter of 2018, which was impacted by major weather events.
In death & disability / creditor / group insurance business, premium income increased by 11% compared to the first quarter of 2018, to €1.0 billion, with a positive contribution of the three business lines. Creditor insurance showed a clear progression of the revenue with a 12% increase compared to the first quarter of 2018. Group insurance continues to perform well as revenue improved by more than 7% year on year. Death & disability income increased by 10% compared to the first quarter of 2018.
[1] In local GAAP
[2] Savings, retirement and death & disability
[3] Ratio of (claims + operating expenses + commissions) to premium income, net of reinsurance, Pacifica scope
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