In the nine months ended 30 September 2019, Crédit Agricole Assurances generated €29.1 billion of written premiums, up 16.8% compared to 2018. The activity was characterised by a good level of unit-linked inflows in savings and retirement, and a continued diversification with a better performance than the French market in property and casualty, and a still sustained momentum in death and disability, creditor and group insurance.

Savings and retirement written premiums amounted to €22.5 billion, increasing by 19.5% compared to the first nine months of 2018, driven by a strong dynamism of international activities (+38.0%). Gross inflows from unit-linked products reached €6.3 billion1, up 7.5% compared to 2018.

Net inflows for the first nine months of the year amounted to €8.5 billion, including the high level of €4.1 billion in unit-linked products, up 7.9% compared to 2018.

Life insurance outstandings increased by 5.5% year-on-year to €301 billion2, including €67 billion in unit-linked products, up 9.0% compared to end-September 2018, and €234 billion of Euro-denominated contracts (+4.6%). The proportion of unit-linked products reached 22.4% of the total outstandings (+0.7 point year-on-year).

Crédit Agricole Assurances is adapting its strategy to the new interest rate environment, in particular by introducing incentives for unit-linked products, and is preparing to reduce the profit sharing rates of Euro-denomindated contracts.

Furthermore, Crédit Agricole Assurances continues to set up its policyholder participation reserve (PPE), which stood at €10.8 billion at end-September 2019 (+ €948 million in 2019), representing 5.2%3 of Euro outstandings.

Finally, Crédit Agricole Assurances is continuing to diversify its product mix by developing property and casualty insurance and personal protection:

In property and casualty, Crédit Agricole Assurances continued its market share growth dynamic. Written premiums reached €3.6 billion at end-September 2019, up 8.0% compared to 2018, driven both by France (+8.1%) and International activities (+5.8%), with a net contribution of more than 550,000 contracts over the first nine months of the year to reach nearly 14.0 million contracts at end-September 2019.

In France, the growth in equipment rates of retail customers in the Regional Banks (37.4% at end-September 2019, up 1.5 point year-on-year) and LCL (24.7% at end-September 2019, up 1.2 point year-on-year) confirms the strength of the business model and a still significant growth potential.

The combined ratio4 remains well under control and improved by 0.1 point compared to September 2018, to 95.5%, despite weather-related events that occurred in the second quarter (frost/hail) and during the summer (drought).

Death and disability, creditor, and group insurance written premiums amounted to €3.0 billion, up 8.6% year-on-year, driven by all three businesses segments. Creditor insurance recorded a strong growth with an increase of written premiums by 10.6% compared to the first nine months of 2018, and group insurance and death and disability continued to show good momentum.




1 In local GAAP

2 Savings, retirement and death and disability

3 « Life France » Scope

4 Ratio of (claims + operating expenses + commissions) to premium income, net of reinsurance, Pacifica scope


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