PARIS, Nov. 9, 2001 (PRIMEZONE) -- AGF (Paris Stock Exchange:AGF):
Highlights
-- Life and health (savings, personal and family protection,
retirement, health): trends improved on 1st half:
-- France down from a particularly strong 3rd quarter in 2000,
but in noticeable recovery from 1st half : traditional life
and group policies grew;
-- Europe turned down slightly;
-- Life insurance outside Europe, particularly in South
America, continued to expand.
-- Non-life: Rate hikes continued to buoy growth, in France (+9.5%)
as in the rest of the world (+8.4%)
-- Growth of n on-life bancassurance still sustained (+23.7%)
-- Specialty businesses (assistance, credit insurance) dynamic
-- At end of October, Banque AGF had 215,000 customers and about780
mn euros in assets under management.
Note: Comparable basis: at constant foreign exchange and pro forma (premium income at 09-30-01 was calculated at exchange rates on 09-30-00, and pro forma was a comparison of premium income at 09-30-01 to 09-30-00 using the 2001 scope of consolidation).
Consolidated premium income at 09-30-2001
in millions of euros 09-30-01 09-30-00 Ch. from Ch. proforma
01/00 (actual proforma
prem. Inc.) and cst.
for. exch.
LIFE AND HEALTH 5,223.8 5,403.0 -3.3% -5.6%
France 3,796.4 4,060.8 -6.5% -6.5%
Europe outside
France 1,054.9 903.0 16.8% -5.8%
Other 372.5 439.2 -15.2% 3.9%
NON-LIFE 5,246.4 4,840.1 8.4% 9.1%
France 3,181.8 2,912.4 9.3% 9.5%
Europe outside
France 1,352.4 1,113.5 21.5% 9.2%
Other 712.2 814.2 -12.5% 7.2%
ASSISTANCE 358.9 308.2 16.5% 17.7%
CREDIT INSURANCE 858.8 804.8 6.7% 8.7%
PREMIUM INCOME
INSURANCE 11,687.9 11,356.1 2.9% 2.2%
Other activities 118.7 98.6 20.4% 2.6%
Net banking income 1,224.5 131.8(a) 8.2% 11.1%
Consolidated
premium income 13,031.1 12 586.5 3.5% 3.0%
Note a: 1,571.6 mn euros, including Sophia, which exited consolidation at 09-30-01
Notes: 1. Premium income from insurance at 09-30-00 (11,356.1 mn euros) differs from the amount published last year in BALO (11,282.9 mn euros) because of the consolidation of an amount representing insurance services (assistance services and services of AGF International), namely +73.2 mn euros at 09-30-00.
2. Premium income from life and health, excluding individual and group life insurance, included all health premium income, i.e., all individual and group bodily injury.
3. The decree of January 17, 2001 dealing with the application of new methodology to the consolidated financial statements of insurance companies changed the definition of premium income, which now includes:
-- Premiums written by insurance companies and services (formerly booked to underwriting income)
-- The premium income of companies included in other activities, i.e., mainly asset management, services provided by cash management companies, brokerage commissions and merchandise sales. Asset management amounted to the premium income before retrocessions of AGF Asset Management, which included OPCVM sales, gross commissions, and the premium income of companies outside France (Benelux, Chile).
4. Consolidated net banking income included interest and related income, income from floating rate securities, commissions (products), net gains on trading, gains on unconsolidated fixed assets, and other net banking income.
3rd quarter 2001 was influenced by the following trends:
-- The life insurance market in France and the rest of Europe was in recovery (-9%, vs. -14% at 1st half 2001 based on the FFSA). Although down from 3rd quarter 2000, which was buoyed by unit-linked product growth and bank PEP (personal savings plans) conversions into life policies, the sustained growth of traditional and group life policies put the market on a better track. However, the improvement did not offset lower payments in respect of unit-linked policies (-40%). Growth in South America, excluding foreign exchange, remained robust.
-- The growth of non-life in France and nearly all of Europe kept improving, owing to dramatic rate increases in all insurance classes; in South America, non-life also stayed on a positive track, absent foreign exchange.
LIFE AND HEALTH: Although soft financial markets continued to weigh on life receipts, and more specifically, on unit-linked products, they improved from 1st half 2001.
Consolidated premium income from savings, personal and family protection, retirement and health (assurance de personnes) stood at 5 223.8 mn euros, down 3.3% from 3rd quarter 2000 (-5.6% on a comparable basis), a striking improvement from the first two quarters (-8.9%). Life retreated 7.6%, whereas health advanced 3.7% (on a comparable basis). Changes by region were as follows (on a comparable basis):
-- France: -6.5%, -- Europe outside France: -5.8%, -- Outside Europe: +3.9%.
Life and health accounted for nearly 44% of premium income from the AGF Group's insurance activities, vs. 48% at 09-30-00.
FRANCE
Premium income from life and health totalled 3 796.4 mn euros (-6.5%), accounting for 54.4% of domestic insurance activity (excluding assistance and credit insurance). Life dropped 7%, while individual health remained nearly stable (-0.3%). Mathematical reserves rose 4.6% between 09-30-00 and 09-30-01 to 40.12 bn euros.
The distribution and change in domestic life and health was as follows:
09-30-01 09-30-00 Change
Individual life 2,451.3 2,789.9 -12.1%
Dedicated sales forces 1,506.1 1,664.2 -9.5%
General agents 512.9 629.8 -18.6%
Brokerage and
investment managers 129.3 142.6 -9.3%
Partnerships 204.4 265.7 -23.1%
W Finance 89.5 71.9 24.5%
Other 9.1 15.7 -42.0%
Group life 1,020.2 946.6 7.8%
Other 2.9 1.2 n.a.
Total life 3,474.4 3,737.7 -7.0%
Individual health
(bodily injury) 322.0 323.1 -0.3%
Total life and health 3,796.4 4,060.8 -6.5%
Individual life: receipts were down from last year, but much better than in the 1st half (-12.1%, vs. -18.6%).
Dedicated sales forces (-9.5% to 1 506.1 mn euros)
Third quarter activity was an improvement over the first half (-9.5, vs. -10.6%) and a slight improvement over the market (-10%), owing to strong performance by franc-denominated life policies and personal and family protection. Total receipts from savings (life insurance, financial products and loans) amounted to 1 912.7 mn euros (-7.2%).
General agents (-18.6% to 512.9 mn euros)
Premium income, which dropped less than in the first half (-27.8%), felt the combined impact of a difficult life market and an exceptional 3rd quarter 2000 (+38.7%) when Tellus, the new unit-linked convergence product, was launched and bank PEPs (personal savings plans) were converted into insurance products. It reflected the success of Triplus, the structured product sold in the summer (350 mn euros)
Brokerage and investment management (-9.3% to 129.3 mn euros)
The strong showing by traditional life products (Gaipare policies) and the recovery of Platinia Patrimoine, the unit-linked policy, restrained the 3rd quarter drop in premium income (-9.3%, vs. -18% in the 1st half).
Life partnerships (-23.1% to 204.4 mn euros)
Business recovered from the previous quarter (-47.6%), but still suffered from the drop in unit-linked policies, which account for most of the premium income of Arcalis, the subsidiary responsible for life partnerships.
W Finance
The premium income of W Finance, the specialised high-end management network, stood at 89.5 mn euros, a rise of 24.5%.
All networks combined, the premium income of the AGF Group's individual life business dropped 12.1% (vs. -18.6% in the 1st half) to 2 451.3 mn euros. Sales of franc-denominated life policies continued to recover (+4% to 1 772 mn euros) but failed to offset lower receipts from unit-linked policies (-37.5% to 673.5 mn euros), which followed the market trend (-40%). Total savings receipts amounted to 3 084.6 mn euros and improved from the 1st half (-12.8%, vs. -7.4%). The assets under management of Banque AGF stood at 780 mn euros (at the end of October 2001).
Group insurance: strong growth (+7.8% to 1 020.2 mn euros)
Group insurance reported premium income of 1 020.2 mn euros, a rise of 7.8%. With monetary losses and acceptances that are booked to non-life, premium income amounted to 1 153.8 mn euros (+10.2%). This favorable trend was due to new business, particularly in retirement (+16.2%) and corporate employee benefits (+13.4%).
Health insurance (bodily injury): business stable (-0.3% to 322 mn euros)
AGF Sante was down 1%, owing to the impact of aligning the protection plan of non-salaried workers with that of salaried employees. The health premium income of Assurances Federales rose 3.5% to 11.7 mn euros.
OUTSIDE FRANCE:
Outside France, premium income attributable to life and health business rose 6.3% to 1 427.4 mn euros (-3.1% on a comparable basis).
Europe outside France: +16.8% to 1 054.9 mn euros (-5.8% on a comparable basis)
In Belgium, health and life shaved 2.1% to 347.5 mn euros. This drop applied to both life (-1.6%) and health (-6.9%). The recovery of traditional life and capital accumulation products did not manage to contain the downturn in unit-linked products.
In the Netherlands, premium income amounted to 458.2 mn euros, a rise of 89.4% attributable to the consolidation of Zwolsche Algemeene, a subsidiairy that accounted for 252.7 mn euros of premium income. On a comparable basis, premiums written were steady (vs. +6.1% in the 1st half): health (+14% to 88.1 mn euros) rose sharply, although life receipts contracted 1% (360.3 mn euros). The rise in premium income from health, which was mainly contributed by Zwolsche, owed to rate hikes and new business. The drop in unit-linked products and changes in taxation explained the trend in life. Still, it was somewhat offset by group development.
Spain, where half of AGFs premium income is consolidated, continued to feel the affect of soft financial markets. Premium income dropped 19.1% to 192 mn euros. Strong performance in individual life (+12%) failed to offset the sharp drop in premium income on unit-linked products (-60%), most of which stemmed from Eurovida, owing to weaker financial markets.
Outside Europe: -15.2% to 372.5 mn euros (+3.9% on a comparable basis).
South America
Premium income from savings, retirement and personal and family products, which accounted for 35% of insurance business on the continent, dropped 17.6% to 302.1 mn euros; absent foreign exchange, however, it rose 5%. Life insurance rose 5.9% (at constant foreign exchange) to 185.4 mn euros, and health, 3.5% to 116.7 mn euros (at constant foreign exchange).
In Brazil, growth posted by group insurance and pension funds facilitated business growth of 7% (absent foreign exchange) to 112.7 mn euros. In Colombia, business surrendered 7.3% (on a comparable basis) to 123.4 mn euros with health dropping 1.9% and life, 11.4%, because of withdrawal from unprofitable business. In Chile, growth (+6.6% on a comparable basis) was buoyed by robust business in life annuities.
NON-LIFE INSURANCE: The rise in rates in all insurance classes continued to spur business growth.
Consolidated premium income from non-life (excluding individual health and group) amounted to 5,246.4 mn euros, a rise of 8.4% (+9.1% on a comparable basis, vs. +7.8% in the 1st half).
The share of non-life business in total premium income exceeded 45%.
FRANCE: Business growth picked up, owing to rate recovery and successful new distribution methods.
Non-life premium income totalled 3 181.8 mn euros, a rise of 9.3% (+9.5% on a comparable basis, vs. +7.3% in the 1st half) and now accounts for 45.6% of insurance activity in France (excluding assistance and credit insurance).
Non-life business in France was distributed as follows:
09-30-01 09-30-00 Change
General agents 1,531.8 1,481.3 3.4%
Non-life brokers
(excl. AGF
La Lilloise health) 1,466.3 1,283.2 14.3%
Non-life group insurance 133.6 112.2 19.1%
Bancassurance (Ass
Federales) 36.0 29.1 23.7%
Alternative distribution
(mail order, e-business) 6.1 2.5 n.a.
Other 8.0 4.1 n.a.
TOTAL 3,181.8 2,912.4 9.3%
General agents: rate increases kept fuelling growth
Premium income rose 3.4% (vs. 2.6% at the end of the 1st half) to 1 531.8 mn euros.
In individual and professional non-life, excluding agricultural businesses, the rise amounted to 1.6% with premium income at 1,202 mn euros, in line with last quarter. Premium income from auto insurance rose 2.6% as it did in comprehensive household, buoyed by rate increases.
In corporate non-life, rate increases gave rise to an 8.6% increase in premium income, which stood at 340.2 mn euros.
Brokerage: growth buoyed by rate increases and new business.
Brokerage rose 14.3% to 1 466.3 mn euros.
Premium income from marine-aviation-transport was 29.9% higher at 436 mn euros. On a comparable basis, it rose 15%. AGF MATs higher share in aviation underwriting (AFA and WAIG), rate increases in hull and aviation, and higher business volume explained the favourable trend in business.
Corporate business reported premium income of about 397 mn euros (+23.8%), owing to the impact of business written on prior years and the growth of new business, both of which buoyed activity. Small and mid-sized organisations and professionals activity stood at 214 mn euros, in slight retreat from 30 September 2000, due to cancellations. Premium income from individual risk stood at 171 mn euros (+6.6%). The fleet and affinity group market saw its premium income rise 8.2% to 214 mn euros, as business continued to benefit from rate revisions and new business in affinity group insurance.
Bancassurance: still growing at a fast pace
Assurances Federales IARD reported a 23.7% rise in premium income from individual risk to 36 mn euros (+17.9% to 47.6 mn euros, including health that is booked with life and health). Sales of auto policies rose 38.4% to 13.7 mn euros and comprehensive household, 13.3% to 21.5 mn euros.
Alternative distribution: the number of policies underwritten continued to rise
New distribution methods contributed premium income of 6.1 mn euros, vs. 2.5 mn at 09-30-00. Most of it came from Calypso, the subsidiary that offers auto and comprehensive housing policies through a partnership with the mail order company 3 Suisses. The portfolio contains nearly 31 000 policies, 21,000 of which are in auto.
OUTSIDE FRANCE:
Outside France, premium income from non-life rose 7.1 % to 2 064.6 mn euros (+8.4% on a comparable basis)
Europe outside France: (1,352.4 mn euros, +21.5% and +9.2% on a comparable basis) Rate increases continued feeding growth
In Belgium, non-life business dropped 1.3% to 259.3 mn euros, compared with a 0.4% rise in the 1st half. Although auto business held steady, property and fire insurance shed 5.6% due to tighter underwriting policy.
In the Netherlands, premium income amounted to 589.9 mn euros, a rise of 37.5%. It included the consolidation of premium income attributable to Zwolsche Algeemene and the Royal Nederland purchase of AXAs portfolio, which amounted to 129.2 mn euros of business. On a comparable basis, growth gathered pace (+6.5%, vs. +4.4% at the end of the 1st half) owing to growth in auto (+6.1%), fire (+31%) and marine insurance (+11.5%).
In Spain, business (AGFs share) was on a positive track, rising 20.2% to 479.6 mn euros (+19.1% in the 1st half) because of growth posted by auto (+24.4%), comprehensive housing (+12.2%) and corporate risk (+14.2%).
Outside Europe: activity is well oriented
(-12.5% to 712.2 mn euros, +7.2% at constant foreign exchange).
In South America, non-life premium income amounted to 572.8 mn euros, a rise of +8.7% at constant foreign exchange, but a 15.1% drop given foreign currency conversions. In Brazil, business rose 11% at constant foreign exchange (-26.6% to 239.4 mn euros with currency conversions). In other countries in the region, growth continued to be dynamic: +18.5% in Chile, +11.3% in Argentina, +9.3% in Colombia (at constant foreign exchange). In all of these countries, growth was held in check by portfolio clean-ups in all insurance classes, but particularly in auto, with the objective of strengthening regional profitability.
ASSISTANCE
Mondial Assistance reported premium income of 717.8 mn euros, of which AGF only consolidates 50% (or 358.9 mn euros), a 17.7% rise on a comparable basis. Domestic activity amounted to about 25% of the total, and World Access, the US leader in assistance and travel insurance, about 7%.
CREDIT INSURANCE (EULER GROUP)
Premium income from the AGF Group's credit insurance and other activities attributable to the subsidiaries of Euler stood at 858.8 mn euros, up 6.7%; at constant foreign exchange, it rose 8.7%, from +12.5% in the 1st half. However, this amount excluded factoring, which is restated in net banking income (106.1 mn euros, +8.6%). The distribution of consolidated premium income by company was as follows:
In millions of euros 09-30-01 Ch. 01/00 Ch. on
comparable
basis
Euler-SFAC 213.7 -2.5% -2.5%
Trade Indemnity
+ Euler Intern. 258.1 +18.4% +23.4%
American Credit 92.0 -12.5% -8.8%
Cobac 60.0 +7.1% +7.1%
SIAC 126.6 +11.0% +11.0%
Total credit insurance 750.4 +5.3% +7.4%
Other services 108.4 +17.3% +18.4%
Total 858.8 +6.7% +8.7%
The downturn from the 1st half owed to the economic slowdown, which in turn reduced policyholder revenues, particularly in France and the US. In response to rising claims experience, Euler elected to increase premium rates sharply in all covered markets.
OTHER ACTIVITIES
The AGF Group's other businesses rose 20.4% to 118.7 mn euros (+2.6% on a comparable basis). Most was in respect of asset management (102.7 mn euros) and an additional 16 mn euros in brokerage commissions.
Asset management
Asset management, which amounts to the sum of gross commissions received, posted revenue of 102.7 mn euros, a rise of 13.1%. It included 10.8 mn euros from companies outside France. AGF Finance Gestion posted 59 mn euros of premium income.
BANKING
Net banking income, in and outside France, contributed premium income of 1 224.5 mn euros. Absent the effect of accounting for Sophia under the equity method and on a comparable basis, the rise stood at 11.1%. The net banking income of Entenial amounted to 823.1 mn euros (+12.6%), that of Banque AGF, to 179.6 mn euros (+19.6%), that of Eurofactor (factoring), to 106.1 mn euros (+8.6%), while subsidiaries outside France posted 115.1 mn euros.
At the end of October 2001, Banque AGF had 215 000 customers for assets under management of 780 mn euros (vs. 110 000 and 600 mn euros at 06-30-01), excluding outstanding loans and OPCVMs.
Analyst and investor contacts Jean-Michel Mangeot: (33) 1 44 86 21 25 Patrice Cardinaud: (33) 1 44 86 29 28 Marc de Ponteves: (33) 1 44 86 20 99 Press contacts Berangere Auguste-Dormeuil: (33) 1 44 86 78 97 Severine David: (33) 1 44 86 67 45 Agnes Miclo: (33) 1 44 86 31 62
Disclaimer:
Certain of the statements contained herein may be statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. In addition to statements which are forward-looking by reason of context, the words may, will, should, expects, plans, intends, anticipates, believes, estimates, predicts, potential, or continue and similar expressions identify forward-looking statements. Actual results, performance or events may differ materially from those in such statements due to, without limitation, (i) general economic conditions, including in particular economic conditions in the Allianz Group's core business and core markets, (ii) performance of financial markets, including emerging markets, (iii) the frequency and severity of insured loss events, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) interest rate levels, (vii) currency exchange rates including the Euro - U.S. dollar exchange rate, (viii) changing levels of competition, (ix) changes in laws and regulations, including monetary convergence and the European Monetary Union, (x) changes in the policies of central banks and/or foreign governments, (xi) the impact of acquisitions, for example Dresdner Bank AG, including related integration issues, and (xii) general competitive factors, in each case on a local, regional, national and / or global basis. The matters discussed in this release may also involve risks and uncertainties described from time to time in Allianz AG's filings with the U.S. Securities and Exchange Commission. Allianz AG assumes no obligation to update any forward-looking information contained in this release.
In millions of euros 09-30-01 09-30-00 Ch. (actual Ch. (on
prem. Inc.) comparable
basis)
France 6,978.2 6,973.2 0.1% 0.2%
Life + health 3,796.4 4,060.8 -6.5% -6.5%
Non-life 3,181.8 2,912.4 9.3% 9.5%
Belgium 606.8 617.6 -1.7% -1.7%
Life + health 347.5 354.8 -2.1% -2.1%
Non-life 259.3 262.8 -1.3% -1.3%
Netherlands 1,048.1 670.8 56.2% 3.5%
Life + health 458.2 241.9 89.4% -0.1%
Non-life 589.9 428.9 37.5% 6.5%
Spain 671.6 636.4 5.5% 5.5%
Life + health 192.0 237.3 -19.1% -19.1%
Non-life 479.6 399.1 20.2% 20.2%
Rest of Europe 80.8 91.7 -11.9% -13.0%
Life + health 57.2 69.0 -17.1% -17.8%
Non-life 23.6 22.7 4.0% 1.8%
TOTAL Europe
outside France 2,407.3 2,016.5 19.4% 2.0%
Life + health 1,054.9 903.0 16.8% -5.8%
Non-life 1,352.4 1,113.5 21.5% 9.2%
Brazil 352.1 485.0 -27.4% 9.7%
Life + health 112.7 159.0 -29.1% 7.0%
Non-life 239.4 326.0 -26.6% 11.0%
Colombia 237.7 260.9 -8.9% 0.0%
Life + health 123.4 146.1 -15.5% -7.3%
Non-life 114.3 114.8 -0.4% 9.3%
Chile 88.7 100.8 -12.0% 13.3%
Life + health 36.5 44.1 -17.2% 6.6%
Non-life 52.2 56.7 -7.9% 8.5%
Argentina 108.3 100.1 8.2% 12.7%
Life + health 7.0 5.3 32.1% 37.7%
Non-life 101.3 94.8 6.9% 11.3%
Venezuela 88.1 94.4 -6.7% 4.2%
Life + health 22.5 12.1 86.0% 107.4%
Non-life 65.6 82.3 -20.3% -10.9%
TOTAL South America 874.9 1,041.2 -16.0% 7.4%
Life + health 302.1 366.6 -17.6% 5.0%
Non-life 572.8 674.6 -15.1% 8.7%
Other countries 209.8 212.2 -1.1% -0.5%
Life + health 70.4 72.6 -3.0% -1.8%
Non-life 139.4 139.6 -0.1% 0.1%
Credit insurance 858.8 804.8 6.7% 8.7%
Assistance 358.9 308.2 16.5% 17.7%
PREMIUM INCOME
FROM INSURANCE 11,687.9 11 356.1 2.9% 2.2%
Other activities 118.7 98.6 20.4% 2.6%
Net banking income 1,224.5 1,131.8 8.2% 11.1%
Consolidated premium
income 13,031.1 12,586.5 3.5% 3.0%
Note: 1,571.6 mn euros, including Sophia, which exited consolidation
at 30-09-01
Consolidated premium income by activity (on a comparable basis)
09-30-01 09-30-00
Life + health 39.8% 43.4%
Non-life 40.6% 38.4%
Credit insurance 6.6% 6.2%
Assistance 2.7% 2.4%
Other activities (incl. net
banking income) 10.3% 9.6%
Total 100.0% 100.0%
Changes in scope of consolidation from 30-09-2000 to 30-09-2001
affecting premium income from insurance
- Life and health:
in millions of euros Prem. inc. at 09-30-01
Entries:
- Zwolsche in the Netherlands,
a/o 01/01/01 252.7
- Non-life:
in millions of euros Prem. inc. at 09-30-01
Entries:
- Zwolsche in the Netherlands,
a/o 01/01/01 108.2
- Purchase of AXA portfolio by
Royal Nederland,
entered on 01/01/01 21.0
- Other 4.4
- Total life + non-life:
in millions of euros Prem. inc. Prem. inc.
at 09-30-01 at 09-30-00
Entries: 386.3
Exits : 0
Impact on premium income
at 09-30-01 +386.3
Life premiums written (excluding individual and group health) by
country
in millions
of euros 09-30-01 09-30-00 Ch. (actual Ch. (on
prem. Inc.) comparable
basis)
France 3015.6 3298.1 -8.6% -8.6%
Belgium 316.5 321.5 -1.6% -1.6%
Netherlands 360.3 211.7 70.2% -1.0%
Spain 177.7 224.7 -20.9% -20.9%
Rest of Europe 39.6 56.3 -29.7% -30.7%
Sub-total Europe 894.1 814.2 9.8% -7.6%
Brazil 74.4 95 -21.7% 18.3%
Argentina 7 5.3 32.1% 37.7%
Chile 35.9 43.4 -17.3% 6.5%
Venezuela 0.8 0 0.0%
Colombia 67.3 83.4 -19.3% -11.4%
Sub-total South
America 185.4 227.1 -18.4% 5.9%
Other countries 54.8 56.9 -3.7% -3.0%
Total outside
France 1,134.3 1,098.2 3.3% -4.9%
Total life
premium income 4,149.9 4,396.3 -5.6% -7.6%
Health premiums written (individual and group bodily injury)
by country
in millions
of euros 09-30-01 09-30-00 Ch. (actual Ch. (on
prem. Inc.) comparable
basis)
France 780.8 762.7 2.4% 2.4%
Belgium 31 33.3 -6.9% -6.9%
Netherlands 88.1 12.9 582.9% 14.0%
Spain 14.3 12.6 13.5% 13.5%
Rest of Europe 17.6 12.7 38.6% 39.4%
Sub-total Europe 151 71.5 111.2% 11.2%
Brazil 38.3 64 -40.2% -9.7%
Chili 0.6 0.7 -14.3% 14.3%
Venezuela 21.7 12.1 79.3% 100.8%
Colombia 56.1 62.7 -10.5% -1.9%
Sub-total South
America 116.7 139.5 -16.3% 3.5%
Other countries 15.6 15.7 -0.6% 2.5%
Total outside
France 283.3 226.7 25.0% 7.0%
Total health
premium income 1,064.1 989.4 7.6% 3.7%