APRIL: 2018 annual results Furthering strong and profitable growth momentum

Lyon Cedex 03, FRANCE

APRIL: 2018 annual results
Furthering strong and profitable growth momentum


  • Sales of €997.2m, up 7.4%
  • Current EBIT of €77.8m, up 12.2%
  • Forecast current EBIT growth of 4-7%

The APRIL group posted 2018 consolidated sales of €997.2m, up 7.4% compared with reported figures for the previous year, while current EBIT rose 12.2% to €77.8m.

Following this announcement, APRIL CEO Emmanuel Morandini made the following comments:

“The strong performance recorded in 2018, the return to growth across all key indicators and the organic growth of our core business reflect the very good work done by all our employees over the last three years to put APRIL group back on track towards sustainable and profitable growth. We therefore expect to see, for year 2019, current EBIT growth of 4-7% compared to 2018.

We have now entered a new phase of our development, by committing to in-depth transformation and expanding the multi-brand aspect of our distribution model, particularly in loan insurance, while continuing to focus on our key businesses1.

The marketplace we plan to roll out in loan insurance is a prime example: more than a distributor, APRIL aims to become the preferred partner for insurers and brokers to work together in a simple and effective way. Customers will therefore have access to a wide range of quality offers, ensuring that they always find a solution tailored to their requirements.”

Group (IFRS - €m)20182017Change
Consolidated sales997.2928.4+7.4%
Gross margin2451.5428.4+5.4%
Financial income9.211.0-16.5%
Current EBIT77.869.4+12.2%
Net income (Group share)28.239.6-28.8%
Earnings per share (in €)0.700.98-28.6%

The Board of Directors met on 6 March 2019 to approve APRIL’s company and consolidated financial statements. The audit procedures for the consolidated financial statements have been completed and the certification report is currently being prepared.


APRIL consolidated sales for 2018 came to €997.2m, up 7.4% on reported data compared to 2017. Premiums increased by 10.5% to €460.6m, boosted by growth in both Health & Personal Protection (up 12.5%) and Property & Casualty (up 7.7%). Commissions were up 4.9% to €536.6m, including a stable performance in Property & Casualty (down 0.4%) and a 7.9% increase in Health & Personal Protection commissions.

Like-for-like3 growth amounted to 5.4%, including the impact of a -€4.0m exchange rate fluctuation and a €21.3m consolidation gain. Insurance premiums rose by 10.5% and brokerage commissions by 1.5%, including a stable performance in Property & Casualty (down 0.7%) and a 2.6% increase in Health & Personal Protection.

The 5.4% increase in gross margin, to €451.5m, is due to the increase in both brokerage (up 5.5%) and risk-carrying operations (up 5.0%). This increase was mainly driven by the acquisitions made in 2017 and 2018, including La Centrale de Financement, Pont Grup and Benecaid, and by organic growth in both divisions’ brokerage business.

Net financial income amounted to €9.2m, down €1.8m year on year.

Current EBIT, up 12.2% to €77.8m, an improvement on the set target due to the increase in the brokerage gross margin.

Non-current items amounted to €3.9m and relate primarily to disposals and restructuring carried out during the period. Accordingly, current EBIT rose 13.9% to €73.9m.

After a €28.8m tax charge and a €15.0m provision for tax contingencies, net income (Group share) came to €28.2m, compared to €39.6m in 2017.



Health & Personal Protection (IFRS - €m)20182017Change
Consolidated sales623.4567.7+9.8%
+6.7% LFL
Gross margin282.0266.0+6.0%
Financial income9.17.0+30.1%
Current EBIT82.875.0+10.4%

The Health & Personal Protection division reported a 9.8% increase in sales comprising a 7.9% increase in brokerage commissions as reported (up 2.6% like-for-like) and a 12.5% increase in premiums as reported and like-for-like.

The increase in insurance premiums was driven by strong growth in the individual (seniors and self-employed) Health & Personal Protection and group health insurance portfolios.

The increase in brokerage commissions is primarily due to strong performance in individual Health & Personal Protection and in international health insurance, particularly in France and Asia.

The Health and Personal Protection gross margin increased 6.0% to €282.0m, mainly due to growth in individual and expatriate health insurance.

The division’s current EBIT amounted to €82.8m, up 10.4% year on year. This growth is driven by the increase in the division’s gross margin and is the result of the work carried out over the past three years to ignite a sustainable and profitable growth momentum. In particular, it had an impact on the health and personal protection activities in France, two major contributors to the group's profitability and the rise in this metric.


Property & Casualty (IFRS - €m)20182017Change
Consolidated sales376.3363.4+3.5%
+3.4% LFL
Gross margin169.5162.4+4.4%
Financial income1.33.3-60.2%
Current EBIT9.15.9+55.7%

The Property & Casualty division reported a 3.5% increase in reported sales, comprising flat growth in brokerage commissions (down 0.4% as reported, down 0.7% like-for-like) and a 7.7% increase in premiums as reported and like-for-like.

The strong growth in insurance premiums results from the expansion of corporate and affinity member operations in a considerably reinsured risk-carrying model.

Brokerage commissions were boosted by the expansion in wholesale brokerage, particularly in car, two-wheeled and sailing insurance and the professional range. These effects were offset by the slowdown in travel insurance and assistance, particularly in the United States, and property insurance in Canada.

The increase in gross margin is mainly due to the strong performance of wholesale brokerage in France and travel insurance in Brazil.

The division’s current EBIT rose by €3.3m to €9.1m, mainly due to the consolidation of Pont Grup acquired in October 2017.


Group (IFRS - €m)2018 2017 Change
Shareholders’ equity (Group share)617.7 632.3 -2.3%
Provisions for contingencies and charges437.8 30.0 +26.0%
Financial debt
% of shareholders’ equity


+2.5 pp
Adjusted net cash5184.7 195.1 -5.3%

At 31 December 2018, APRIL’s balance sheet remained sound:

  • Consolidated shareholders’ equity (Group share) of €617.7m, down €14.7m compared to the previous year, with provisions for contingencies and charges up €7.8m to €37.8m.
  • Financial debt of €51.9m, i.e. 8.4% of shareholders’ equity (Group share), comprising a loan taken out under favourable market conditions and commitments made as part of the Group’s acquisition policy (earnouts and commitments to buy out minority interests),
  • Group net cash, adjusted for deposit accounts, amounting to €184.7m, compared to €195.1m at 31 December 2017.


For 2018, the Board of Directors, meeting on 6 March 2019, will propose to the General Meeting a dividend of €0.17 per share, or €7.0 million, corresponding to a distribution rate of 25% of net income (group share), in line with group dividend policy.



In 2019, APRIL’s teams will focus on continuing organic growth in priority business lines, turning around loss-making operations and strengthening positions in key markets through targeted acquisitions.

Based on these factors, the APRIL Group is targeting current EBIT growth of 4-7% versus 2018.


  • Summary consolidated income statement
  • Summary consolidated balance sheet
  • Summary consolidated cash flow statement
  • Gross margin bridge
  • Adjusted net cash bridge


  • 2018 annual results presentation: 7 March 2019 at 9.30am in Paris
  • Shareholders’ Annual General Meeting: 25 April 2019, in Lyon
  • Q1 2019 sales: 30 April 2019 after market close

The 2018 results presentation will be audiocast live on Thursday 7 March at 9.30am on www.april.com and a replay will be available from 2pm on the same day.


Analysts and investors
Guillaume Cerezo: +33 (0)4 72 36 49 31 / +33 (0)6 20 26 06 24 – guillaume.cerezo@april.com

Samantha Druon: +33 (0)7 64 01 74 35 – samantha.druon@insign.fr

This release contains forward-looking statements that are based on assessments or assumptions that were reasonable at the date of the release, and which may change or be altered due, in particular, to random events or uncertainties and risks relating to the economic, financial, regulatory and competitive environment, the risks set out in the 2017 Registration Document, and any risks that are unknown or non-material to date that may subsequently occur. The Company undertakes to publish or disclose any adjustments or updates to this information as part of the periodic and permanent information obligation to which all listed companies are subject.
In case of discrepancy between in the French and English versions of this document, only the French version shall prevail.


Founded in 1988, APRIL is an international insurance services group operating in 28 countries, whose primary goal is to offer its clients a simpler and more accessible insurance experience. Its 3,900 staff members design, distribute and manage specialised insurance solutions (Health & Personal Protection, Property & Casualty, Mobility and Legal Protection) and assistance services for its partners and customers, including private individuals, professionals and businesses. Listed on Euronext Paris (Compartment B), the group posted sales of €997.2m in 2018.

Full regulated information is available on our website at www.april.com (Investors section).


(IFRS – €m)2018 2017 
Sales997.2 928.4 
Net financial income (excluding financing cost)9.2 11.0 
Total income from ordinary activities1006.4 939.5 
Insurance underwriting expenses(400.4)(365.9)
Income or expenses net of ceded reinsurance(12.8)(7.1)
Other purchases and external expenses(263.0)(252.5)
Taxes, duties and similar payments(24.3)(23.7)
Staff costs(204.0)(196.2)
Depreciation allowance(20.5)(17.9)
Provisions (net of reversals)(5.8)(3.4)
Other current operating income and expenses2.1 (3.3)
Current EBIT77.8 69.4 
Other non-current income and expenses(3.9)(4.5)
EBIT73.9 64.9 
Financing cost(0.1)(0.1)
Share of companies integrated on an equity basis(0.3)(0.2)
Income tax(43.8)(24.3)
Net income from continuing operations29.7 40.3 
Net income/(loss) from discontinued operations0.0 (0.1)
Consolidated net income29.7 40.2 
Share of minority interests1.5 0.7 
Net income (Group share)28.2 39.6 
Earnings per share (in €)0.70 0.98 


(IFRS – €m)31 December 201831 December 2017
Intangible assets347.1 292.0 
  of which goodwill269.5 224.8 
Tangible assets13.6 12.0 
Financial investments608.4 667.2 
Reinsurers’ share of underwriting provisions214.5 224.5 
Other27.7 23.2 
Total non-current assets1211.4 1218.9 
Receivables from insurance and accepted reinsurance operations126.8 100.9 
Receivables from ceded reinsurance operations33.6 21.7 
Trade receivables265.9 247.3 
Cash and cash equivalents136.2 107.8 
Other36.9 39.8 
Total current assets599.4 517.5 
TOTAL ASSETS1810.8 1736.3 
Shareholders’ equity (Group share)617.7 632.3 
Minority interests(0.6)(0.2)
Total shareholders’ equity617.1 632.1 
Underwriting provisions for insurance policies503.7 499.4 
Provisions for contingencies and charges37.8 30.0 
Deferred tax liabilities4.1 7.4 
Financial debt51.9 37.5 
Total non-current liabilities597.4 574.3 
Current bank loans and overdrafts16.3 14.7 
Payables from insurance and accepted reinsurance operations51.5 39.1 
Payables from ceded reinsurance operations61.8 51.1 
Operating liabilities344.1 314.6 
Other122.5 110.5 
Total current liabilities596.2 529.9 


(IFRS – €m)2018 2017 
Net income (Group share)28.2 39.6 
Net income/(loss) from discontinued operations0.0 (0.1)
Minority interest in consolidated companies’ net income1.5 0.7 
Net income from continuing operations29.7 40.3 
Cash flow79.5 75.1 
Change in operating working capital2.4 (26.9)
Operating cash flow from discontinued operations(0.0)(0.0)
Net cash flow from operating activities81.8 48.2 
Net investment in tangible and intangible assets(24.2)(19.9)
Net investment in financial assets40.0 (11.6)
Net cash flow from acquisition/disposal of consolidated companies(54.1)(16.3)
Investment in equity-accounted companies(1.0)- 
Investment cash flow from discontinued operations- - 
Net cash flow from investing activities(39.2)(47.8)
Capital increase linked to exercise of stock options- - 
Capital increase linked to minority interests in consolidated companies0.1 0.0 
Purchase and sale of own shares0.0 0.1 
Dividends paid out(11.8)(11.8)
Net change in borrowings(4.0)18.8 
Financing cash flow from discontinued operations- - 
Net cash flow from financing activities(15.6)7.2 
Impact of foreign exchange rate changes(0.3)(2.3)
Change in net cash and cash equivalents26.8 5.2 


(IFRS – €m)2018 2017 
Sales997.2 928.4 
Financial income of insurance companies8.6 10.4 
Brokerage commissions paid to intermediaries(141.3)(137.6)
Insurance underwriting expenses(400.4)(365.9)
Income or expenses net of ceded reinsurance(12.8)(7.1)
Other0.1 0.2 
Gross margin451.5 428.4 
Of which brokerage393.4 373.0 
Of which risk-carrying58.1 55.3 


(IFRS – €m)31 December 201831 December 2017
Cash and cash equivalents136.2 107.8 
Current bank loans and overdrafts(16.3)(14.7)
Net cash119.9 93.1 
Term deposits64.8 102.0 
Adjusted net cash184.7 195.1 

1 Local H&PP, international health, loan insurance, Property & Casualty niches and the professional market

2 Gross margin allows a comparison between the various brokerage business models and the insurance businesses and shows the contribution of each business to Group value-added:
-        With regard to brokerage, gross margin is the difference between (i) commissions recognised under sales and (ii) commissions paid to intermediaries recognised under purchases and external expenses.
-        With regard to risk carrying operations, gross margin is the sum of the underwriting result and the financial result.

3 Proforma or like-for-like (LFL): sales at constant consolidation scope and exchange rates. This figure is adjusted for acquisitions, disposals and changes in consolidation method, as well as exchange rate fluctuations, calculated on the basis of the prior year financial statements converted using the exchange rate for the current year.

4 The company received a tax reassessment proposal from the authorities on the Group’s reinsurance operations. As stated in the notes to the consolidated financial statements, a €15.0m provision has been recognised in the financial statements for the period ending 31 December 2018.

5 Adjusted net cash = Cash and cash equivalents - current bank loans and overdrafts + deposit accounts registered in the name of APRIL (classified under “Financial investments” on the balance sheet).



Pièces jointes

APRIL CP résultats 2018 VDEF 2.1 EN 06.03.2019