APRIL : 2019 first quarter sales of €259.2m, up 7.7%

Lyon Cedex 03, FRANCE

APRIL: 2019 first quarter sales of €259.2m, up 7.7%

  • Like-for-like sales growth of 4.7%1
  • Brokerage commissions up 12.5% at €142.0m, driven by acquisitions and organic growth in both divisions


The APRIL Group posted consolidated sales of €259.2m for the first quarter of 2019, up 7.7% as reported compared to Q1 2018. Following this announcement, APRIL CEO Emmanuel Morandini made the following comments:

“The first quarter of 2019 is a continuation of the work undertaken by the Group to expand its core business. This is reflected in the sustained organic growth in wholesale brokerage commissions, in both Health & Personal Protection and Property & Casualty, and the contribution of companies acquired in 2018: Benecaid, which adds an international dimension to our expertise in group health insurance in Canada, and La Centrale de Financement, which extends our presence across the mortgage value chain.

At the same time, we are continuing to refocus our business on our five key markets, namely health and personal protection for individuals, professionals and VSEs, loan insurance, international health and niche Property & Casualty insurance. We are also continuing to develop our model into a more open, multi-brand model, as evidenced by the integration of Axa Partners and Generali offers in our loan insurance portfolio, thereby further extending our range of solutions and improving our response to all customer needs.”

Group (IFRS - €m)20192018Change Change LFL
Consolidated sales259.2240.6+7.7%+4.7%
Brokerage commissions and fees142.0126.2+12.5%+6.6%
Insurance premiums117.2114.5+2.4%+2.4%

Reported brokerage commissions rose 12.5% compared to Q1 2018, with Health & Personal Protection commissions up 15.7%, driven by the expansion of brokerage operations and the acquisitions carried out in 2018, and Property & Casualty commissions up 6.3%.

Insurance premiums were up 2.4%, reflecting growth in the Health & Personal Protection division (up 3.8%) and stability in Property & Casualty (up 0.4%).


2018 to 2019 sales progression - €m 
Consolidated sales at 31/03/2018240.6
Impact of exchange rate fluctuations+0.0
Like-for-like sales at 31/03/2018247.6
Growth in brokerage commissions and fees+8.8
Growth in insurance premiums+2.8
Consolidated sales at 31/03/2019259.2

The impact of exchange rate fluctuations was neutral over the period.

The conversion to like-for-like sakes offsets the net change in consolidation scope, which amounted to a €6.9m gain in Q1 2019. This is mainly due to the consolidation of Benecaid in Canada (April 2018) and La Centrale de Financement in France (September 2018), recognised in the Health & Personal Protection division, and the divestment of operations in Romania and Turkey (December 2018), previously consolidated in the Property & Casualty division.


IFRS – €m20192018Change2018 LFLChange LFL
Health & Personal Protection162.6147.3+10.4%155.1+4.8%
Commissions and fees93.881.1+15.7%88.9+5.5%
Insurance premiums68.866.2+3.8%66.2+3.8%
Property & Casualty97.194.0+3.2%93.1+4.2%
Commissions and fees48.445.5+6.3%44.7+8.4%
Insurance premiums48.748.5+0.4%48.5+0.4%
Inter-division eliminations(0.4)(0.6)+33.2%(0.6)+33.2%
Consolidated sales259.2240.6+7.7%247.6+4.7%

Changes in like-for-like sales by type of revenues are as follows:

  • Brokerage commissions in Health & Personal Protection amounted to €93.8m, up 5.5% compared to Q1 2018. Growth was driven by Health & Personal Protection for professionals and international health insurance, particularly in France and Asia.
  • The increase in Property & Casualty commissions (up 8.4% to €48.4m) was driven by the expansion of wholesale brokerage, particularly in car and two-wheeled insurance and the professional range, and takes into account the decline in property insurance in Canada.
  • Health & Personal Protection insurance premiums rose 3.8% to €68.8m, mainly due to net growth in individual (seniors and self-employed) Health & Personal Protection portfolios.
  • Flat growth in Property & Casualty premiums (up 0.4% to €48.7m) was the result of a slowdown in affinity member operations offset by an increase in travel insurance.



Overall performance for the first three months of 2019 is in line with Group forecasts. The target of a 4-7% year-on-year increase in current EBIT therefore remains unchanged.

APRIL Group Deputy CEO Emmanuel Maillet will be holding a conference call for financial analysts, investors and the press this evening at 6.00 pm (French time), during which these matters will be discussed in greater detail.

Dial-in details:

  • France: +33 (0)1 76 70 07 94
  • Switzerland: +41 (0) 31 580 00 59
  • UK: +44 (0)844 5718 892

Please dial in a few minutes beforehand, in order to register, and give the following reference number: 5095 305.


  • Quarterly sales


  • Shareholders’ Annual General Meeting: 25 April 2019, in Lyon
  • 2019 Half-year results: 5 September 2019 after market close
  • Q3 2019 sales: 29 October 2019 after market close


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 to, in particular, random events or uncertainties and risks relating to the economic, financial, regulatory and competitive environment, the risks set out in the 2018 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.


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 – €m20192018Change2018 LFLChange LFL


1 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.





Pièces jointes

APRIL CP CA T1 2019 VDEF EN 24.04.2019