Strong business in property and casualty insurance and high returns


Key numbers S1 2022:

  • Total revenue of 20.0 billion euros, up 2.8%
  • Important lines of business1 changed +4.2%2
  • Group revenue of 806 million euros9up to 1%, excluding tax on special payments of €2bn
  • Solvency 2 prudential ratio of 224% at the end of June 2022

Philippe Dumont, CEO of Crédit Agricole Assurances: “Despite the difficult economic climate, Crédit Agricole Assurances posted strong financial results, with an increase in income, a high solvency ratio and a strong increase in business. The first half of 2022 was marked by the announcement of our social work and the dissemination of the ambitions of Crédit Agricole SA of 2025, which shows our determination to accelerate the energy transition, new offerings in life insurance and property damage, as well as in the areas of health and aging well. The sale of La Médicale to Generali, which took effect on July 1, shows our determination to strengthen our international bancassurance brand, which will form a strong partnership with other entities of the Crédit Agricole Group »

In the first semester 2022, Crédit Agricole Assurances made interest of €20.0 billion, above 2.8% compared to the first half of 2021. The diversity of its business model continues through its development basic lines of business1 (security of property and people and produced by the unit in savings and retirement), which shows the growth of the interest rate of +4.2%2 compared to the first half of 2021. In a difficult economic and financial environment, this increase in interest rate reflects the growth made by our contracts.

In Goods & Damages, the work remains very strong with a revenue growth is +8.0% compared to the first half of 2021, to reach €3.3 billion of basic income, with an increase of +20.7% in Italy. By the end of June 2022, the number of P&C contracts will reach more than 15.5 millionup + 3.5% year-on-year, due to all contributions above 334,000 contracts. Pacifica maintains its position as the second largest insurer in France and rises from fourth to third in the combined list of car + home insurers.3. In addition, Pacifica, one of the few insurers offering crop insurance, launched Crop Insurance in July 2022, which helps farmers to protect their crops against climate risks. On January 1, 2022, the transfer of 10 million aid contracts to Europ Assistance France was successfully completed.
Equipment prices retail customers it is stablein French Regional Banks (42.3%4 at the end of June 2022, -0.1 pt year on year), and increase in Results LCL (26.9%3 at the end of June 2022, up to + 0.7 pt year-on-year), and in Italy to CA Italy (20.1%5up to +1.7 pt year on year).
The including ratio6 they arrive 98.7% at the end of June 2022, characterized by the weather events of the first half of the year.

In Money / RetirementCrédit Agricole Assurances remains UL’s largest shareholder in terms of total assets. 40.9%. At the end of June 2022, all inputs connected to units he counted €5.8 billion, cage compared to the end of June 2021. Savings / Retirement the documents have arrived €14.1 billion, and inputs to + €3.3 billion at the end of June 2022.
Life insurance premiums were calculated €319.4 billion7 end of June 2022, inclusive
€80.4 billion linked to the unitand €239.0 billion Euro-denominated. Remainder connected to units stand up 25.2% of the total remainingat the end of June 2022.
In addition, Crédit Agricole Assurances continues to implement policyholder participation reserve (PPE), which stood at €13.8 billion at the end of June 2022 (+ € 0.7 billion yoy), representing 6.5% of the remaining Euro8.

In death & disability, credit, and group insurance written payment is sufficient 2.6 billion, +7.8%1 year after year, led by three business sectors, in France and abroad. We saw good performance in mortgage insurance, supported by a strong housing market (+8.5%). Group insurance shows an increase of +15.1% in business income. And death and disability benefited from better funerals (+5.1%).

At the end of June 2022, a Net Income Group share of Crédit Agricole Assurances increased by +1% to arrive €806 million9plus special income tax of €2bn.
.

Crédit Agricole Assurance also presented its own strength and enduranceit is strong Solvency II prudential ratio of 224% on 30 June 2022, after a special payment of € 2bn, including € 1.4 bn of the dividend already paid in 2021.

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EVENTS

On 28 April, Crédit Agricole Assurances presented its philanthropic mission when it announced its commitment to climate change, integration and agricultural reform. In the context of the energy transition in particular, Crédit Agricole Assurances wants to increase the energy production capacity of 14 GW by 2025, compared to 5.2 GW by the end of 2020, which is equivalent to the electricity used in more than 5 million homes. France. Signing of an agreement to acquire 25% of Ørsted’s offshore wind project, Hornsea 2, to participate in the Clean Hydrogen Infrastructure Fund managed by Hy24, the world’s largest fund dedicated to decarbonised hydrogen infrastructure, and to acquire 25% of Repsol . The reforms will help achieve this goal.

On 1 July 2022, Crédit Agricole Assurances completed the sale of La Médicale, Crédit Agricole Assurances insurance company for health professionals, to Generali. The sale will have a positive impact of €100 million on the earnings of the Crédit Agricole Assurances group.

Crédit Agricole Assurances retains its ownership first place as life insurance in France in 2022 on the list of the top 30 insurance companies in France10.

About Crédit Agricole Assurances
Crédit Agricole Assurances, France’s largest insurance group, integrates Crédit Agricole’s insurance companies. The group offers general annuity, retirement, health, personal protection and property and casualty insurance. It is distributed by Crédit Agricole banks in France and eight other countries. Crédit Agricole Assurances companies serve individuals, professionals, farmers and businesses. Crédit Agricole Assurances has 5,300 employees. Its initial revenue at the end of 2021 amounted to €36.5 billion (IFRS).
www.ca-assurances.com

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Françoise Bololanik + 33 (0)1 57 72 46 83 / 06 25 13 73 98 Nicolas Leviaux +33 (0)1 57 72 09 50 / 06 19 60 48 53
service.presse@ca-assurances.fr

Investor Relations
Marie-Isabelle Marcelles + 33 (0)1 57 72 12 84
Victoire-Emmanuelle Prud’homme +33 (0)1 43 23 90 66
Valentin Lecomte +33 (0)1 43 23 59 76
relationships.investisseurs@ca-assurances.fr

1 The most important transactions are related to all payments not included in the Euro contracts.

2 In local GAAP

3 Source: Argus de l’assurance; 2022 ranking on the basis of traffic and goods

4 Percentage of customers who have only one policy for auto, multi-peril, health, legal, mobile or casualty insurance.

5 Percentage of CA Italia customers who have at least one contract sold by CA Assicurazioni, the non-life insurance company of Crédit Agricole Assurances.

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

7 Income, retirement and death and disability

8 Life in France

9 The group’s net income is 779 million euros, including taxes of -26.8 million euros at the end of June 2022, linked to the special share of 2 billion from Predica to CAA. The total amount that the company receives from the recovery of some of the funds from the level of Crédit Agricole SA is €737 million. The difference in the amount of income earned by the Crédit Agricole Assurances group, including taxes, is mainly due to low coupon bonds (RT1) of €37 million.

10 Argus de l’assurance on April 22, 2022, end of data in 2021