Good business dynamics

Release                                                                                 Paris, May 3rd 2024

Good business dynamics

KEY FIGURES Q1-2024:

• Total revenue¹ of 12.3 billion euros, up 5.2%
• Net inflows of +1,0 billion euros
• Property & casualty portfolio growth of 3.4% year-on-year
  
  

“In the 1st quarter, Crédit Agricole Assurances achieved good results in France and abroad, driven by a growth dynamic in all its business lines. We are pleased to report that the measures taken in Italy and Luxembourg, in life insurance, have led to a significant activity improvement. The beginning of the year was also marked by the continued development of our societal project, which aims in particular at acting for the transition to a low-carbon economy, as illustrated by the launch of the first Article 9 Euro fund on the market, and by our investment in Murfy, a social and solidarity company specializing in the repair and reconditioning of household appliances, through Pacifica, our property-casualty insurance subsidiary. These two innovations confirm our actions in favor of the environment and the climate, while creating added value for our customers and for society.
I would like to thank all our team members and partners for the very good start of the year, as well as for their mobilization and commitment”.
Nicolas Denis, Chief Executive Officer of Crédit Agricole Assurances

ROBUST BUSINESS GROWTH WITH A REBOUND IN INTERNATIONAL SALES

In the first quarter of 2024, Crédit Agricole Assurances posted premium¹ of €12.3 billion, up +5.2% compared to the end of March 2023, driven by the recovery in international life insurance (+52.5%), mainly in Italy and Luxembourg, and by growth in non-life insurance in France (+8.0%), partially offset by the decline in life insurance in France (-2.7%).

In savings and retirement, gross inflows reached €8.6 billion at the end of March 2024, up +4.3% compared to the end of March 2023. Payment bonus campaigns, launched during the first quarter, contributed to a strong level of gross inflows on the General Account at €5.2 billion (+17.2%). This momentum was partly offset by a decline in unit-linked gross inflows by -11.1% to €3.3 billion in connection with less favorable market conditions, in particular a weaker attractiveness of unit-linked bonds. Consequently, the share of unit-linked within gross inflows dropped to 39.1% (-6.7 points year-on-year).