Good business dynamics - Seite 2

Net inflows were +€1.0 billion, a strong improvement compared to the first quarter of 2023, mainly driven by lower outflows on the General Account. Net inflows amounted to +€1.5 billion on unit-linked products and -€0.5 billion in General Account.

Life insurance outstandings² set a new high of €334.9 billion at the end of March 2024 thanks to a positive market effect and net inflows. They include €98.7 billion in unit-linked (+3.4% over three months) and €236.2 billion in General Account (+0.6% over three months). Unit-linked reserves represented 29.5% of total life insurance outstandings at the end of March 2024 (+0.6 points compared to the end of December 2023).

In property and casualty, momentum continued with revenue¹ up +7.9% compared to the end of March 2023, reaching €2.4 billion. The portfolio grew by +3.4% to nearly 16.0 million contracts, representing a net contribution of more than 530,000 contracts over one year; the average premium increases due to pricing revisions and evolution of the product mix.

Equipment rates in the Crédit Agricole Group's banking networks continued to grow in French Regional Banks (43.4%³ at end-March 2024, i.e. +0.5 points year-on-year), LCL (27.8%³ in March 2024, i.e. +0.4 points year-on-year), and CA Italia (19.3%⁴ in March 2024, i.e. +2.0 points year-on-year).

In personal protection (death and disability/creditor/group insurance), gross written premiums¹ was up +6.0% compared to the end of March 2023, to €1.3 billion. With a slight decline of -0.1%, creditor insurance activity remained resilient thanks to a stock effect that offset the decline in new business.
Individual death & disability insurance (+15.2% year-on-year) and group insurance⁵ (+21.8% year-on-year) recorded strong performance.

GROWING EARNINGS DRIVEN BY THE ACTIVITY, AND FAVORABLE MARKET AND WEATHER CONDITIONS

Crédit Agricole Assurances contribution to Crédit Agricole S.A.'s Net Income Group share was €494 million, up +4.1% year-on-year. This is driven by a good performance in the insurance business (notably with a rise in the CSM allocation arising from increased outstandings) and a favorable tax effect, despite a decline in financial income due to a base effect related to the transition to IFRS 17 as of January 1, 2023.