APRIL Sales at end September 2018

APRIL
Sales at end September 2018
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Reported growth of 8.5% to €748.8m, in line with expectations

• Sales growth of 7.3% like-for-like^[1]
• Strengthened brokerage commissions, up 4.1% in reported figures and 2.0% like-for-like, to €399.3m, driven by both divisions

Sharp increase in insurance premiums, up 13.9% (as reported and like-for-like) to €349.5m

The APRIL group reported sales of €748.8m for the first nine months of 2018, up 8.5% as reported compared to the previous year. Following this announcement, APRIL CEO Emmanuel Morandini made the following comments:

"Nine-month sales growth is in line with our expectations for the year and confirms the sustainability of the group's business momentum. Organic growth in commissions accelerated in both Health & Personal Protection and Property & Casualty, while the early 2018 slowdown in loan insurance is now behind us.

Growth has also been driven by strong performances from the main four acquisitions made in 2017 and 2018, which have helped us to pursue our strategy of exporting the group's expertise and expanding our footprint in key markets.

Thanks to these excellent performances and the hard work put in by all our teams, we now target the upper end of our current EBIT growth target of 6 to 10% and continue the transformation of our group to evolve towards a more open, multi-brand model."

Group (IFRS - €m)	9M 2018	9M 2017	Change	Change LFL
Sales	748.8	690.4	+8.5%	+7.3%
Brokerage commissions and fees	399.3	383.5	+4.1%	+2.0%
Insurance premiums	349.5	306.8	+13.9%	+13.9%

Reported brokerage commissions rose 4.1% compared to the first nine months of 2017. This includes 5.3% growth in Health & Personal Protection commissions, boosted by the acquisitions made in 2017 and 2018 (Public Broker, Benecaid and La Centrale de Financement), and 2.0% growth in Property & Casualty commissions.

Both divisions contributed to the 13.9% increase in insurance premiums, with Health & Personal Protection up 13.6% and Property & Casualty up 14.3%.

Conversion from reported sales to like-for-like sales

2017 to 2018 sales progression - €m
Sales at 30/09/2017	690.4
Impact of exchange rate fluctuations	-4.1
Acquisitions	+12.3
Disposals	-0.3
Like-for-like sales at 30/09/2017	698.2
Growth in brokerage commissions and fees	+7.9
Growth in insurance premiums	+42.7
Sales at 30/09/2018	748.8

Like-for-like sales offset a €4.1m negative impact of exchange rate fluctuations, mainly affecting the Property & Casualty business in the United States and Canada and both divisions in Brazil.

Like-for-like sales also include a +€11.9m net change in consolidation mainly arising from the consolidation of Public Broker in May 2017, Benecaid in April 2018 and La Centrale de Financement in September 2018, all three businesses incorporated into the Health and Personal Protection division, and Pont Grup in October 2017 in the Property & Casualty division.

LIKE-FOR-LIKE SALES BY DIVISION

IFRS - €m	9M 2018	9M 2017	Change	9M 2017 LFL	Change LFL
Health & Personal Protection	462.3	425.0	+8.8%	431.8	+7.0%
Commissions and fees	259.0	246.0	+5.3%	252.8	+2.4%
Insurance premiums	203.3	179.0	+13.6%	179.0	+13.6%
Property & Casualty	288.4	267.4	+7.9%	268.3	+7.5%
Commissions and fees	141.6	138.9	+2.0%	139.9	+1.2%
Insurance premiums	146.8	128.4	+14.3%	128.4	+14.3%
Inter-division eliminations	-1.8	-2.0	+7.1%	-2.0	+7.1%
Sales	748.8	690.4	+8.5%	698.2	+7.3%

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

• Brokerage commissions in Health & Personal Protection amounted to €259.0m, up 2.4% compared to the first nine months of 2017. The individual Health & Personal Protection and expatriate health insurance businesses continued to grow. A flat trend was seen in group Health & Personal Protection and loan insurance portfolios.
   
• Property & Casualty commissions came to €141.6m, up 1.2% compared to last year. Wholesale brokerage posted strong performances, particularly in car, two-wheeled and sailing insurance and the professional range. This improvement was curbed by a slowdown in travel insurance and assistance, particularly in the United States, and property insurance in Canada.
   
• Health & Personal Protection insurance premiums rose 13.6% to €203.3m, mainly due to net growth in individual (seniors and self-employed) and group Health & Personal Protection portfolios.
   
• Property & Casualty insurance premiums continue to rise (up 14.3% to €146.8m), driven by the expansion of corporate and affinity member operations in a highly-reinsured risk-carrying model.

Outlook

APRIL's overall performance for the first nine months of the year remains in line with group expectations. APRIL is also continuing its refocusing and transformation efforts towards a more open, multi-brand model via transactions such as the acquisition of La Centrale de Financement, the full impact of which will be felt in 2019. Accordingly, the group now expects current EBIT growth in the upper end of a 6 to 10% range compared to 2017..

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

Dial-in details:

• France: [phone]
• Switzerland: [phone]
• UK: [phone]

Please dial in a few minutes beforehand, in order to register, and give the following reference number: 9737 439.

Appendix

• Quarterly sales

UPCOMING RELEASES

• 2018 full-year sales: 29 January 2019 after market close
• 2018 full-year results: 6 March 2019 after market close

CONTACTS

Analysts and investors
Guillaume Cerezo: [phone] / [phone] - [e-mail]

Press relations
Samantha Druon: [phone] - [e-mail]

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 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.

About APRIL

In 2018, APRIL-the international insurance services group and leading wholesale broker in France-will be celebrating its 30th anniversary. And at 30 years young, APRIL still has many more years to offer to simplify the lives of its customers and partners-be they individuals, professionals or businesses-in the 31 countries where the group operates. On their behalf, APRIL's 3,800 employees design, manage and distribute specialist insurance solutions (health and personal protection, mortgage, property and casualty, mobility and legal protection) as well as insurance services, capitalising on its experience to make insurance easier and more accessible to as many customers as possible.
Listed on Euronext Paris (Compartment B), the group posted sales of €928.4m in 2017.

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

APPENDIX: QUARTERLY SALES

IFRS - €m	2018	2017	Change	2017 LFL	Change LFL
Q1	240.6	227.7	+5.7%	228.2	+5.4%
Q2	251.4	230.0	+9.3%	231.6	+8.6%
Q3	256.8	232.7	+10.4%	238.4	+7.7%
Q4	-	238.1	-	-	-
Total	-	928.4	-	-	-

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^[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.

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Source: April via Globenewswire