Key figures 2021:
- Total income of €37.0 billion euros
- Priority strains of enterprise income1 growing by +24.5%2 (+25.8% in comparison with 2019 and +34.6% in comparison with 2018)
- Net revenue group share of €1,531 million euros, growing by +24,5%
- Solvency 2 prudential ratio of 244% finish of 2021
“The 2021 revenue and results growth illustrates the relevance of the bancassurance model. Our mobilisation through the health crisis shows our commitment to act every day in the interest of our customers and society, on the economic level with our participation in the financing of the French participating loans program as well as on the solidarity level, with numerous actions of support for the most vulnerable. Meanwhile, we are pursuing our commitments to cope with climate change by joining the Net Zero Asset Owner Alliance and the PSI. These engagements are part of the Crédit Agricole Group’s collective mobilisation to carry out its Societal Project,” says Philippe Dumont, CEO of Crédit Agricole Assurances.
In 2021, Crédit Agricole Assurances has continued to develop its precedence strains of enterprise1 (safety of belongings and people and unit-linked merchandise in financial savings and retirement), which displays in a powerful progress of its income up +24.5%2 in contrast with finish of 2020 – and up +25.8% in comparison with finish of 2019 and +34.6% in comparison with finish of 2018. Including euro-denominated inflows, Crédit Agricole Assurances posted revenues of €37.0 billion.
In Property & Casualty, the exercise stays very dynamic with a progress within the income by +6.7%1 to succeed in €5.1 billion of premium revenue on the finish of 2021, with a rise of +13.2% in Italy. At the top of 2021, the variety of P&C contracts reaches almost 15.2 million, up +3.9% yr on yr, due to a internet contribution of greater than 568 000 contracts. Growth, pushed by conventional actions (housing, authorized safety, private accident insurance coverage, auto), can also be benefiting from the launch of gives for corporates within the French market (P&C Business and Multirisk Pro provide). In addition, on the finish of 2021, Crédit Agricole Assurances launched its new automobile insurance coverage enriched with an inclusive provide with its Eko/Primo components and gives new clients experiences by way of cell first in P&C. January 1st, 2022, the switch of 10 million help contracts to Europ Assistance France was efficiently accomplished.
Equipment charges of retail clients continued to rise, in French Regional Banks (42.7%3 on the finish of 2021, up +1.0 level year-on-year) and LCL (26.6%3 on the finish of 2021, up +1.1 level year-on-year), and in Italy in CA Italia (19.0%4, up +1.9 factors year-on-year). The mixed ratio5 remained effectively beneath management at 96.4% on the finish of 2021.
In Savings / Retirement, Crédit Agricole Assurances has a really excessive UL share in gross inflows at 41.7%. At the top of 2021, unit-linked gross inflows accounted for €11.4 billion, up +42.7% in comparison with 2020 (+37.2% in comparison with 2019). Savings / Retirement written premiums rose by +33.5% year-on-year to €27.3 billion, with a very excessive degree of internet inflows at +€6.7 billion on the finish of 2021, together with a historic unit-linked internet inflows at +€7.1 billion up +45.5% in comparison with the top of 2020 (+40.6% in comparison with the top of 2019).
Life insurance coverage outstandings elevated by +4.8% year-on-year to €323.0 billion6, together with
€86.6 billion in unit-linked, and €236.4 billion of Euro-denominated contracts (+1.1% in comparison with the top of 2020). Unit-linked merchandise outstandings thus elevated by +€12.0 billion year-on-year, or +16.2%, and symbolize 26.8% of complete outstandings, up +2.6 proportion factors in comparison with the top of 2020.
The common fee of return on belongings of Crédit Agricole Assurances group reaches 2.26% in 2021 due to the belief of actual property capital features (2.13% in 2020), nonetheless effectively above the common minimal assured fee (0.16% at end-2021 and 0.207 in 2020) in addition to the profit-sharing fee of 1.28% finish of 2021 and 2020.
Furthermore, Crédit Agricole Assurances continues to arrange its policyholder participation reserve (PPE), which stood at €13.1 billion at finish 2021 (+€1.6 billion yoy), representing 6.3% of Euro outstandings8.
In demise & incapacity, creditor, and group insurance coverage premiums written quantities to €4.7 billion, up +10.1%1 year-on-year, pushed by all of the three enterprise segments, in France and overseas. We noticed efficiency of creditor insurance coverage, supported by a beneficial actual property market. Group insurance coverage shows a rise of +19.3% of enterprise income. In addition, in 2021, Crédit Agricole Assurances has launched a brand new provide of demise and private safety plan referred to as “Mon Assurance Décès” to swimsuit all market segments (people, high-net-worth clients, the self-employed and farmers), which totals greater than 100.000 subscriptions since June 2021. Furthermore, Credit Agricole Assurances now gives its clients the dematerialization of the medical questionnaire for its life insurance coverage and debtors contracts.
In this context, on the finish of December 2021, the internet revenue group share of Crédit Agricole Assurances has reaches €1,531 million9, growing by +24.5%10 in comparison with 2020.
Crédit Agricole Assurance additionally demonstrated its solidity and resilience, with a steadily excessive Solvency II prudential ratio of 244% at 31 December 2021.
The Standard & Poor’s ranking of the primary operational entities of Crédit Agricole Assurances is A / steady outlook.
HIGHLIGHTS
On February 1st 2022, Crédit Agricole Assurances and Generali signed the sale settlement for La Médicale, the subsidiary offering insurance coverage for healthcare professionals, by Crédit Agricole Assurances to Generali.
On October 26th 2021, by saying its membership of the UN-convened Net-Zero Asset Owner Alliance and the Principles for Sustainable Insurance (PSI), Crédit Agricole Assurances confirms its dedication to sustainable insurance coverage and a low-carbon economic system, in step with the Societal mission of Crédit Agricole group. Crédit Agricole Assurances is thus dedicated to doubling its investments in renewable energies to permit, in 2025, to succeed in an put in capability of 11 GW, i.e. the common power consumption of 4 million French households per yr. As such, in 2021, Crédit Agricole Assurances concluded agreements for the event of renewable and photovoltaic energies in Italy and Spain. In Italy, Crédit Agricole Assurances helps Edison’s dedication to the power transition and turns into its monetary accomplice by buying 49% of Edison Renewables platform. Crédit Agricole Assurances will contribute to extend Edison Renewables wind and photovoltaic put in capability to 4 GW by 2030. In Spain, Crédit Agricole Assurances introduced the acquisition of Eolia Renovables one of many largest renewable energy producers within the nation, in partnership with ENGIE. The transaction covers the possession and operation of 899 MW of working belongings (821 MW onshore wind and 78 MW photovoltaic) and a 1.2 GW pipeline of renewable initiatives.
On October sixth 2021, Crédit Agricole Assurances has introduced the profitable placement of €1 billion subject to finance particularly the early compensation of subordinated debt subscribed by Crédit Agricole Group. The Notes will bear a set rate of interest of 1.500% pa till the maturity date in 2031, and are eligible as Tier 2 capital beneath Solvency II.
To allow companies to finance their growth and help the financial restoration, Crédit Agricole Assurances offered €2.25 billion beneath the French taking part mortgage programme, which distributed by way of banks, together with these of the Crédit Agricole community.
1 Priority strains of exercise correspond to all premiums excluded Euro-denominated contracts. Growths restated of an accounting methodological correction; excluding the restatement, progress was +23.9% in precedence enterprise strains, +25.4% in Crédit Agricole Assurances revenues, +5.2% in Property & Casualty and +9.7% in Death and incapacity, Creditor, and Group insurance coverage.
2 In native GAAP
3 Percentage of consumers having at the least one contract in automotive, multi-risk family, healthcare, authorized, all mobiles or accident insurance coverage.
4 Percentage of CA Italia’s clients having at the least one contract marketed by CA Assicurazioni, non-life insurance coverage subsidiary of Crédit Agricole Assurances.
5 Ratio of (claims + working bills + commissions) to premium revenue, internet of reinsurance, Pacifica scope
6 Savings, retirement and demise and incapacity
7 Rate calculated with a brand new calculation technique. That takes under consideration the contractual ensures gross of charges, following the launch of recent merchandise since 2017, which applies unfavourable ensures for purchasers.
8 Life France scope
9 The contribution to the web revenue group share of Crédit Agricole S.A. quantities to €1,046 million. The distinction with Crédit Agricole Assurances’ internet revenue group share is principally as a result of analytical restatements affecting to the Insurance enterprise line i) analytical bills of Crédit Agricole S.A. (primarily the price of the Switch assure of round €95 million and the elimination of the financial compensation of €56 million paid to Crédit Agricole Group ) and ii) subordinated (RT1) debt coupons for €76 million.
10 Excluding particular gadgets in 2020 and 2021, the web revenue Group share improve by +10.7%. In 2020, these particular gadgets embody a financial compensation of €49 million paid to Crédit Agricole S.A. and solidarity and help measures (contribution to the State solidarity fund for very small companies and the self-employed, contribution to the solidarity fund arrange by the Crédit Agricole group for the aged, value of the mutual help mechanism on the enterprise interruption, and extra-contractual measure in favour of susceptible individuals) for a complete of almost €154 million in NIGS. In 2021, these components embody a financial compensation of €56 million paid to Crédit Agricole S.A.