Revenue growth driven by property & casualty, and personal insurance; resilience in savings and retirement
Release Paris, November 8th 2023
Revenue growth driven by property & casualty, and personal insurance; resilience in savings and retirement
Key figures 9M 2023:
- Total revenues1 of 27.7 billion euros, up 3%2
- Gross inflows in France of 16.7 billion euros, up 8%
- P&C gross revenues of 4.6 billion euros, up 9%2
- Personal insurance revenues of 3.8 billion euros, up 7%2
Philippe Dumont, Chief Executive Officer of Crédit Agricole Assurances, said: "In an economic environment that remains uncertain, Crédit Agricole Assurances posted solid Q3 financial results. In addition to the solid performance of all our businesses, notably property and casualty insurance and personal insurance, this quarter was marked by the success of our home insurance offer for young tenants, which found its audience thanks to the accelerated digitization of our underwriting processes, and by the acquisition of stakes in Innergex and Verkor, which are fully in line with Crédit Agricole Group’s commitment to a low-carbon economy.”
Over the first nine months of 2023, Crédit Agricole Assurances generated gross revenues1 of €27.7 billion, up 3%2 compared to September 2022.
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In savings and retirement, gross inflows reached €19.4 billion at the end of September 2023, up 1% year-on-year. In France, they amounted to €16.7 billion, up 8%
compared with the end of September 2022. Since the beginning of the year, unit-linked gross inflows have increased by 12% to €8.6 billion, representing a unit-linked share of 44.3% (+4.2 p.p.
year-on-year). Unit-linked net inflows are very high at €4.3 billion.
Year-on-year, life insurance outstandings have increased by 2% to €324.3 billion3 at the end of September 2023, of which €89.6 billion in unit-linked
products (+14% vs September 2022) and €234.6 billion in euro-denominated products. Unit-linked outstandings represented 28% of total assets at end-September 2023 (+3 p.p. year-on-year).
In property and casualty, gross written premium stood at €4.6 billion at the end of September 2023, up 9%2 year-on-year. In France, gross written premium increased by 9%2, with growth in all activities, mainly driven by home insurance (+8%) and motor (+7%), and by the sharp rise in crop insurance (+53%). Outside France, gross written premium increased by 11% notably in Italy (+15%).