From GlobeNewswire: 2024-05-03 02:11:00

Crédit Agricole Assurances saw a total revenue of 12.3 billion euros in Q1-2024, up 5.2%. Net inflows reached +1.0 billion euros with property & casualty portfolio growth at 3.4% year-on-year. International sales in Italy and Luxembourg contributed to the growth in non-life insurance premiums in France by 8.0%.

The first quarter of 2024 also saw the launch of the first Article 9 Euro fund and investment in Murfy by Crédit Agricole Assurances. Premiums reached €12.3 billion, a 5.2% increase from March 2023, with significant positive results in life insurance in Italy and Luxembourg. Gross inflows in savings and retirement reached €8.6 billion, up 4.3% from March 2023.

With a rebound in international life insurance, Crédit Agricole Assurances achieved a record high of €334.9 billion in life insurance outstandings in March 2024. Property & casualty revenue was up 7.9%, reaching €2.4 billion. Equipment rates in the banking networks of Crédit Agricole Group also continued to grow in French Regional Banks, LCL, and CA Italia.

Crédit Agricole Assurances contributed €494 million to Crédit Agricole S.A.’s Net Income Group share, up 4.1% year-on-year. The combined ratio stood at 93.8%, down 0.9 points year-on-year, and the Contractual Service Margin was €23.9 billion at the end of March 2024. Rating agency S&P Global Ratings reaffirmed Crédit Agricole Assurances’ A+ rating with a stable outlook.



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