CRÉDIT AGRICOLE A SSURANCES

2009
CRÉDIT AGRICOLE ASSURANCES
Financial Data
CONTENTS
MANAGEMENT
COMMITTEE
01 Editorial
on 1 March 2010
Bernard Michel
Chief Executive Officer of CAA
Chief Executive Officer of Predica
01 Economic and financial
environment
Nicole Gourmelon
Deputy Chief Executive Officer of Predica
01 K
ey events of the 2009
financial year
01 Financial structure
Patrick Duplan
Chief Executive Officer of Pacifica
02 C
onsolidated result
of the group
Henri Le Bihan
Chief Executive Officer of Caci
02 R
esults of the main
subsidiaries
Pierre Guillemet
Chief Executive Officer of Caagis
05 Balance sheet assets
Jean-Jacques Duchamp
Chief financial Officer of Predica
05 Balance sheet liabilities
Henri Tran
General Secretary of CAA
BOARD
OF DIRECTORS
on 3 June 2010
Chairman
Guy Chateau
Chairman of Predica, Chief Executive Officer of the Regional Bank of Crédit Agricole d’Aquitaine
Gérard Ouvrier-Buffet
Chairman of the Audit Committee of CAA, Chairman of Pacifica, Chief Executive Officer of the Regional Bank
of Crédit Agricole Loire Haute-Loire
Raphaël Appert
Non-voting board member, Chief Executive Officer of the Regional Bank of Crédit Agricole Centre-Est, Chairman of Caagis
Bertrand Badré
Group Chief financial Officer, Member of the Management Committee of Crédit Agricole S.A.
Jérôme Brunel
Head of Public Affairs, Member of the Management Committee of Crédit Agricole S.A.
Christian Duvillet
Chief Executive Officer of LCL, Member of the Management Committee of Crédit Agricole S.A.
Jean-Yves Hocher
Non-voting board member, Deputy Chief Executive Officer of Crédit Agricole S.A. in charge of Group Specialist Business
Jean Le Vourch
Chairman of the Regional Bank of Crédit Agricole Finistère
01
Guy Chateau
Chairman of Crédit Agricole
Assurances
Bernard Michel
Chief Executive Officer of Crédit
Agricole Assurances
An eventful year for
Crédit Agricole
Assurances
Economic and financial environment
Key events of the 2009 financial year
Following a difficult year in 2008, market conditions varied wildfall. The policies of central banks, combined with government
Created in January 2009 from companies previously owned by
Crédit Agricole S.A., the Crédit Agricole Assurances Group is
to replace the insurance division of the Crédit Agricole Group.
budget stimulus packages, had a positive impact on markets
In 2009, its scope widened with:
and the real economy.
v The creation of Dolcea Vie, a company authorised to distri-
v The recovery in share prices continued throughout the year.
bute policies via the internet.
The CAC 40 grew by 22% over 2009 as a whole, while the Dow
v The first-time consolidation of life insurance operations in
Jones in New York gained 19%.
Japan and non-life insurance operations in Italy.
v Credit spread indices, which were very tight at the beginning
v The acquisition of 50% of the two Greek life and non-life in-
ly in 2009. In the first quarter, financial securities were in free
of the year, later narrowed.
In France, life insurance became the preferred investment for
households once again.
v Following two years in which there had been a downturn,
the level of the inflow of funds in life insurance and capitalisation
amounted to e137.5 billion, returning to the level at the end
of 2007 (+12% compared with 2008).
v Policyholders are favouring instruments in euro.
In 2009, general insurance premiums amounted to €45.2 billion,
which represented an increase on 2008 (+1%). The cost
of claims rose by 10% in 2009 and totalled €35 billion. The
“Klaus” storm in January 2009 cost e1.7 billion.
surance companies from Emporiki (Crédit Agricole Assurances
was already the industrial operator of all these activities and
now owns 100% of shares in the two entities).
Financial structure
The financial structure of the Crédit Agricole Assurances Group
allows it to generate a result of e0.9 billion per year, twice as
high as the annual growth in its equity (e0.4 billion). At the
same time, the fact that it makes little use of hybrid securities
gives it a certain amount of room for manoeuvre in the management of financing.
The accounts of the Crédit Agricole Assurances Group are
drawn up in accordance with IFRS standards.
02 2009 Financial Data
Crédit Agricole Assurances
CONSOLIDATED RESULT OF THE CAA GROUP
(in millions of euro)
2009
2008
24,581
20,178
+22%
1,316
1,367
(4%)
951
935
+2%
Change
2009/2008
Revenue
Pre-tax current operating profit
NET RESULT
Although 2009 began with unfavourable prospects (adverse
market environment, climatic events), Crédit Agricole Assurances showed its capacity for resistance.
In accordance with French standards, revenue amounted to
e25.9 billion.
In accordance with IFRS standards, it increased by 21.8%
year-on-year and amounted to e24.6 billion in 2009 (e20.2
billion in 2008).
v In life insurance, the Group continued to outperform the
market. Overall revenue amounted to e17.8 billion. Revenue in
France grew through Predica. A new company was to be noted
in 2009: Dolcea Vie, which distributes its policies via the online
portal BforBank.
v In general insurance, while the beginning of the year was
impacted by the Klaus and Quinten storms, Pacifica’s revenue rose by 8.7% year-on-year, well above the slack market.
Thanks to an excellent commercial performance, Pacifica
ended the year with almost 500,000 additional policies in its
portfolio, representing growth of +6.6%.
v In creditor insurance, year-on-year growth in revenue was
24%. Since 1 September 2009, new creditor insurance flows
at LCL have been dealt with by Caci (Crédit Agricole Creditor
Insurance), Europe’s fourth-largest creditor insurance provider.
In total, the net result amounted to e951 million in 2009,
compared with e935 million in 2008.
RESULTS OF THE MAIN SUBSIDIARIES
Predica*
(in millions of euro)
2009
2008
Change
2009/2008
Revenue
Pre-tax current operating profit
NET RESULT
17,798
15,593
+14%
1,132
1,252
(10%)
853
865
(1%)
* And the subsidiaries: La Médicale and Dolcea Vie.
The main contributors to the results of the Crédit Agricole
Assurances Group, Predica and its subsidiaries essentially offer
life insurance in France.
v Revenue for 2009 amounted to e17.8 billion, up 14% com-
In 2009, the reduction in short-term rates and the recovery on
the stock markets favoured life insurance.
Business was robust in 2009, thanks to regular sales drives
for multi-instrument policies (through formula-based funds and
bond issues).
v On the French market, Predica is in first place among
companies that are subsidiaries of banks and in second place
among life insurance companies. Its market share in terms of
the gross inflow of funds was 12.9% at the end of 2009.
v Predica recorded growth of 7% in its business in force
compared with 2008. It surpassed e188 billion at the end
of 2009, of which e30 billion was in unit-linked products.
pared with 2008. This was due in particular to the dynamism of
the distribution networks of the Regional Banks and LCL.
Fourgous transfers amounted to e2.7 billion in 2009, with 25%
invested in unit-linked products.
The net result amounted to e853 million in 2009, compared
with e865 million in 2008.
03
Pacifica*
2009
2008
1,885
1,734
+9%
Pre-tax current operating profit
56
83
(33%)
NET RESULT
36
51
(42%)
(in millions of euro)
Change
2009/2008
Revenue
* And the subsidiary Viavita.
Pacifica is the seventh-largest general insurer in France. Initially
geared towards the market for personal customers with the Crédit Agricole Regional Banks (motor, householder, health, personal
accident cover, legal protection, etc.), Pacifica then launched
a complete range dedicated to farmers in 2001, followed by a
range for professionals in 2006. Pacifica also markets its products
through the LCL network (bank-related products in 2004 and the
full property and casualty range in 2007), and then extended its
range to personal services through its subsidiary Viavita.
In 2009, Pacifica confirmed its place as the French leader in
terms of growth; its revenue increased by 8.7% to e1.9 billion,
while the French property and liability insurance market grew by
only 1.5%.
The number of new business cases obtained by the Regional
Banks and LCL in 2009 reached a new record of 1.6 million policies, 100,000 more policies than in 2008. This was due above all
to the launch of new personal accident cover and health products.
The portfolio totalled 7.6 million policies at the end of 2009, an
increase of 6.6% on 2008.
The Klaus and Quinten storms represented a total gross cost of
almost e100 million and a cost of e21 million net of reinsurance.
Thus, the technical loss ratio (LR), for all products and financial
years, amounted to 69.9%, compared with 63.0% at 31 December 2008.
Pacifica and its subsidiary Viavita achieved a net result of
e36 million in 2009, compared with €51 million in 2008.
Crédit Agricole Creditor Insurance*
(in millions of euro)
2009
2008
Change
2009/2008
Revenue
971
784
+24%
Pre-tax current operating profit
48
66
(27%)
NET RESULT
38
54
(29%)
* The subsidiaries are: Caci life, Caci non life, Caci réassurance, Finaref risques divers, Finaref vie and Caci Gestion
The revenue at the end of December 2009 totalled e971 million,
a 24% increase over 2008 (e784 million). The breakdown of
Caci’s revenue is as follows:
International creditor business represented e545 million in
written premiums in 2009, an increase of 18%.
v44% is achieved in France (creditor insurance, personal
to the good performance of FGA Capital (Fiat Group Automobiles), the Cariparma and FriulAdria retail banking networks and
the credit company Agos.
protection, property damage and payment card cover);
v 56% is made internationally (creditor insurance).
In France, the creditor business totalled e257 million, up 20%.
The main partners are Finaref, Sofinco and CA Leasing. Since
1 September 2009, Caci has been the creditor insurer for the
whole of the LCL network.
Business with personal protection and protection for goods
purchased by card in France generated e166 million in
premiums, showing strong growth of +54%.
v In Italy, premiums amounted to e278 million, up 36% owing
v In Poland, revenue achieved with Lukas Bank amounted
to e157 million, down 6%.
v In Germany, premiums written totalled e51 million, an
increase of 51%, thanks to the good results of CreditPlus and
FGA Capital.
The reduction in the net result (e38 million compared with
e54 million in 2008) was partly linked to the modification of the
remuneration structure for the networks and the assumption of
acquisition costs.
04 2009 Financial Data
Crédit Agricole Assurances
International subsidiaries*
2009
(en millions d’euros)
2008
Change
2009/2008
Revenue
3,927
2,066
+90%
Pre-tax current operating profit
38
(27)
ns
NET RESULT
31
(30)
ns
* Calie, Bes Vida, Bes Seguros, CA Vita, CA Assicurazioni, CA Reinsurance, CA Life Japan, Emporiki Life.
In 2008, international business had been impacted by the
crisis, particularly in Italy (e-17 million). In 2009, the first-time
consolidation of CA Life Japan and CA Assicurazioni generated
a loss of e33 million (integration of prior-period results).
Luxembourg
In 2009, Crédit Agricole Life Insurance Europe became the
leading entity on the international market in terms of revenue
(e1.94 billion). The production figure for 2008 was quadrupled, thanks to the dynamism of the private banks in the Crédit
Agricole Group and the commercial success of its new range.
The proportion of policies in euro was higher in 2009 than in
2008 (69% vs. 47%). In Poland, the branch office achieved
revenue of e0.3 billion in 2009, with production being carried
out by the network of Lukas Bank.
Portugal
Bes Vida developed its “pensions” production at a sustained
pace, maintaining its position as market leader in Portugal for the
thirteenth consecutive year. Despite a drop in overall revenue to
e0.3 billion (IFRS format), Bes Vida is still Portugal’s third-largest
life insurer in terms of premiums collected (e1.2 billion).
In a depressed market for general insurance, Bes Seguros saw
growth in business of 3.5% to e73 million in 2009, due above all
to the success of the new Motor production.
Greece
By expanding its range in 2009 with the launch of unit-linked
products on the network of Emporiki Bank, Emporiki Life tripled
its inflow of funds to e0.12 billion, becoming Greece’s sixthlargest life insurer.
Italy
CA Vita distributes a complete range of life insurance products
via the 786 branches of Cariparma and Friuladria. Its revenue
was more or less stable compared with 2008, at e1.4 billion.
CA Assicurazioni, which launched its general business in 2008,
rounded off its range in 2009, bringing its revenue to e8 million.
Japan
With the partnership put in place with Tokyo Star Bank in 2009
for the distribution of structured products (in addition to the
partnership with Resona), revenue of CA Life Japan tripled to
e90 million.
05
CONSOLIDATED BALANCE SHEET OF THE GROUP
CRÉDIT AGRICOLE ASSURANCES
Assets
31/12/09
(in millions of euro)
Intangible assets
31/12/08
1,414
1,395
230,042
200,333
Non-insurance-related investments
194
226
Share held by cedants and retrocessionaires in insurance policy- and financial
933
684
Other assets
7,041
12,709
Cash and cash equivalents
2,854
2,578
242,477
217,925
31/12/09
31/12/08
10,640
8,998
275
179
Insurance-related investments
contract-related liabilities
TOTAL ASSETS
Liabilities
(in millions of euro)
Shareholder equity – Group share
Minority interests
Total shareholder equity
Liabilities relating to insurance policies and financial contracts
Provisions
Funding debt
Other liabilities
TOTAL LIABILITIES
10,915
9,177
215,071
196,052
345
444
2,165
1,935
13,981
10,316
242,477
217,925
The balance sheet total of the Crédit Agricole Assurances
Group rose from e218 billion as at 31 December 2008 to
e242 billion as at 31 December 2009.
Total insurance-related investments amounted to e230 billion
as at 31 December 2009; they included:
Liabilities relating to insurance policies and financial contracts
amounted to e215 billion as at 31 December 2009 and consisted of:
to e38 billion, up e7 billion, at the same time as an increase
in liabilities.
v Actuarial reserves relating to life insurance policies amoun-
of which 76% are debt instruments, for which external ratings
are equal to or higher than A for 80%, while 15% are not rated.
ting to e164 billion, up e7 billion on 2008.
v Liabilities relating to unit-linked policies in the amount
of e38 billion (e+6 billion year-on-year).
v Claims reserves in the amount of e4 billion.
v Other reserves amounting to e9 billion.
v Financial investments in unit-linked products amounting
v Other financial investments amounting to e192 billion,
CAA Corporate Communication Division – Ref.: RAFA 4006 – Photos: Loan N’Guyen – Design and production: avantgarde
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CRÉDIT AGRICOLE ASSURANCES, a public limited company with capital of e1,101,549,210
Registered office: 50-56, rue de la Procession 75724 Paris Cedex 15 – Paris Trade and Companies Register 451 746 077
www.ca-assurances.com