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Consolidated sales came to €743.3m in 2010
- Activity in line with expectations, with a significant volume of new business
- Watershed year in the international deployment of the group’s activities
- Refocusing on brokerage model and streamlining of structures
APRIL recorded consolidated sales of €743.3 million in the year ended 31 December 2010, down 8.6% on a reported basis compared with the previous year. Activity, which was in line with management guidance, reflects mainly the group’s refocusing on its brokerage model ‑ leading to a gradual outsourcing of risk exposure, notably in Property & Casualty – and theimpact of the disposals completed in the last eighteen months ‑ L&E (2009), SFG (2009), APRIL Solutions (2010) and the Life & Savings activity (2010).
| (IFRS - €m) | 2010 | 2009 | Change |
|---|---|---|---|
| Consolidated sales | 743.32 | 812.96 | -8.6% |
| Brokerage commissions and fees | 466.88 | 457.91 | +2.0% |
| Insurance premiums | 276.44 | 355.06 | -22.0% |
| Pro-forma consolidated sales* | 743.32 | 812.07 | -8.5% |
| Brokerage commissions and fees | 466.88 | 457.02 | +2.2% |
| Insurance premiums | 276.44 | 355.06 | -22.0% |
By division, Health & Personal Protection recorded sales of €524.4 million (70% of total), down slightly by 1.7%, reflecting a 4.3% increase in brokerage commissions and fees, but a 9.7% decrease in insurance premiums. Commercial dynamics at this division remained particularly upbeat in 2010, with a significant volume of new business once again in both complementary health insurance and loan insurance.
Property & Casualty recorded sales of €229 million (30% of total), down 20.9% on a reported basis, reflecting a decrease in brokerage commissions and fees of 2.6% (-1.4% pro-forma) and a decrease in insurance premiums of 42.2% as a result of risks being retroceded to external insurers. Several companies joined the group during the year ended: Flexitrans (transport insurance broker), GDA (provider of support services to the Coris network in South America) and Sogescau (credit insurance broker).
As a result of acquiring General de Asistencia Uruguay (GDA), APRIL Group is moving into a new continent and expanding significantly its international network in mobility-related insurance, as it is now present in 33 countries. The international activities of APRIL Group generated more than 15% of the consolidated gross profit in 2010.
In 2010, APRIL Group achieved further significant progress in implementing its strategy of refocusing at business level and rolling out the Convergence Project aimed to ramping up organic growth and optimising the efficiency of its structures. By finalising the sale of the Life Insurance business, completing a first series of mergers at subsidiary level, starting projects to pool operational resources (accounting, human resources management, information systems, etc.), and launching a new visual identify for the APRIL brand that is being adopted gradually by all group entities, concrete steps have been taken to lay the foundations for lasting growth and sustainable profitability.
| (IFRS - €m) | 2010 | 2009 | Change | 2009 pro-forma * | Change |
|---|---|---|---|---|---|
| Health & Personal Protection | 524.40 | 533.72 | -1.7% | 534.72 | -1.9% |
| Commissions and fees | 316.78 | 303.74 | +4.3% | 304.74 | +4.0% |
| Premiums | 207.61 | 229.98 | -9.7% | 229.98 | -9.7% |
| Property & Casualty | 228.99 | 289.45 | -20.9% | 287.54 | -20.4% |
| Commissions and fees | 151.59 | 155.63 | -2.6% | 153.72 | -1.4% |
| Premiums | 77.40 | 133.82 | -42.2% | 133.82 | -42.2% |
| Intra-group eliminations | -10.07 | -10.21 | -10.19 |
| (IFRS - €m) | 2010 | 2009 | Change | 2009 pro-forma * | Change |
|---|---|---|---|---|---|
| 1st quarter | 184.07 | 203.72 | -9.6% | 199.88 | -7.9% |
| 2nd quarter | 188.74 | 224.34 | -15.9% | 223.66 | -15.6% |
| 3rd quarter | 183.68 | 189.20 | -2.9% | 186.67 | -1.6% |
| 4th quarter | 186.83 | 195.70 | -4.5% | 201.87 | -7.5% |
| Total | 743.32 | 812.96 | -8.6% | 812.07 | -8.5% |
* Pro-forma consolidated sales represent sales at the same consolidation scope as for the period under review.
