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Sales came to €184.1M in the first quarter of 2011
- 4.6% growth in brokerage commission and fees
- 33% growth for the international activities
APRIL Group recorded consolidated sales of €184.08 million in the first quarter of 2011, stable on a reported basis but down 1.9% on a pro-forma basis, reflecting the ongoing refocusing on brokerage, leading to an increase of 4.6% in brokerage commissions and fees, with as corollary a decrease in insurance premiums.
By division, Health & Personal Protection recorded first quarter sales of €124.4 million (68% of total), down 4.1%, reflecting stable brokerage commissions and fees and a decrease of 10.4% in insurance premiums. Property & Casualty recorded a 9.2% increase in sales to €62.1 million, reflecting an increase in brokerage commissions and fees of 13.9% on a reported basis and 4.0% on a pro forma basis, while insurance premiums were stable.
| (IFRS - €m) | Q1 2011 | Q1 2010 | Change |
|---|---|---|---|
| Consolidated sales | 184.08 | 184.07 | 0.0% |
| - Brokerage commissions and fees | 119.85 | 114.61 | +4.6% |
| - Insurance premiums | 64.23 | 64.4 | -7.5% |
| Pro-forma consolidated sales* | 184.08 | 187.64 | -1.9% |
| - Brokerage commissions and fees | 119.85 | 118.17 | +1.4% |
| - Insurance premiums | 64.23 | 69.46 | -7.5% |
In the first quarter, APRIL Group’s international activities confirmed their strong positive momentum, with a 33% increase in sales to account for more than 18% of consolidated gross profit. It will be recalled that, on 18 April, the Group announced the acquisition of ELCO group, which had doubled activities in Canada – where APRIL is now the leading wholesale broker – and strengthened its international presence in leisure craft insurance. ELCO will be consolidated as from the second quarter.
(IFRS - €m) | Q1 2011 | Q1 2010 | Change | Q1 2010 pro forma * | Change |
|---|---|---|---|---|---|
| Health & Personal Protection | 124.40 | 129.70 | -4.1% | 129.71 | -4.1% |
| Commissions and fees | 77.91 | 77.81 | +0.1% | 77.82 | +0.1% |
| Premiums | 46.49 | 51.89 | -10.4% | 51.89 | -10.4% |
| Property & Casualty | 62.10 | 56.86 | + 9.2% | 60.41 | +2.8% |
| Commissions and fees | 42.28 | 37.11 | +13.9% | 40.67 | +4.0% |
| Premiums | 19.82 | 19.74 | +0.4% | 19.74 | +0.4% |
| Intra-group eliminations | -2.42 | -2.48 | -2.48 |
| (IFRS - €m) | 2011 | 2010 | Change | 2010 pro forma * | Change |
|---|---|---|---|---|---|
| 1st quarter | 184.08 | 184.07 | 0.0% | 187.64 | - 1.9% |
| 2nd quarter | - | 188.74 | - | - | - |
| 3rd quarter | - | 183.68 | - | - | - |
| 4th quarter | - | 186.33 | - | - | - |
| Total | - | 743.32 | - | - | - |
* Pro forma consolidated sales represent sales at the same consolidation scope as for the period under review.
