APRIL's sales remain stable at constant scope and exchange rates

At constant scope and exchange rates, consolidated sales were stable, with commissions slightly down by -1.1% and premiums up by +2.0%. The Group recorded a negative currency effect of €4.8m, mainly in South America and Canada, which primarily impacted commissions in the Property & Casualty division.

Looking at the detail:

- Brokerage activity in Health & Personal Protection, driven by loan and group insurance, was impacted in individual health insurance by the company's prudent decision to stop financing individual employee policies as group health insurance will become widespread within the National Interbranch Agreement (ANI) context. These commissions amounted to €158.7m in the first half of 2014, a decline of -1.3%.

- The rise in Health & Personal Protection premiums (+3.0% to €93.0m) results mainly from the development of individual, group and expatriate health portfolios.

- Despite the continued growth of the assistance and travel insurance business, Property & Casualty commissions were down slightly (-0.8% to €86.5m), with the positive commercial performance of the agency network still failing to offset an opening stock penalised by the unfavourable trends of 2013.

- The decline (-1.9% to €52.8m) in Property & Casualty premiums is attributable to non-recurring premiums recorded in 2013. Adjusted to take this into account, premiums increased, due partly to new partnerships and to the revival of affinity member activities within the scope of a significantly reinsured model.

APRIL

28 July 2014