The main highlights of the 1H2021 results are:
- Premium income of EUR 10.1 billion, up +8.8%
- Sharp increase in life and health insurance (+16.7%) driven by the excellent performance of the individual savings/pensions segment in France (+48.5%)
- Growth in property and casualty insurance (+2.3%) both in France (+2.4%) and internationally (+1.4%)
- Net income up significantly at EUR 297 million (+114%)
- Non-life combined ratio of 98.1% in line with our objectives
- Growth in economic operating income to EUR 264 million
- Increase in non-recurring financial margin
- Solvency ratio with transitional measure of 261%
- A solvency ratio of 174% without transitional measure on technical reserves
- Group's IFRS equity of EUR 10.7 billion
Insurance premium income in France amounted to EUR 8.8 billion, up +9.4% compared with 30 June 2020. In property and casualty insurance, premium income totaled EUR 4.5 billion at 30 June 2021, up by 2.4%. Insurance for individuals and professionals increased +1.5% to EUR 2.5 billion (nearly 60% of written premiums in property and casualty insurance). This increase was driven by the growth in professional risks (+3.3%) and, to a lesser extent, by motor insurance (+1.0%) and home insurance (+0.9%). Insurance for businesses and local authorities increased significantly (+7.2%) to EUR 813 million. The growth in agricultural insurance (+4.9%) to EUR 901 million is primarily explained by premium reductions granted in 2020 in connection with the pandemic crisis.
In life and health insurance, premium income increased +17.6% to EUR 4.320 billion. The Group's life and capitalization premium income in France increased +43.2%. This change mainly stemmed from the growth in the individual savings/pensions business (+48.5%), in particular UL inflows, which increased +74.1% and represented nearly 60% of premium income.
Health and personal injury premium income at 30 June 2021 was up +4.6% from the previous period, linked with the growth in individual health (+1.9%) and group health (+6.4%).
Internationally, over the first half of 2021, business reached EUR 1.2 billion, up +3.0% from 30 June 2020 on a like- for-like basis and with constant exchange rates. Property and casualty insurance premium income totaled EUR 798 million at 30 June 2021, up by 1.4% from the previous period. Business lines however fared differently. The good performances of insurance for businesses and local authorities (+8.1%), agricultural insurance (+9.6%) and home insurance (+3.1%) are noteworthy. In motor insurance, business fell -1.8%, mainly in Italy and Hungary, but rose in Turkey, Romania, and Bulgaria.
In life and health insurance, premium income was up +6.5% at EUR 366 million. Individual life and health insurance increased +6.1% thanks to the growth in individual savings/pensions (+8.3%), mainly in Italy and Hungary. Group life and health insurance was up +8.7% at EUR 52 million in connection with the growth in the group health segment (+17.6%), especially in Greece and Romania.
The Group's economic operating income was EUR 264 million at 30 June 2021, up +EUR 68 million from 30 June 2020. It includes EUR 246 million in economic operating income from insurance at 30 June 2021, up +11.8%.
More details on the 1H2021 results are available on the Group's website.