Bancassurance: Misunderstood and thus misvalued. June 9, Gilles de Margerie Chief Financial Officer
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1 Bancassurance: Misunderstood and thus misvalued June 9, 2005 Gilles de Margerie Chief Financial Officer
2 Contents France s N 1 bancassurance group A substantial contribution to group performance A growth driver for the future 2
3 France s N 1 bancassurance group A leading market position The 3rd largest insurance group in France, all insurance activities combined Life insurance Biggest French bancassurance group 2 nd largest life insurer in France with 15.4% market share 133 billion assets under management 12 million in-force policies Property & casualty insurance Biggest personal accident insurer 2 nd largest bancassurance group in property segment Premium income: over 1 billion Over 4 million in-force policies 3
4 France s N 1 bancassurance group A leading market position Life insurance Life assurance savings: More than 15% of life assurance and savings products. Retirement savings: 35% market share in terms of new PERP business. Term life insurance: 39% market share in new term life insurance policies. Dependence insurance: Market leader in terms of number of new clients, with 40% market share. Healthcare professional insurance: With 37% market share La Médicale de France provides insurance for more than one in three healthcare professionals (counting those with at least one policy). The farming community: More than 50% market share by value for the Prediagri retirement savings policy. Non-life insurance 1st personal accident insurer 2nd bancassurance group in property and casualty Ranked 6 as legal protection insurer Ranked 9 as individuals car-comprehensive home insurance 4
5 France s N 1 bancassurance group Life insurance : strong growth Assets under management Assets under management have risen by 10% per year on a like-for-like basis Including the addition of Crédit Lyonnais, AuM have risen 60% over the past 2 years bn Assets under management Breakdown of premium income (Q1-05) Collective life Unit linked 2% Federlux 1% Unit-linked Individual life Unit linked 39% Individual life 52% Q1-05 Provident 5% Collective life 1% 5
6 France s N 1 bancassurance group Non-life insurance: rapid success and excellent commercial performance Premium income has nearly doubled in three years : strong organic growth: +54% over three years growth through acquisitions in 2003: consolidation of Finaref Non-life premium income Breakdown of premium income (Q1-05) m 869 1,022 Finaref Personal accident, health, legal protection and other 37% Farming policies 13% Car 31% Comprehensive household 19% Q1-04 Q1-05 6
7 France s N 1 bancassurance group Non-life insurance: rapid success and excellent commercial performance excellent performance for the all range of casualty & property products m Premium income Home insurance Motor Personal accident, health, legal protection, other Finaref Afcalia
8 France s N 1 bancassurance group Non-life insurance Very good loss ratio: the loss/premium ratio down 28% in four years Loss ratio 97,2% 98,1% 97,6% 96,7% 96,4% Combined ratio 73,3% 73,8% 70,4% 69,3% 52,5% Claims ratio
9 Contents France s N 1 bancassurance group A substantial contribution to group performance A growth driver for the future 9
10 A substantial contribution to group performance A source of steadily growing profit In 2004, the insurance division accounted for 8.5% of NBI and 15% of total net income (before goodwill amortisation and integration-related costs under French GAAP) Between 2001 and 2004 NBI from life insurance rose 24%, with net profit up 21% Net profit from non-life business rose 26% 836 m 861 Insurance: NBI* m % % % Insurance: net profit (before goodwill for annual figures in French GAAP and under IAS/IFRS for quaterly figures) % Q1-04 Q Q1-04 Q1-05 In addition, insurance products distribution fees substantially contribute to retail banking units profits * : NBI: net revenues of the insurance activities as prepared for their consolidation in the banking accounts 10
11 Contents France s N 1 bancassurance group A substantial contribution to group performance A growth driver for the future 11
12 A growth driver for the future Developing the group's position in high growth potential markets such as Corporate employee savings schemes, Pension plan preparation Becoming the leading player in provident insurance which has high return and is likely to expand as the population ages : Complementary health care insurance, Death insurance, Dependency insurance for old or disabled people Market size DEATH Unit linked SAVINGS INSURANCE EURO DDI PROVIDENT SICK LEAVE DEPENDENCE HEALTHCARE RETIREMENT Emergence Development Maturity Life cycle 12
13 A growth driver for the future Improving the equipment level of customers: a strong growth potential Individual equipment level in savings insurance : Regional Banks: 21% - Crédit Lyonnais: 11% Collective retirement savings: Regional Banks: 8% - Crédit Lyonnais: 2% Strengthening positions in the business market towards professional clients, high net worth individual and large corporate Further enhancing operational effectiveness through a unified platform, which will be Europe's largest, from autumn 2005 Operations efficiency rank amongst the best in the market. In life insurance, 0.16% of in-force policies versus 0.3% for insurers and in non-life 8% of premium which is a very competitive ratio Backing the group's international expansion through partnership and knowhow exportation 13
14 A growth driver for the future Changes in the regulatory framework should have minimal impact Crédit Agricole has never applied in the past embedded value accounting to its insurance activities, or simple marking to market Unrealised capital gains currently stand about 10bn Most of the unrealised capital gains have not been included in the solvency margin calculation which stands at 108% (275% including unrealised capital gains) The half-way implementation of IFRS to insurance (valuation of assets only) has not materially altered this situation (IFRS 4 only applicable in 2007) The implementation of the new regulatory framework (EU Conglomerate Directive, Basel 2) should have minimal consequences on the development of the business 14
15 Conclusion Crédit Agricole S.A. success in bancassurance is the result of: A sound, low risks insurance business model Complete integration in the retail distribution s product range Full benefit of the network s understanding of client s needs Highly cost efficient distribution model Well aligned incentives for proper risk taking and claims management Misunderstood? No reason it should be more misunderstood than other insurance business Misvalued? It depends on you 15
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