PARIS, August 2, 2001 (PRIMEZONE) - AGF Group (Paris Stock Exchange: AGF) today announced earnings for the first half of 2001:
During 1st half 2001:
AGF Group consolidated premium income rose 5.2% to 8 987.3 million euros (+1.8% on a comparable basis);
Insurance businesses generated 8 050.6 million euros, up 4% from 30/06/00 (+0.3% on a comparable basis)
Highlights
1) Life and health insurance (savings, personal and family protection, retirement):
-- dropped in France from record 1st half 2000: dedicated sales forces outperformed the market;
-- Activity in Europe, excluding the Netherlands, retreated slightly;
-- and Life insurance in South America continued to grow.
2) Non-life insurance:
-- growth stronger in France (+7.3%) and abroad (+8.5%),
3) New non-life distribution channels continued to move in the right direction,
4) Cross-border businesses (assistance, credit insurance) were robust,
5) Banking and financial activity expanded rapidly; Banque AGF has 110,000 customers and 600 mn euros in assets under management.
NOTE: On a comparable basis -- at constant foreign exchange and proforma (premium income at 30/06/01 was calculated using exchange rates at 30/06/00, and proforma was a comparison of premium income at 30/06/01 to 30/06/00 using the 2001 scope of consolidation).
Consolidated premium income at 30/06/2001
in millions of euros
30/06/01 30/06/00 Change Change
(actual (proforma
prem. inc.) and at cst.
for. exch.)
LIFE AND HEALTH INSURANCE 3498.6 3689.7 -5.2% -8.9%
France 2468.1 2797.6 -11.8% -11.8%
Europe outside France 756.3 614.7 23.0% -2.2%
Other countries 274.2 277.4 -1.2% 1.2%
NON-LIFE INSURANCE 3679.4 3303.7 11.4% 7.8%
France 2157.4 1989.3 8.5% 7.3%
Europe outside France 964.1 795.5 21.2% 7.9%
Other countries 557.9 518.9 7.5% 9.5%
ASSISTANCE 233.4 198.0 17.9% 17.6%
CREDIT ASSURANCE 639.2 550.8 16.0% 12.5%
TOTAL INSURANCE 8050.6 7742.2 4.0% 0.3%
FINANCE AND BANKING 936.7 802.2 16.8% 15.1%
Asset management 75.3 63.2 19.1% 6.5%
Net banking income 861.4 739.0 16.6% 16.6%
TOTAL CONSOLIDATED
PREM. INC 8987.3 8544.4 5.2% 1.8%
The entire text of this press release, as well as the more of the financial tables can be found at the following link: