APRIL : APRIL reports first quarter sales of ?208.4m, up 6.5%
(Thomson Reuters ONE) -
Lyon, 26 April 2016
APRIL reports first quarter
sales of ?208.4m, up 6.5%
(IFRS - ?m) Q1 2016 Q1 2015 Change Q1 2015 LFL(1) Change
-------------------------------+-------+-------+----------------------------
Consolidated sales | 208.4 | 195.6 |+6.5% 195.5 +6.6%
-------------------------------+-------+-------+----------------------------
Brokerage commissions and fees| 115.6 | 115.7 |-0.1% 115.6 ~
-------------------------------+-------+-------+----------------------------
Insurance premiums | 92.8 | 79.9 |+16.1% 79.9 +16.1%
-------------------------------+-------+-------+----------------------------
APRIL recorded consolidated sales of ?208.4m for the first quarter of 2016, up
6.5% compared with the reported figures for Q1 2015.
The Group posted a ?1.8m currency loss for the period, which mainly impacted
South America and, to a lesser extent, Canada. These foreign exchange movements
mostly affected Property & Casualty commissions. Conversely, Health & Personal
Protection commissions benefited from a ?1.8m consolidation gain mainly due to
the late 2015 and early 2016 acquisitions of Avilog and GlobalHealth.
Like-for-like first quarter sales rose by 6.6%, with brokerage commissions
stable at ?115.6m and insurance premiums up 16.1% at ?92.8m.
APRIL Chairman and CEO Bruno Rousset commented: "The trends published at this
early stage in the year are in line with our expectations and show a consistent
sales momentum. Our teams continue to implement our specialist tailored-product
approach, in order to consolidate our positions on key markets such as P&C and
loan insurance and to accelerate our development on priority target groups such
as professionals and seniors. Each step is important, and this year is no
exception: we will continue to work on our strategic growth levers in order to
improve the performance of the group in the longer term."
Sales by division
(IFRS - ?m) Q1 2016 Q1 2015 Change Q1 2015 LFL(1) Change
-----------------------------+-------+-------+----------------------------
Health & Personal Protection| 127.3 | 125.4 |+1.5% 127.1 +0.2%
-----------------------------+-------+-------+----------------------------
Commissions and fees| 73.5 | 74.7 |-1.5% 76.3 -3.7%
-----------------------------+-------+-------+----------------------------
Insurance premiums| 53.8 | 50.7 |+5.9% 50.7 +5.9%
-----------------------------+-------+-------+----------------------------
Property & Casualty | 81.7 | 70.7 |+15.5% 69.1 +18.3%
-----------------------------+-------+-------+----------------------------
Commissions and fees| 42.4 | 41.5 |+2.2% 39.8 +6.6%
-----------------------------+-------+-------+----------------------------
Insurance premiums| 39.3 | 29.3 |+34.3% 29.3 +34.2%
-----------------------------+-------+-------+----------------------------
Intra-group eliminations | (0.6) | (0.6) | n/a (0.6) n/a
-----------------------------+-------+-------+----------------------------
[1] Pro forma or 'like-for-like' sales at constant consolidation scope and
exchange rates: they take into account any acquisitions, disposals and changes
in consolidation method, as well as exchange rate fluctuations, calculated on
the basis of the prior year accounts converted using the exchange rate for the
current year.
Changes by type of revenues are as follows:
* Brokerage commissions in Health & Personal Protection at the end of March
amounted to ?73.5m, down 1.5% as reported compared to the same period last
year. Excluding consolidation changes relating to the Avilog and
GlobalHealth acquisitions, commissions were down 3.7%. As announced,
reported growth in loan insurance and in health insurance for seniors, self-
employed and SMEs has only partly offset the decrease recorded in individual
employee health insurance linked to the extension of corporate group private
health insurance. Group private health insurance continued to grow as
planned over this initial period.
* The return to growth in Property & Casualty commissions was confirmed: first
quarter commissions came to ?42.4m, up 2.2% based on reported data.
Excluding the impact of exchange rate fluctuations, like-for-like sales
increased by 6.6%. This increase was driven by strong performances in
wholesale brokerage, particularly in substandard motor insurance, two-
wheeled vehicle insurance and the professional range, activities in which
APRIL is stepping up its development. In March, the Group reaffirmed its
intention to expand in the specialist boat insurance market by acquiring the
portfolio of Martinique-based broker Intercaraibes Assurances. The Group
currently operates in this market in mainland France, Italy, Canada and the
Caribbean region. Travel insurance and assistance operations were stable
compared to the previous year.
* The 5.9% increase in Health & Personal Protection insurance premiums
reflects the ongoing momentum in this business, driven by the development of
individual (seniors and self-employed) Health & Personal Protection and
expatriate insurance portfolios. It is also related to the growth in group
private health insurance portfolios generated by partnerships set up to meet
the demand created by the extension of corporate group private health
insurance.
* Property & Casualty insurance premiums continue to rise, up ?10.0m to ?39.3m
driven by the expansion of our legal protection business and growth in our
highly reinsured P&C portfolios, particularly in corporate and affinity
member operations.
Quarterly sales
(IFRS - ?m) 2016 2015 Change 2015 LFL(1) Change
--------------+-------+-------+-------------------------------
Q1 | 208.4 | 195.6 | +6.5% 195.5 +6.6%
--------------+-------+-------+-------------------------------
Q2 | - | 206.1 | - - -
--------------+-------+-------+-------------------------------
Q3 | - | 198.5 | - - -
--------------+-------+-------+-------------------------------
Q4 | - | 197.8 | - - -
--------------+-------+-------+-------------------------------
Total | - | 798.0 | - - -
--------------+-------+-------+-------------------------------
Outlook:
At this stage of the year, given the fundamental changes affecting the French
individual health insurance market, the Group still anticipates a decline in its
full-year current EBIT which could range between 8% to 12% compared to 2015.
In the long term, the productivity gains achieved through the business model
adaptation process already underway, combined with accelerated development in
our key markets, notably through targeted investments, should lead to a gradual
improvement in the Group's financial performance.
Marc Le Doze, Group CFO, will be holding a conference call for financial
analysts, investors, and the press this evening at 6.15 pm (French Time).
Dial in details: France - 0805 632 056 or 01 76 74 24 28 / United Kingdom -
0800 694 0257
International +44 (0) 1452 555 566
Please dial in a few minutes beforehand, in order to register, and give the
following reference number: 9176 3415.
Contacts:
Analysts and investors
Sandrine Gallien: +33 (0)4 72 36 49 31 / +33 (0)6 20 26 06 24 -
sandrine.gallien(at)april.com
Press
Samantha Druon: +33(0)4 72 00 46 56 - samantha.druon(at)insign.fr
Upcoming events:
* 28 April 2016: Annual General Meeting, Lyon
* 26 July 2016 after market close: H1 2016 consolidated sales
* 8 September 2016 after market close : 2016 Half year results
About APRIL
APRIL, an international insurance services group, has chosen innovation as the
key to driving its development since it was established in 1988, by seeing
insurance from the customer's perspective. Its ambition is to make insurance
easier and more accessible. Making this commitment, which means pushing
boundaries and keeping things simple, has enabled it to become the leading
wholesale broker in France and an international authority in the sector. 3,800
staff members offer, advise on, design, manage and distribute specialised
insurance solutions (Health & Personal Protection, Property & Casualty, Mobility
and Legal Protection) and assistance services for private individuals,
professionals and businesses. APRIL operates in Europe, the Americas, Asia,
Africa and the Middle East. APRIL is listed on Euronext Paris (Compartment B),
and posted sales of ?798.0 million in 2015.
Full regulated information is available on our website at www.april.com
(investors section).
PDF VERSION:
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Unternehmensinformation / Kurzprofil:
Datum: 26.04.2016 - 17:41 Uhr
Sprache: Deutsch
News-ID 466586
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contact information:
Town:
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Kategorie:
Business News
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